High Volume Candles by Time PeriodDescription:
The High Volume Candles indicator (HVC) is a technical analysis tool designed to identify candles with high trading volume. It allows traders to quickly spot periods of significant market activity based on volume.
How it Works:
The HVC indicator analyzes the volume of each candle in relation to the highest volume observed over a specified lookback period. The indicator compares the current volume with the highest volume within the defined lookback period and identifies candles that have volume equal to or greater than this threshold. It then distinguishes between bullish and bearish candles and assigns custom colors to highlight these high volume occurrences.
Usage:
To effectively utilize the High Volume Candles indicator, follow these steps:
1. Apply the HVC indicator to your chart by adding it from the available indicators.
2. Customize the lookback period according to your trading preferences. This parameter determines the number of previous candles to consider when calculating the highest volume.
3. Observe the candles on the chart:
- Bullish candles (blue by default) indicate periods of high volume when the closing price is higher than the opening price.
- Bearish candles (yellow by default) indicate periods of high volume when the closing price is lower than the opening price.
4. Pay attention to the color-coded volume indications within the candles, which highlight periods of high trading activity.
5. Analyze the volume patterns in conjunction with price action to identify potential trading opportunities. High volume candles often indicate increased market participation and can suggest significant price moves or reversals.
6. Combine the analysis of high volume candles with other technical analysis tools, such as trend lines, support and resistance levels, or indicators, to confirm potential trade setups.
7. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
Wyszukaj w skryptach "candle"
Uptrend Downtrend Loopback Candle Identification LibThis library is for identifying uptrends and downtrends using a loopback candle analysis method. Which contains two functions:
uptrendLoopbackCandleIdentification() and downtrendLoopbackCandleIdentification() . These functions check if the current candle is part of an uptrend or downtrend, respectively, based on the specified lookback period.
The uptrendLoopbackCandleIdentification() takes two arguments: index , which is the index of the current bar, and lookbackPeriod , which is the number of previous candles to check for an uptrend. The function returns false if the index is less than the lookback period. Otherwise, it initializes a boolean variable isHigherHigh as true and loops through the previous candles. If any of the previous candles have a higher high than the current candle, isHigherHigh is set to false , and the loop breaks. Finally, the function returns the value of isHigherHigh .
The downtrendLoopbackCandleIdentification() takes the same arguments and returns false if the index is less than the lookback period. The function initializes a boolean variable isHigherLow as true and loops through the previous candles. If any of the previous candles have a higher low than the current candle, isHigherLow is set to false , and the loop breaks. The function returns the value of isHigherLow .
Intra-Candles*For use with <=24 hour Hollow Candles *
Indicator for more informative candle plotting. Select from 2-6 lower timeframe candles and view the price action of the lower bars within the normal chart's candles. Plotting short time frame candles with a semi-transparent body lets you see reversals that occurred during the larger candle's formation. Use the information provided to inform your own trading decisions.
T3 Velocity Candles [Loxx]T3 Velocity Candles is a candle coloring overlay that calculates its gradient coloring using T3 velocity.
What is the T3 moving average?
Better Moving Averages Tim Tillson
November 1, 1998
Tim Tillson is a software project manager at Hewlett-Packard, with degrees in Mathematics and Computer Science. He has privately traded options and equities for 15 years.
Introduction
"Digital filtering includes the process of smoothing, predicting, differentiating, integrating, separation of signals, and removal of noise from a signal. Thus many people who do such things are actually using digital filters without realizing that they are; being unacquainted with the theory, they neither understand what they have done nor the possibilities of what they might have done."
This quote from R. W. Hamming applies to the vast majority of indicators in technical analysis . Moving averages, be they simple, weighted, or exponential, are lowpass filters; low frequency components in the signal pass through with little attenuation, while high frequencies are severely reduced.
"Oscillator" type indicators (such as MACD , Momentum, Relative Strength Index ) are another type of digital filter called a differentiator.
Tushar Chande has observed that many popular oscillators are highly correlated, which is sensible because they are trying to measure the rate of change of the underlying time series, i.e., are trying to be the first and second derivatives we all learned about in Calculus.
We use moving averages (lowpass filters) in technical analysis to remove the random noise from a time series, to discern the underlying trend or to determine prices at which we will take action. A perfect moving average would have two attributes:
It would be smooth, not sensitive to random noise in the underlying time series. Another way of saying this is that its derivative would not spuriously alternate between positive and negative values.
