SolCollector

Body/Wick to Range Osc.

This script is meant to be a form of pure candlestick analysis.

Terminology in the description used below is as follows:
- numcands = Number of candles specified by the user to be used for sampling in each moving average.

This script plots moving average ( SMA / EMA specified by the user ) of the percentage of the high-low range that the previous {numcands} candles the upper wicks, lower wicks, and the body take up.

The user may specify if the absolute value of the body percentage is to be used (true by default). To account for this, a horizontal line is also plotted at 0 to show when the body percentage moves above or below 0.

The values that all of these moving averages plotted will oscillate between 0 and 1 (-1 and 1 for the body percentage if the absolute value of candles is not used).

Other notes: The user may select the colors used (colorblind support, as the defaults are red and green). Cross overs and cross unders are accounted for in alertconditions (as is if the body % moves above and below 0% if absolute values are not used).

An interpretation of the use of this script may be: If the upper wicks begin to take up a larger portion of the high-low range, it may signal downward selling pressure (and vise-versa for lower wicks). However, this may be open to interpretation based upon the specified {numcands} used.
Release Notes: Added a histogram that plots the difference between the Upperwick and Lowerwick moving averages.

Absolute body value and body values are now plotted together, and switches may be flipped for all plots to turn them on/off.

The histogram features color scheming based upon prior values.

Other notes: Code reduction with a helper function to grab the moving averages also added. Renaming of some variables/inputs. Comment polishing.
Release Notes: More comment polishing.
Release Notes: Clean Chart update
Release Notes: Clean chart update (attempt 2?)
Release Notes: House-Rules update
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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