timj

Big Candles v1

This script simply takes a user-defined bar height number (variable barHeight) to find large candles. Automatically colors large bullish and bearish candles green or red, respectively. The barHeight can be modified to fit your needs.

Use this in a variety of ways:
- Confirm breakouts of support / resistance
- Identify new trends
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//@version=2
strategy("Big Candles", overlay=true)

barHeight = input(.032)

bigUp() => close > open and high-low > barHeight
bigDown() => close < open and high-low > barHeight

plotshape(bigUp(), color=green, style=shape.arrowup, text="Buy")
plotshape(bigDown(), color=red, style=shape.arrowdown, text="Sell")
barcolor(bigDown() ? red : bigUp() ? green : gray)
Most of the time a large candle indicates end of a move, climax, not the start
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timj PRO cristian.d
Note necessarily, although you can use it in any way you wish. Here are some other people investigating this strategy:

http://www.forexfactory.com/showthread.php?t=472331
http://www.theforexguy.com/power-candle-strategy/
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I think a Doji indicates a reversal
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