Momentum Candle Detector - [RZ]

vor 13 Stunden

Overview
This lightweight overlay indicator identifies high-conviction momentum candles. Candles where the body constitutes a very large proportion of the overall range, indicating strong directional pressure with minimal opposition from opposing buyers/sellers.

A candle qualifies as a momentum candle when body / (high - low) ≥ Body Ratio Threshold.

• Bullish momentum candles are highlighted in the user-selected bullish color.
  
• Bearish momentum candles are highlighted in the user-selected bearish color.
  

Key Features
• Simple, clean visualization using barcolor()
• Adjustable Body Ratio Threshold (50–100 %) to match different instruments, timeframes, or trading styles
• Customizable colors for bullish and bearish momentum candles
• Built-in alert conditions for bullish and bearish momentum events

How to Interpret
• Bullish momentum candle : strong buying pressure; the close is significantly higher than the open with very small wicks. Often appears at the start or continuation of upward moves.
• Bearish momentum candle : strong selling pressure; the close is significantly lower than the open with minimal wicks. Frequently seen at the beginning or acceleration of downward moves.

Disclaimer
This indicator is provided strictly for educational and informational purposes. It is not financial advice, investment recommendation, or solicitation to buy or sell any security, cryptocurrency, forex pair, commodity, or other asset. Trading involves substantial risk of loss and is not suitable for every investor. Past performance whether of the indicator or simulated signals does not guarantee future results. Users are solely responsible for any trading decisions made while using this script. Always conduct your own research and consider consulting a qualified financial advisor before trading.

vor 13 Stunden

Versionshinweise

v0.1 - Fix code identation.