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Do you want to know how much, how frequent and at what level a candlestick retraces over the previous one, just drop Candles Retracement over your chart and see it visually! Just choose your desired timeframe and the indicator will show it graphically. As simple as that... In addition you have the option to calibrate a Moving Average over this sub-window chart monitor. This indicator could be used to study candle retracements levels so you can comfortably expect during a trade what to expect from Price.
The measuring mechanism is simple:
- if an Uptrend candle is in place, the indicator measures and prints the distance (in Symbol Price Points) from the LOW of this candle to the LOW of the previous candle.
- If a Downtred candle is in place, the indicator measures and prints the distance from the HIGH of this candle to the CLOSE of the previous candle.
- When a Doji candle is found (OPEN = CLOSE), the indicator (for safety reasons) prints a Zero value on the sub-window chart.
- Moving Average period to apply
If you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)...
This will mean A LOT to me... And this way I can continue to give away Cool Stuff for Free...
With No Strings Attached! Ever!
Live Long and Prosper!
RELATED TOOLS THAT COULD ENHANCE YOUR READING...
▷ Closing Price Reversal
▷ Price Trail Chart
▷ Candlestick Pattern Teller
▷ Quantitative Candlesticks Qstick
▷ Wicked Candles
:: Fixed the last bar processing loop.