Marubozu and Strong Candle Detector

27. Feb.

Marubozu and Strong Candle Detector - Indicator Description
This TradingView Pine Script indicator identifies powerful price action signals by detecting two key candle types that can signal strong market momentum:
What It Detects
1. Marubozu Candles: These are candles with little to no wicks, where the body makes up almost the entire candle. Marubozu means "bald head" or "shaved head" in Japanese, referring to the absence of shadows (wicks).
o Bullish Marubozu: A green/up candle with minimal wicks, showing buyers controlled the entire session
o Bearish Marubozu: A red/down candle with minimal wicks, showing sellers dominated the session
2. Strong Candles: These are candles that are significantly larger than the recent average, suggesting exceptional momentum.
o Strong Bullish: Large green/up candles showing powerful buying pressure
o Strong Bearish: Large red/down candles showing powerful selling pressure
Trading Significance
• Bullish Marubozu/Strong Bullish Candles: Often signal the beginning of bullish trends or strong continuation of existing uptrends. These can be excellent entry points for long positions.
• Bearish Marubozu/Strong Bearish Candles: Often indicate the start of bearish trends or powerful continuation of existing downtrends. These can be good entry points for short positions or exit points for long positions.
Key Features
• Customizable Parameters: Adjust sensitivity for body ratio threshold and size comparison
• Visual Indicators: Easy-to-spot markers appear on your charts
• Information Display: Shows key metrics about the current candle
• Alert System: Set notifications for when significant candles form
How To Use This Indicator
1. For Entry Signals:
o Look for bullish Marubozu/strong bullish candles at support levels or after pullbacks
o Look for bearish Marubozu/strong bearish candles at resistance levels or after rallies
2. For Exit Signals:
o Consider taking profits on long positions when bearish Marubozu/strong bearish candles appear
o Consider taking profits on short positions when bullish Marubozu/strong bullish candles appear
3. For Trend Confirmation:
o Multiple signals in the same direction strengthen the case for a trend
This indicator works best on larger timeframes (1H, 4H, Daily) where candle formations have more significance, but can be applied to any timeframe based on your trading style.

11. Apr.

Versionshinweise

Below changes done on 11-Apr-2025
1. Reduced the size of circles and triangle icons.
2. Changed the table color, text color which are more visible in gray background.
3. Removed the tooltip.