Crinklebine

Candle Type (The Strat)

This script identifies the 3 different candle types for use in #TheStrat (see Twitter ).

Candle Type 1 - Inside Candle
Candle Type 2- Up or Down Candle
Candle Type 3 - Engulfing Candle

Analysis of the candle types can help you define actionable signals and draw broadening formations.
Release Notes: Set the precision of the plot to zero as the result is binary for the bar type. Removed an unnecessary variable.
Release Notes: Modified colors to work better across both black and white backgrounds.
Release Notes: Added a version number in the configuration menu.
Code cleanup.
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In your description, candle type 3 should be an outside candle rather than an engulfing candle.

Engulfing candle is determined by the body of the candle.

Outside candle is determined by the wicks of the candle.
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Crinklebine coininvestor
@coininvestor, Yes, I will take a look and confirm the terminology. We want the terminology to be correct. Thank you for the feedback.
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Crinklebine Crinklebine
@coininvestor Unfortunately, the Tradingview script publishing system does not allow me to update the initial description. And, since there is no code change to publish a release note is not generated. Hopefully users will read these comments and see that I endorse your naming convention. There is definitely a subtle and important difference between these two candle types. A "3" candle definition is meant to define an "outside candle" including the wicks. Thank you for advising on clarity.
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coininvestor Crinklebine
@Crinklebine, Thanks for following up on this.
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To add the script to your chart.

1. Open a chart
2. Press the Indicator button
3. Search for 'Candle Type'
4. Select the public script named 'Candle Type (The Strat)'

The script will be applied to your chart.
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