Three Green Candles Screener - % Move & Volume1️⃣ Core purpose (big picture)
The indicator identifies stocks that:
Have 2 or 3 consecutive green candles
Are above a 21-EMA (trend filter)
Have reasonable % price movement (not overextended)
Show current volume, average volume, and turnover
Show daily and weekly % price change
It’s meant for short-term momentum screening (swing / positional / breakout prep).
2️⃣ Trend filter (EMA)
ema21 = ta.ema(close, emaLength)
Uses a 21-period EMA
All buy signals require price > EMA
This avoids counter-trend setups
3️⃣ Three Green Candles logic (main signal)
threeGreen = (close > open) and (close > open ) and (close > open )
This checks for three consecutive bullish candles.
Then it calculates:
% change for each candle (open → close)
Average % change across the 3 candles
avgChg = (chg0 + chg1 + chg2) / 3
✅ 3-Green signal triggers when:
3 consecutive green candles
Average % change ≤ user-defined max (default 10%)
Price above EMA21
➡ Output:
signal = 1 // Buy flag
signal = 0 // No action
This avoids parabolic / news-spike candles.
4️⃣ Two Green Candles logic (early signal)
This is a lighter, earlier version of the same logic.
twoGreen = (close > open) and (close > open )
avgChg2 = (chg0 + chg1) / 2
✅ 2-Green signal triggers when:
2 consecutive green candles
Average % change ≤ maxAvgChange
Price above EMA21
➡ Output:
signal2 = 1 // Early momentum
This helps catch moves one day earlier than the 3-green setup.
5️⃣ Volume & liquidity context (important)
Average volume (7 days)
avgVol7 = ta.sma(volume, 7) / 1e6
Shows liquidity trend
Units: Millions of shares
Today’s volume
todayVol = volume / 1e6
Helps confirm participation
6️⃣ Turnover (Price × Volume)
priceVolCrore = (close * volume) / 1e7
Measures capital flow, not just volume
Output in ₹ Crores
Helps filter:
Low-value pump candles
Illiquid stocks
7️⃣ % price movement
Daily move
pctDay = (close - close ) / close * 100
Weekly move (5 bars)
pctWeek = (close - close ) / close * 100
These give context, not signals:
Is this early?
Is it already extended?
8️⃣ Visual outputs (what you see)
Plots (in the indicator pane)
CMP (current price)
3-Green signal (0 / 1)
2-Green signal (0 / 1)
Avg 7-day volume (M)
Today’s volume (M)
Turnover (₹ Cr)
Day % move
Week % move
This makes it usable as a visual screener.
9️⃣ Summary table (top-right)
On the latest bar only, it shows:
Field Meaning
CMP Current price
Today Vol (M) Today’s volume
Turnover (Cr) Value traded
Day / Week % Momentum context
Compact, readable, no clutter.
10️⃣ What this indicator is GOOD for
✅ Momentum stock screening
✅ Swing / positional setups
✅ Avoiding overextended candles
✅ Liquidity & capital flow validation
✅ Manual decision support
11️⃣ What it does NOT do
❌ No auto buy/sell
❌ No stop-loss or targets
❌ No relative strength vs index
❌ No intraday scalping logic
TL;DR (one-liner)
This indicator finds stocks in a healthy uptrend with 2–3 controlled bullish candles, confirms them with EMA and volume/turnover, and presents all key momentum metrics in one clean view.
Pine Script® indicator
