Candle Theory

Description: The theory behind this script is that if within the last 10 candles, if the majority of them are green and the average length (wick to wick) of those majority green candles is greater than the average length of the minority red candles then it will signal that this is a bullish move within the market and signal you to buy. The opposite is true for bearish moves.

  • Length - this allows you to decide how many candles to look back, default/recommended is 10
  • Show First Signal In Series Only - using this indicator without this checked will show many more signals in a row. This allows you to just get a signal for the first candle that is the predicted bullish or bearish move
Dec 26
Release Notes: Adding in an alertcondition that allows you to set up one alert for short or long signals rather than having to set up two different alerts.
Remove from Favorite Scripts Add to Favorite Scripts


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out