It would not lag behind the time series it is computed from. Lag, of course, produces late buy or sell signals that kill profits.
The only way one can compute a perfect moving average is to have knowledge of the future, and if we had that, we would buy one lottery ticket a week rather than trade!
Having said this, we can still improve on the conventional simple, weighted, or exponential moving averages. Here's how:
Two Interesting Moving Averages
We will examine two benchmark moving averages based on Linear Regression analysis.
In both cases, a Linear Regression line of length n is fitted to price data.
I call the first moving average ILRS, which stands for Integral of Linear Regression Slope. One simply integrates the slope of a linear regression line as it is successively fitted in a moving window of length n across the data, with the constant of integration being a simple moving average of the first n points. Put another way, the derivative of ILRS is the linear regression slope. Note that ILRS is not the same as a SMA ( simple moving average ) of length n, which is actually the midpoint of the linear regression line as it moves across the data.
We can measure the lag of moving averages with respect to a linear trend by computing how they behave when the input is a line with unit slope. Both SMA (n) and ILRS(n) have lag of n/2, but ILRS is much smoother than SMA .
Our second benchmark moving average is well known, called EPMA or End Point Moving Average. It is the endpoint of the linear regression line of length n as it is fitted across the data. EPMA hugs the data more closely than a simple or exponential moving average of the same length. The price we pay for this is that it is much noisier (less smooth) than ILRS, and it also has the annoying property that it overshoots the data when linear trends are present.
However, EPMA has a lag of 0 with respect to linear input! This makes sense because a linear regression line will fit linear input perfectly, and the endpoint of the LR line will be on the input line.
These two moving averages frame the tradeoffs that we are facing. On one extreme we have ILRS, which is very smooth and has considerable phase lag. EPMA has 0 phase lag, but is too noisy and overshoots. We would like to construct a better moving average which is as smooth as ILRS, but runs closer to where EPMA lies, without the overshoot.
A easy way to attempt this is to split the difference, i.e. use (ILRS(n)+EPMA(n))/2. This will give us a moving average (call it IE /2) which runs in between the two, has phase lag of n/4 but still inherits considerable noise from EPMA. IE /2 is inspirational, however. Can we build something that is comparable, but smoother? Figure 1 shows ILRS, EPMA, and IE /2.
Filter Techniques
Any thoughtful student of filter theory (or resolute experimenter) will have noticed that you can improve the smoothness of a filter by running it through itself multiple times, at the cost of increasing phase lag.
There is a complementary technique (called twicing by J.W. Tukey) which can be used to improve phase lag. If L stands for the operation of running data through a low pass filter, then twicing can be described by:
L' = L(time series) + L(time series - L(time series))
That is, we add a moving average of the difference between the input and the moving average to the moving average. This is algebraically equivalent to:
2L-L(L)
This is the Double Exponential Moving Average or DEMA , popularized by Patrick Mulloy in TASAC (January/February 1994).
In our taxonomy, DEMA has some phase lag (although it exponentially approaches 0) and is somewhat noisy, comparable to IE /2 indicator.
We will use these two techniques to construct our better moving average, after we explore the first one a little more closely.
Fixing Overshoot
An n-day EMA has smoothing constant alpha=2/(n+1) and a lag of (n-1)/2.
Thus EMA (3) has lag 1, and EMA (11) has lag 5. Figure 2 shows that, if I am willing to incur 5 days of lag, I get a smoother moving average if I run EMA (3) through itself 5 times than if I just take EMA (11) once.
This suggests that if EPMA and DEMA have 0 or low lag, why not run fast versions (eg DEMA (3)) through themselves many times to achieve a smooth result? The problem is that multiple runs though these filters increase their tendency to overshoot the data, giving an unusable result. This is because the amplitude response of DEMA and EPMA is greater than 1 at certain frequencies, giving a gain of much greater than 1 at these frequencies when run though themselves multiple times. Figure 3 shows DEMA (7) and EPMA(7) run through themselves 3 times. DEMA^3 has serious overshoot, and EPMA^3 is terrible.
