Simplest indicator for bar shadows. Very useful for Kangaroo Tail strategy.
"Shadows" - this is the distance from high and close of the bull bar and low and close of the bear bar.
The purpose of the shadow is to show you if the bar is strong or not. Whether it is internal to the trend or is external. It even helps determine if a trend is starting.
- How many prevoius bars to calculate
- Value that should be passed to trigger the alarm
- How many times to repeat the alarm (Put 0 if you don't want alarm for shadow)
- Color of the shadow number that passes the alarm number
- Bear shadow color
- Bull shadow color
- Font size
- Distance from the bar (to display the shadow)
- Font style
Note: the indicator works on the current timeframe