1/ Basic terms about candles:
Range (Candle Range ) :
- Calculation formula: Range = High price - Low price
- Meaning: is the largest fluctuation in the period of 1 candle => Shows the moment of price push of the dominant side.
Body (candle body):
- Calculation formula: Body = distance from Open price to Close Price
- Meaning: is the range of fluctuations between the closing and opening prices in a candle => Shows the dominance of the dominant side
Wick ( attack beard of the candle ):
- Calculation formula: Wick = the distance from the farthest attack price to the closing price
- Meaning: Shows the resistance level of the defenders (small candlesticks show that the defenders have little resistance in this price area, the winning side has a high probability of continuing)
Wick ject ( the candle's rejection tail ):
- Calculation formula: Wickject = distance from the farthest rejection to the opening price of the candle
- Meaning: Shows how much damage the losing side takes before the winner dominates (usually the base setup of Pinbar candles)
2/ Setup Engulfing:
bodyEbar1 : (the ratio of the Engulfing candle's body compared to the previous body)
- Calculation formula: bodyEbar1 = Engulfing candle body / forward candle body
- Meaning : Engulfing candle's overwhelming level
rangeE : ( ratio of Engulfing's range to the range of the previous candle)
- Calculation formula: rangeE = range Engulfing / range of previous candles.
- Meaning: Engulfing's torque level .
volumeE : (ratio of Engulfing's volume compared to the previous candle's volume )
- Calculation formula: volume E = volume Engulfing / previous volume .
- Meaning: Shows the overwhelming level of the number of transactions compared to the previous candle (high ratio means real trades, real prices, avoid shark traps).
bodyEwick E: (ratio of Engulfing body to Engulfing beard )
- Calculation formula: body E wickE = body Engulfing / beard Engulfing
- Meaning: A high ratio represents the overwhelming force of the winner (shown in the body) and the weak resistance of the losing side (shown in the wick).
3/ Setup Pinbar :
range P : (ratio of Pinbar 's range relative to the previous candle's range )
- Calculation formula: range P = range Pinbar / range of previous candles.
- Meaning: Pinbar 's torque level .
volume P : (ratio of Pinbar 's volume compared to the previous candle's volume)
- Calculation formula: volume P = Pinbar volume / previous candle volume.
- Meaning: Shows the overwhelming level of the number of transactions compared to the previous candle (high ratio means real trades, real prices, avoid shark traps).
body P wick P : ( Ratio of Pinbar body to Pinbar beard )
- Formula: body P wick P = body Pinbar / beard Pinbar
- Meaning: A high ratio represents the overwhelming force of the winner (shown in the body) and the weak resistance of the losing side (shown in the wick).
wickjectP : (% of Pinbar candle tail compared to Pinbar range )
- Calculation formula: wickjectP = Pinbar candle tail / Pinbar candle range *100%
- Meaning : review Wickject (rejection tail of the candle)
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