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Shadows and ATR

This is an indicator which measures the shadow of a candlestick and puts it in a window together with Average True Range indicator.

Its main purpose is to identify reversals when the value of a shadow is greater than the value of ATR, but it can be used however the user would seem fit.

Both, the ATR value and the shadow value can be increased with a coefficient, giving more possibilities.

This indicator suits all time frames and all financial instruments.

Indicator parameters

  • shadow - select upper or lower shadow of the candlestick to be measured
  • showATR - display ATR on the indicator window or not
  • periodATR - ATR period.
  • coefATR - coefficient to be multiplied with ATR value
  • coefSHADOW - coefficient to be multiplied with SHADOW value
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