Indecision is calculated based on ratio of wicks-body to full candle. Similarly price rejection is calculated based on ratio of upper wicks to candle and lower wicks to candle.
In both cases sum of stats from last N candels are used to get smoother output. Coloring of indecision candle is based on two bollinger bands with different standard deviations. It can be set in input settings.
Through my view, there are lesser people to code indecision indicator in Trading View, so thanks much for your contribution. I would like to ask:
Q1) Could you put more explanation regarding your indecision functions. = (wickSum-bodySum)/(wickSum + bodySum)
Q2) What is the logic statement in the indicisionScore it's related with bolinger band?
Q1: Longer the wick, higher the indecision indecision. So, trying to calcualte wick to candle ratio to identify indecision factor.
Q2: Using bollinger bands to indentify if the calcualted indecision factor is relatively higher or lower. Bollinger band applied on indecision rather than close.
just_naba
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well looks nice ,,, i use to see the green color when its up the trend ... !!!
Trendoscope
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@naba_naif, Not really. If it is green, it is signal for trend continuation. Because, if candles are solid bodies there is not much competition from buyers and sellers. This means, one side is winning more consistently. So, it can be either complete uptrend or downtrend.
Q1) Could you put more explanation regarding your indecision functions. = (wickSum-bodySum)/(wickSum + bodySum)
Q2) What is the logic statement in the indicisionScore it's related with bolinger band?
Best Reagards