Candlestick Shape and Body Size [TRR]

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This indicator will display the shape of each candle.

The blue line shows how long the body is compared to the entire candle. For example, perfect doji candles will have a value of 0 and Marubozu candles will have a value of 100.

This is my first indicator on TradingView. I look forward to creating many others that jump into my head!
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// Created by Tristan Rhodes on 07-22-2015
study(title="Candlestick Shape and Body Size [TRR]", shorttitle="Candle_Shape_TRR")
open_pos = ((open-low)/(high-low))*100
close_pos = ((close-low)/(high-low))*100

// Body size as a percentage of the total candle
diff = abs(close_pos-open_pos)

palette = open_pos <= close_pos ? lime : red
plotcandle(open_pos, 100, 0, close_pos, color=palette)
a year ago
it is very creative work, well done.
tristan.rhodes jackvmk
a year ago
Thanks Jackvmk, I am glad to hear that! :)
+1 Reply
What was your intention on this tool? I see this simply as a Centered Detrended Price Oscillator. Signals generated on the close of each daily candle. If the Daily closes below the 50 line (centerline) = Sell and vice versa. Can't get any easier than that. Thanks for sharing!
jackvmk coondawg71
a year ago
if there is your trigger signaled and this oscillators line is under 50, dont enter and wait next bar.
coondawg71 PRO coondawg71
a year ago

Combine it with your favorite stochastic tool and you have a system.

+2 Reply
tristan.rhodes coondawg71
a year ago
I don't have a trading system (yet) for this indicator, but I enjoy hearing your ideas.

I thought about adding a high (90%) and low (10%) horizontal line to indicate doji and Marubozu candles. These can indicate indecision and momentum/volatility.

Thanks for you comments!
coondawg71 PRO tristan.rhodes
a year ago
the DMI stochastic is overlayed and the RSX JMA clone will work well too. So you have cycles and strength added to the "price action" all in one panel, taking the wicks "off" makes it a little cleaner once I add the overlays.
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