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Colorful candles

This indicator works with candles and determines the candle type depending on the context. It supports 7 candle types, ranging from simple (small, large) to strong candles (hammer, inverted hammer, doji). Depending on the context, these candles may indicate a level breakout, a trend change or its continuation.


Input parameters

  • LongTrue - color the long candles.
  • Long filter - filter of long candles (based on the averaging period). A candle should have a size of the specified percentage of the average size of previous candles, in order to be considered large. (1.3 means >130%)
  • ShortTrue - color the short candles.
  • Short filter - filter of short candles (based on the averaging period). A candle should have a size of the specified percentage of the average size of previous candles, in order to be considered small. (0.5 means <50%)
  • DojiTrue - color the doji candles.
  • Doji filter - filter of doji candles. Candle body should comprise the specified percentage of the entire candle size (0.03 means <3% of the body).
  • MaribozuTrue - color the maribozu candles.
  • Maribozu filter - filter of maribozu candles. A candle should be large, and one of the candles should be less than the specified percentage of the candle body (0.01 means <1% of the body).
  • HammerTrue - color the hammer candles.
  • InvertHammerTrue - color the inverted hammer candles.
  • Hammer high filter - filter for the larger hammer shadow, it should be greater than the body by the specified percentage (2 means >200% of the body).
  • Hammer low filter - filter for the smaller hammer shadow, it should be less than the body by the specified percentage (0.1 means <10% of the body).
  • SpinTrue - color the spinning top candles.
  • Spin filter - filter for candle shadows, they should be greater than the body by the specified percentage (1 means >100% of the body)
  • Period of averaging - averaging period to search for small and large candles.
  • Candle Name Position(1-4) - corner to display the list of candles with the corresponding color.

Peculiarities

  1. It is possible to disable unnecessary types of candles in the parameters
  2. Highly customizable candlestick patterns
  3. Supports 7 types of candles

Note:

For better readability of the chart, it is recommended to set candles colors to white and black, and then run the indicator.

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