PROTECTED SOURCE SCRIPT
Candlestick Body Ratio with MA
How It Works (Brief Overview):
It computes the ratio of the candle’s body size to its total range (high–low).
• A ratio close to 1 means a strong, decisive candle.
• A ratio near 0 means a weak or indecisive candle (like a doji).
• Visual Output:
• Plots the body ratio as an orange line. (Black Histogram)
• Optionally marks strong-bodied candles with a green triangle above the bar. (Orange Diamond)
Why It’s Useful:
Helps identify momentum candles with conviction. Filters out weak signals in breakout or reversal strategies. Can be combined with divergence or volume tools for confluence.
Think Like A Market Maker: ThePipAssassin
It computes the ratio of the candle’s body size to its total range (high–low).
• A ratio close to 1 means a strong, decisive candle.
• A ratio near 0 means a weak or indecisive candle (like a doji).
• Visual Output:
• Plots the body ratio as an orange line. (Black Histogram)
• Optionally marks strong-bodied candles with a green triangle above the bar. (Orange Diamond)
Why It’s Useful:
Helps identify momentum candles with conviction. Filters out weak signals in breakout or reversal strategies. Can be combined with divergence or volume tools for confluence.
Think Like A Market Maker: ThePipAssassin
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.