Elephant Bars

Jan 14

**Elephant Bars Indicator**

This indicator identifies and highlights candlesticks that are significantly larger than the recent average candlestick size. It helps traders quickly spot strong price movements.

- **Percentage Threshold:** The candlestick must be this much larger than the average of the last 5 candles (default is 50%).
- **Body Percentage Threshold:** The candle body must be at least this percentage of the total candle size (default is 80%).
- **Border Color:** Sets the color of the highlighted candle's border.
- **Border Thickness:** Sets the thickness of the border around the highlighted candle.

**How It Works:**
1. The script calculates the size of the current candlestick and its body.
2. It computes the average size of the last 5 candlesticks.
3. The indicator highlights candles that are both significantly larger than the average size and have a body that is a substantial portion of the total candle size.

This indicator is particularly useful for identifying potential breakout or reversal points, as large candlesticks often signify strong market sentiment.

Feel free to tweak the description to better fit your needs! 🚀

Mar 5

Release Notes

Elephant Bars with Alerts Indicator
Description: The "Elephant Bars with Alerts" indicator is designed to identify and highlight significant candlestick patterns known as "Elephant Bars," based on the trading concepts of Oliver Velez. This indicator helps traders spot large, impactful candlesticks that signal potential market reversals or strong continuation moves. Additionally, it includes an alert feature to notify traders when an Elephant Bar is formed, allowing for timely decision-making.

Concepts by Oliver Velez: Oliver Velez is a renowned trader and educator known for his expertise in technical analysis and trading strategies. One of his key concepts is the identification of significant candlestick patterns, such as Elephant Bars, which are characterized by their large size and strong price movement. These bars often indicate a shift in market sentiment and can be used to anticipate future price action.

Key Features:

Percentage Threshold: The candlestick must be at least a certain percentage larger than the average size of the last 5 candles. This ensures that only truly significant bars are highlighted.

Body Percentage Threshold: The candle body must be at least a specified percentage of the total candle size, ensuring that the bar represents a strong price movement.

Customizable Appearance: Users can customize the border color and thickness of the highlighted Elephant Bars for better visibility.

Alerts: The indicator includes an alert feature that notifies traders when an Elephant Bar is detected, allowing for prompt action.

How to Use:

Setup: Add the "Elephant Bars with Alerts" indicator to your chart. Adjust the percentage thresholds and appearance settings according to your preferences.

Identify Elephant Bars: The indicator will automatically highlight candlesticks that meet the criteria for Elephant Bars. These bars are typically larger than the average of the last 5 candles and have a substantial body size.

Monitor Alerts: Enable alerts to receive notifications when an Elephant Bar is formed. This allows you to stay informed and make timely trading decisions.

Analyze Market Sentiment: Use the highlighted Elephant Bars to gauge market sentiment. A large bullish Elephant Bar may indicate strong buying pressure, while a large bearish Elephant Bar may signal strong selling pressure.

Combine with Other Analysis: For best results, combine the Elephant Bars with other technical analysis tools and indicators to confirm potential trade setups and enhance your trading strategy.

Sep 1

Release Notes

🆕 Update: Multi-Timeframe + Bars-Back Filter for Elephant Bars

This version improves the original Elephant Bars with Alerts indicator with more flexibility and precision:

✨ New Features:

Custom Timeframe Selection → Detect Elephant Bars on any timeframe (e.g., 5m, 15m, 1h), regardless of your chart’s current resolution.

Bars-Back Breakout Filter → Require the Elephant Bar to clear the high/low of the last N candles. This helps confirm strength and filters out false signals.

Adjustable Average Lookback → Control how many candles are used to calculate the “average size” baseline.

Fully Configurable Inputs → All thresholds (size %, body %, bars-back, timeframe) are adjustable from the settings panel.

🔔 Alerts:

Alerts now only trigger when an Elephant Bar meets all conditions:

Larger than average (percentage threshold).

Strong body (body % threshold).

Clears the highs/lows of the previous N bars.

📊 Visuals:

Elephant Bars are outlined with a customizable border color and thickness.

This indicator is designed to spot Elephant Bars – exceptionally large and decisive candlesticks that often mark the start of strong directional moves. Unlike standard “big candle” scripts, this tool goes further with advanced filters to highlight only the most meaningful momentum events.

🔑 What Makes It Unique:

Multi-Timeframe Detection → Scan for Elephant Bars on any timeframe, even while viewing a lower or higher resolution chart.

Adaptive Size Logic → Candles are compared against the average range of recent bars, ensuring detection scales naturally with market volatility.

Body Strength Filter → Only bars with a strong body relative to their wick are considered — filtering out noisy spikes and thin candles.

Bars-Back Breakout Confirmation → Elephant Bars must clear the highs or lows of the last N bars, confirming true breakout behavior.

Visual Highlighting + Alerts → Elephant Bars are outlined clearly on the chart, and you can set alerts to be notified instantly when one appears.

💡 Use Cases:

Identify the start of trend acceleration or breakout moves.

Filter out weak price action and focus on true momentum shifts.

Combine with your own strategy (supply/demand zones, moving averages, volume analysis) for high-probability trade entries.

This indicator is built for traders who want to cut through noise and catch only the most explosive candles — the ones that truly matter.