The solution to the overshoot problem is to recall what we are doing with twicing:
DEMA (n) = EMA (n) + EMA (time series - EMA (n))
The second term is adding, in effect, a smooth version of the derivative to the EMA to achieve DEMA . The derivative term determines how hot the moving average's response to linear trends will be. We need to simply turn down the volume to achieve our basic building block:
EMA (n) + EMA (time series - EMA (n))*.7;
This is algebraically the same as:
EMA (n)*1.7-EMA( EMA (n))*.7;
I have chosen .7 as my volume factor, but the general formula (which I call "Generalized Dema") is:
GD (n,v) = EMA (n)*(1+v)-EMA( EMA (n))*v,
Where v ranges between 0 and 1. When v=0, GD is just an EMA , and when v=1, GD is DEMA . In between, GD is a cooler DEMA . By using a value for v less than 1 (I like .7), we cure the multiple DEMA overshoot problem, at the cost of accepting some additional phase delay. Now we can run GD through itself multiple times to define a new, smoother moving average T3 that does not overshoot the data:
T3(n) = GD ( GD ( GD (n)))
In filter theory parlance, T3 is a six-pole non-linear Kalman filter. Kalman filters are ones which use the error (in this case (time series - EMA (n)) to correct themselves. In Technical Analysis , these are called Adaptive Moving Averages; they track the time series more aggressively when it is making large moves.
Fibonacci 5 Candles Retracement
================================================================================
FIBONACCI 5 CANDLES RETRACEMENT - STRATEGY GUIDE
================================================================================
WHAT DOES THIS STRATEGY DO?
---------------------------
This strategy automatically identifies market trends and uses Fibonacci
retracements to find the best entry points. The idea is simple: when price
makes a strong movement (trend), it often pulls back before continuing in
the same direction. The strategy captures these "pullbacks" to enter at the
right moment.
HOW IT WORKS?
-------------
1. TREND DETECTION
The strategy looks for 5 consecutive candles of the same color:
- 5 red candles = BEARISH trend (price falls)
- 5 green candles = BULLISH trend (price rises)
2. CALCULATION OF START AND END POINTS
For a BEARISH trend (5 red candles):
- START: The highest point between the first red candle and the previous one
- END: The lowest point reached during the 5 candles (and beyond, if the
trend continues)
For a BULLISH trend (5 green candles):
- START: The lowest point between the first green candle and the previous one
- END: The highest point reached during the 5 candles (and beyond, if the
trend continues)
3. DYNAMIC UPDATE
The END point updates automatically if price continues to move in the
direction of the trend, creating new highs (for bullish trends) or new
lows (for bearish trends).
4. TREND END
Normal Mode:
- BEARISH trend ends when a candle closes above the previous candle's open
- BULLISH trend ends when a candle closes below the previous candle's open
"Extended Trend" mode (optional):
- The trend remains active until a candle closes beyond the dynamic 50%
retracement level
- When this happens, the END point "freezes" (stops updating), but the
trend can continue
5. FIBONACCI RETRACEMENT CALCULATION
Once START and END are identified, the strategy automatically calculates
Fibonacci levels. IMPORTANT: for retracements and pending orders, we
consider START as 100% and END as 0%, because we work on the part of the
trend that is recovered (the pullback).
The retracement levels are:
- 70% = level closest to START (smallest retracement)
- 60% = second level
- 50% = central level (often used for entry)
- 25% = level closest to END (largest retracement)
6. PENDING ORDER PLACEMENT
When a trend is identified and completed, the strategy automatically places
a pending order (limit order) at one of the selectable Fibonacci levels.
Available levels:
- 25%: closest to END
- 50%: central level (balanced)
- 60%: closest to START
- 70%: very close to START
The order direction depends on the trend:
- BEARISH trend → SHORT order (bet that price falls)
- BULLISH trend → LONG order (bet that price rises)
Stop Loss and Take Profit (for retracements):
- Stop Loss: always at START level
- Take Profit: always at END level
EXTENDED TAKE PROFIT:
If the order is executed (filled), the strategy can apply an "Extended
Take Profit" if configured. IMPORTANT: for the extended TP calculation,
we consider START as 0% and END as 100% (the original trend movement).
For example, if you set 3%, the Take Profit will be at 103% of the
original trend movement instead of 100%.
AVAILABLE FILTERS
-----------------
1. MINIMUM TREND (pips)
Filters trends that are too small. If a trend is below the set value:
- START and END labels become gray (instead of red/green)
- No pending order is placed
- The trend is still displayed on the chart
Useful for avoiding trading movements that are too small.
