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[PX] MTF Candle Sentiment

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Oscillators sentiment
100
1
oscillator sentiment
This indicator calculates the candlestick sentiment for the selected timeframe. The calculation consists of two steps:

  • Step 1: Positioning of the closing price:
    Upper Third = High Close
    Mid Third = Mid Close
    Lower Third = Low Close
  • Step 2: Positioning of the closing price in comparison to its previous candle:
    Close above the high of the previous candle = Bull candle
    Close within the range of the previous candle = Range candle
    Close below the low of the previous candle = Bear candle

Those two steps create 9 possible scores, which will determine the color of the graph.

If you are looking for someone to develop your own indicator or trading strategy, don't hesitate to get in touch with me here on TradingView or below.

Contact:
www.pascal-simon.de
info@pascal-simon.de
🙋‍♂️Listed as "Trusted Pine Programmer for Hire"

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🔓Indicator access: www.dize-trading.de

🔒Trial access: discord.gg/DqwKjBZ8Qe
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.

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.

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