PROTECTED SOURCE SCRIPT
Candle-BB-Moves
Today I propose a simple indicator to get an idea of market sentiment
Color distinctions are as follows
-White background = Bollinger Band Squeezed
-Purple columns = Total candle length wick to wick
-Lime columns = Green candle body length
-Red columns = Red candle body length
-Yellow columns = Wick to wick size higher than the previous candle by defined %, this si changeable in setting, default value 1.5%
-Lime "-" = Price above Bollinger Band basis
-Red "-" = Price bellow Bollinger Band basis
-Lime "_" = Price above Bollinger Band upper level
-Red "_" = Price below Bollinger Band lower level
As one can tell, this indicator is good at identifying trending and squeezed areas of price action. It can also give you early hint at unusual price movements and if you can get this bias then it is easier to take trade
Please note that this indicator is not meant to trade independently and would work best with combinations of S/R.
Past performance does not indicate future success, this is meant to be an educational purpose only and the author takes no responsibility of your profit or loss.
Color distinctions are as follows
-White background = Bollinger Band Squeezed
-Purple columns = Total candle length wick to wick
-Lime columns = Green candle body length
-Red columns = Red candle body length
-Yellow columns = Wick to wick size higher than the previous candle by defined %, this si changeable in setting, default value 1.5%
-Lime "-" = Price above Bollinger Band basis
-Red "-" = Price bellow Bollinger Band basis
-Lime "_" = Price above Bollinger Band upper level
-Red "_" = Price below Bollinger Band lower level
As one can tell, this indicator is good at identifying trending and squeezed areas of price action. It can also give you early hint at unusual price movements and if you can get this bias then it is easier to take trade
Please note that this indicator is not meant to trade independently and would work best with combinations of S/R.
Past performance does not indicate future success, this is meant to be an educational purpose only and the author takes no responsibility of your profit or loss.
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