2. EMA FILTER
Uses two moving averages (EMA 50 and EMA 200) to filter direction:
- If active: places LONG orders only when EMA50 > EMA200 (uptrend)
- If active: places SHORT orders only when EMA50 < EMA200 (downtrend)
Useful for trading only in the direction of the main trend.
3. EXTENDED TREND
Modifies how the trend is considered "completed":
- If disabled: uses normal logic (opposite candle)
- If active: the trend remains in formation until a candle closes beyond
the dynamic 50%. When this happens, END freezes but the trend can continue.
Useful for capturing longer trends and extended movements.
VISUALIZATION
-------------
The strategy displays on the chart:
1. START AND END LABELS
- Red color for bearish trends
- Green color for bullish trends
- Gray color if the trend is not valid (too small)
- Remain visible even when new trends form
2. START AND END LINES
- Horizontal lines indicating the start (START) and end (END) points of the trend
- White color by default, customizable from the settings panel
- Update dynamically when the END point changes
- Can be shown or hidden via the "Show Start/End Lines" option
3. FIBONACCI LINES
The strategy shows horizontal lines at retracement levels:
- Line at 50% (yellow by default)
- Line at 25% (green by default)
- Line at 60% (azure by default)
- Line at 70% (red by default)
COLOR CUSTOMIZATION:
All line colors can be customized from the settings panel in the
"LINE COLORS" section:
- Start/End Line Color: customize the color of START and END lines
- 50% Line Color: customize the color of the 50% line
- 25% Line Color: customize the color of the 25% line
- 60% Line Color: customize the color of the 60% line
- 70% Line Color: customize the color of the 70% line
Lines update dynamically when the END point changes and can be shown or
hidden individually via options in the "VISUALIZATION" section.
4. PENDING ORDER LABELS
Show pending order information:
- Direction (LONG or SHORT)
- Entry price
- Stop Loss
- Take Profit
Positioned far from the chart to avoid cluttering the visualization.
ALERTS
------
If enabled, alerts send notifications when:
1. PENDING ORDER CREATED
When a new pending order is placed, with all information.
2. PENDING ORDER UPDATED
When the pending order is updated (for example, if the level changes or
if the END point moves).
3. ORDER OPENED
When the pending order is executed (filled) and the position is opened.
Alerts can be configured in TradingView to send notifications via email,
SMS, or other platforms.
RECOMMENDED SETTINGS
--------------------
To get started, you can use these settings:
VISUALIZATION:
- Show all lines and labels to see how it works
- Show Start/End Lines: true (to display lines at START and END points)
- Customize line colors in the "LINE COLORS" section according to your preferences
STRATEGY:
- Pending Order Level: 50% (balanced)
- Extended TP: 0% (use standard TP at 100%)
FILTERS:
- Minimum Trend: 0 pips (disabled initially)
- Use EMA Filter: false (disabled initially)
- Extended Trend: false (use normal logic)
ALERTS:
- Enable Alerts: true (if you want to receive notifications)
PRACTICAL EXAMPLE
-----------------
Scenario: Bearish Trend
1. Price forms 5 consecutive red candles
2. The strategy identifies:
- START = 1.2000 (highest point)
- END = 1.1900 (lowest point)
- Range = 100 pips
3. Calculates Fibonacci levels (for retracements: START = 100%, END = 0%):
- 100% = 1.2000 (START)
- 70% = 1.1930
- 60% = 1.1940
- 50% = 1.1950
- 25% = 1.1975
- 0% = 1.1900 (END)
4. If you set "Pending Order Level" to 50%:
- Places a SHORT pending order at 1.1950 (50% retracement)
- Stop Loss at 1.2000 (START = 100%)
- Take Profit at 1.1900 (END = 0%)
5. If price rises and touches 1.1950:
- The order is executed
- Opens a SHORT position
- If price falls to 1.1900 → Take Profit (profit)
- If price rises to 1.2000 → Stop Loss (loss)
IMPORTANT NOTE
--------------
This strategy is a technical analysis tool. Like all trading strategies,
it does not guarantee profits. Trading involves risks and you can lose money.
Always use appropriate risk management and test the strategy on historical
data before using it with real money.
LICENSE
-------
This code is open source and available for modification. You are free to
use, modify, and distribute this strategy. If you republish or share a
modified version, please kindly mention the original author.
