OPEN-SOURCE SCRIPT
Updated Impulsive Candle Detector - Prof Michael G
Determining an impulsive candle can be systematic rather than discretionary. This indicator defines an impulsive candle using the following criteria:
1. Candle Size Relative to Recent Candles
Relative Size: An impulsive candle is one that is significantly larger than the recent average candle size. For example, if a candle’s range (high-low) is greater than 150% of the average range of the last 10 candles, it can be considered impulsive.
2. Volume Confirmation
High Volume: An impulsive candle is often accompanied by higher than average volume. You can define an impulsive candle if its volume is greater than 150% of the average volume over the last 10 candles.
3. Body-to-Wick Ratio
Body vs. Wick: A candle with a large body and small wicks can indicate strong momentum. You can define an impulsive candle if the body of the candle is greater than 70% of the total range (high-low).
These settings are also customisable to your own desired settings.
Credit: GreatestUsername for the coding & implementation.
1. Candle Size Relative to Recent Candles
Relative Size: An impulsive candle is one that is significantly larger than the recent average candle size. For example, if a candle’s range (high-low) is greater than 150% of the average range of the last 10 candles, it can be considered impulsive.
2. Volume Confirmation
High Volume: An impulsive candle is often accompanied by higher than average volume. You can define an impulsive candle if its volume is greater than 150% of the average volume over the last 10 candles.
3. Body-to-Wick Ratio
Body vs. Wick: A candle with a large body and small wicks can indicate strong momentum. You can define an impulsive candle if the body of the candle is greater than 70% of the total range (high-low).
These settings are also customisable to your own desired settings.
Credit: GreatestUsername for the coding & implementation.
Release Notes
added alert functionRelease Notes
fixRelease Notes
Determining an impulsive candle can be systematic rather than discretionary. This indicator defines an impulsive candle using the following criteria:1. Candle Size Relative to Recent Candles
Relative Size: An impulsive candle is one that is significantly larger than the recent average candle size. For example, if a candle’s range (high-low) is greater than 150% of the average range of the last 10 candles, it can be considered impulsive.
2. Volume Confirmation
High Volume: An impulsive candle is often accompanied by higher than average volume. You can define an impulsive candle if its volume is greater than 150% of the average volume over the last 10 candles.
3. Body-to-Wick Ratio
Body vs. Wick: A candle with a large body and small wicks can indicate strong momentum. You can define an impulsive candle if the body of the candle is greater than 70% of the total range (high-low).
These settings are also customisable to your own desired settings.
Credit: GreatestUsername for the coding & implementation.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.