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Bermaui Tall Shadows Index

This indicator try to find Japanese candlesticks with tall upper or lower shadows. Indicator calculation can be described in the next steps:

  1. At first we calculate the center of the candles body ( = [Open + Close] / 2).
  2. Then we find the distance between the center of the body and the candle low.
  3. The last step is to divide step 2 results with the candle range.


What does Bermaui Tall Shadows reading mean

  1. If Bermaui Tall Shadows read over 80% then the center of the candle body is 80% far away from candle low & 20% close to its high.
  2. If Bermaui Tall Shadows read less than 20% then the center of the candle body is 80% far away from candle high & 20% close to its low.
  3. The closer the center of the candles body to the high or the low the smaller the body of the candles & the taller the shadows are.
  4. Bermaui Tall Shadows Index will help you to find candlestick patterns like Hammer, Inverted-Hammer, Hanging Man, Shooting Star , Dragon Fly Doji or Grave Stone Doji.

What does Bermaui Tall Shadow Star arrows reveal to

According to Thomas Bulkowski researches, candles with range taller than the average range of the previous five bars appear on market in over 65% of minor peaks and valleys. Research can be found HERE. That’s why we added a filter for defining such important tall shadow candles. Whenever a tall shadow candle with a range greater than average range for the previous five candles appears, we will have an alert message and a small star will appear on the index window.


Bermaui Tall Shadows Index Features

  • Well-designed style that user can control.
  • Star arrows to show candles taller than average range with tall shadows.
  • Sound, email alerts depending on user choice.


Bermaui Tall Shadow Inputs

  • Upper_Level = If Bermaui Tall Shadows reading is higher than this level the current candle is considered to have a tall lower shadow.
  • Lower_Level = If Bermaui Tall Shadows reading is lower than this level the current candle is considered to have a tall upper shadow.
  • Levels_color = The color given to indicator levels.
  • Index_color = The color of the indicator main line.
  • UpArrow_color = The color of stars that appear when the index cross the upper level to the downside.
  • DnArrow_color = The color of stars that appear when the index cross the lower level to the upside.
  • Index_Width = The width given to the index line.
  • Arrow_Width = Stars size or width.
  • Alerts = Choose to use or stop alert sound and message.
  • eMail_Send = Option to send email to the user when an alert is true.
  • eMail_Header = The header of the email message sent to the user.
  • eMail_subject = The subject written inside the message sent to the user.
  • Notification_Send = Option to send notification to the user.
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