================================================================================
SwRp – HTF Candle Box OverlaySwRp – HTF Candle Box Overlay gives you a clear visual map of higher-timeframe candles directly on your lower-timeframe chart. Instead of switching timeframes, you can see the structure of each HTF candle plotted as colored boxes that update in real time as the candle forms.
Each HTF candle is drawn using two elements:
• A wick box showing the full high-to-low range
• A body box showing the open-to-close move with automatic bull/bear coloring
Both boxes follow the exact HTF open, high, low and close values, and they stay correctly anchored to price using bar-time positioning. You can customize opacity, body/wick visibility, border color, and the number of HTF candles to keep on the chart. The indicator automatically removes older candles when they exceed your set limit, so the chart stays clean.
This tool is ideal for traders who want to see HTF structure, zones, and candle behavior while analyzing entries and exits on smaller timeframes.
Key Features
• Overlay higher-timeframe candles on lower-timeframe charts
• Real-time updating of HTF candle body and wick
• Bull/bear body coloring with full opacity controls
• Independent toggles for body and wick fills
• Automatically remove older HTF candles to keep the chart clean
• Accurate price anchoring using bar-time for all boxes
• No extra lines, labels, or clutter — a clean visual multi-timeframe view
This indicator offers a simple, clear way to track the behavior of higher-timeframe candles without leaving your current chart, helping you combine HTF context with LTF execution more effectively.
HTF Candle Profile [ChartPrime]⯁ OVERVIEW
The HTF Candle Profile visualizes higher-timeframe candle structure and its internal volume distribution directly on lower-timeframe charts. It automatically detects changes in higher-timeframe periods (daily, weekly, or monthly) and constructs a complete volume profile for each, allowing traders to see how volume is distributed across the range of that higher-timeframe candle. This helps identify whether momentum is supported by real volume strength or trapped price movement.
⯁ LOGIC
When a new higher-timeframe candle begins, the indicator starts collecting data for its open, high, low, close, and volume range.
Once sufficient bars have passed (defined by the Min Period Profile input), it calculates a full profile using adaptive bin sizing derived from the range (High–Low) and ATR for scaling precision.
The resulting bins represent the volume concentration at each price level of that higher-timeframe candle.
A Point of Control (PoC) is highlighted — the level where the most volume occurred.
The indicator then draws the higher-timeframe candle body and wicks at the chart’s right side, giving visual context of bullish or bearish sentiment.
⯁ FEATURES
Automatic HTF Detection: Identifies new Daily, Weekly, or Monthly periods and updates profiles in real time.
Dynamic Bin Calculation: Automatically adjusts bin size based on ATR and candle height for accurate volume granularity.
Volume Profile Rendering: Displays colored volume bars extending from the candle, showing where trading activity was concentrated.
Higher-Timeframe Candle Representation: Plots the full HTF candle (open, close, high, low) on the right side of the chart for visual clarity.
PoC Level & Labels: Marks the point of maximum volume within the candle profile with a line and volume label.
Configurable Levels: Toggle display of Open, Close, High, Low, and PoC for each higher-timeframe segment.
Color-coded Sentiment: Candle and profile colors reflect bullish or bearish momentum.
⯁ CONCLUSION
The HTF Candle Profile bridges lower- and higher-timeframe analysis by embedding high-resolution volume data within each major candle. It enables traders to see where liquidity and trading activity cluster inside higher-timeframe structures — revealing whether trends are volume-backed or hollow. Perfect for combining structural insight with volume confluence when analyzing market sentiment transitions across timeframes.
High Volume Candles - RVolInspired by Key bars from Option Stalker Pro.
This one is meant to be used on charts where the interval is >=1D.
Highlights candles where RVol is > 1.2.
Helps to not accidentally miss that a candle move happened on high volume (or that it did not happen on high volume...), like potential reversals or resistance/support breaks.
Make sure to move this indicator above the ticker in the Object Tree, so that it is drawn on top of the ticker's candles.
More infos: www.reddit.com
Countdown & Candle Recap DashboardThis script provides a compact dashboard showing a countdown timer and a recap of the previous candles. Ideal for traders who want to monitor short-term price action and candle behavior across different timeframes.
Features: • Countdown display for current candle • Summary of previous candles (PrevCndl1, PrevCndl2) • TimeFrame Recap section for quick analysis
Designed for scalpers, intraday traders, and anyone who values precision timing and candle structure.
Highlight Candle Body ≤ 10 Ticks (Clean & Subtle)Purpose:
This indicator highlights candlesticks where the body size (difference between open and close) is 10 ticks or less, specifically for instruments like Crude Oil futures (CL) where 1 tick = 0.01.
How it works:
It calculates the body size: abs(close - open)
If the body is ≤ 0.10 (10 ticks), the candle is softly colored in muted orange.
Wicks are ignored — only the body is considered.
No additional shapes or markers — clean and minimal.
Use case:
Helps identify periods of indecision or low momentum — such as potential pause candles, traps, or setups just before volatility returns.
Circular Candlestick ChartAn original (but impractical) way to represent a candlestick chart using circles arc.
The most recent candles are further away from the circle origin. Note that OHLC values follow a clockwise direction. A higher arc length would indicate candles with a higher body or wick range.
The Length settings determine the number of past candles to be included in the circular candlestick chart. The Width setting control the width of the circular chart. The Spacing setting controls the space between each arcs. Finally, the Precision settings allow obtaining a more precise representation of candles, with lower values returning more precise results, however, more precision requires a higher amount of lines. Settings are quite hard to adjust, using a higher length might require a lower spacing value.
Additionally, the script includes two pointers indicating the location of the 75 (in blue) and 25 (in orange) percentiles. This allows obtaining an estimate of the current market sentiment, with the most recent arcs laying closer to the 75 percentile pointer indicating an up-trend.
This new way to represent candlesticks might be useful to more easily identify candles clusters or to find new price patterns. Who knows, we know that new ways to see prices always stimulate traders imagination.
See you next year.
Secondary Candle OverlayThis simple script is meant to allow the user to select another symbol to add onto their chart and plot the candlesticks for that symbol at the selected resolution requested.
Please see the tooltip provided by the 'Secondary Symbol' input for more details with regards to properly using this script on symbols that have vastly different valuations, it will help with getting the symbol requested to scale properly with the primary symbol on the chart.
The user may also input which colors are used for bullish/bearish candles as well as the symbol itself and its resolution.
IMPORTANT NOTE: THIS SCRIPT DOES NOT ACCOUNT FOR SYMBOLS THAT ARE NOT CONTINUOUS (The defval for the symbol is TVC:DXY which closes on weekends whereas a cryptocurrency like Bitcoin does not stop trading ever; candles on these kinds of markets will be repeated when overlaid onto markets that do not have this property.)
Z CandlesScript to change candle color based on z-score.
Inputs:
'src': Price source that will be standardized.
'n': Number of periods used in calculation of z-score (mean and st. dev.).
Centered Candles [racer8]Brief 💜
This indicator allows users to more easily compare candlesticks by centering them along a zero line.
Also, I've added some moving average lines for the highs, lows, and closes for these centered candles.
Enjoy 😉
Reversal Candlestick Pattern Detector// Name: Reversal Candlestick Pattern Detector
// Condition:
// 1-up move: last n candles, 3/5 move higher; and/or the last is the highest in past n bars
// 2-down move: last n candles, 3/5 move lower; and/or the last is the lowest in past n bars
//
// Show Bullish reversal pattern in down move; Show Bearish reversal pattern in up move;
//
//Reversal candlestick patterns:
//1. Hammer/Shooting Star,
//2. Engulfing,
//3. Morning/Evening Star,
//4. Harami, --Also Harami could be used in continuation (Rally based Rally/Drop based Drop);
//5. Piercing/Dark Cloud cover,
//6. Hook Reversal
//7. Breakaway Gap, or Gap Crosses SMA8, SMA50. This is for un-filled Gap only. low >high or high
Bull/Bear CandleThis script will display a small triangle under the latest two candles to indicate whether that candle is bullish or bearish based on the following definition.
A bullish candle closes in the top portion of the trading range of the candle while a bearish candle closes in the bottom portion of the trading range of the candle.
The cutoff is currently set at 65% (you can adjust it) so the close must be outside or equal to 65% of the trading range to be considered bullish or bearish. If less than 65% the triangle will indicate a neutral candle.
Colours are;
green triangle = bullish candle
red triangle = bearish candle
yellow triangle = neutral candle
I hope this helps those using TraderCobb's cradle strategy.
