OPEN-SOURCE SCRIPT

Candle Analysis Bias

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Description:
The "Candle Analysis Bias" indicator is designed to provide visual cues on the direction of price movements by labeling candles as either "Bullish" or "Bearish" based on specific criteria. This indicator helps traders quickly identify shifts in momentum and potential trend reversals.

Features:

Directional Labels: Candles are labeled "Bullish" if the closing price exceeds the previous candle's high, indicating potential upward momentum. Conversely, candles are labeled "Bearish" if the closing price falls below the previous candle's low, suggesting potential downward pressure.

Customizable Appearance: Users can customize the color of the labels through the indicator settings. The default colors are green for bullish labels and red for bearish labels, with a 50% opacity to ensure they are visually distinct yet not overly intrusive.

Label Offset: An offset can be applied to the labels to position them slightly away from the candles, enhancing readability. The default offset is set to 10 times the minimum price tick of the symbol.

Exclusion of Current Candle: The indicator does not label the current, open candle until it is confirmed. This ensures that labels are only applied to completed candles, avoiding premature signals.

Usage:

Trend Identification: Use the "Bullish" and "Bearish" labels to identify potential trend changes or continuations.

Confirmation Tool: Combine the labels with other indicators or analysis techniques to confirm trading signals.

Visual Analysis: Quickly scan the chart for clusters of "Bullish" or "Bearish" labels to gauge overall market sentiment.

Settings:

Bullish Color: Customize the color of the "Bullish" labels.

Bearish Color: Customize the color of the "Bearish" labels.

Label Offset: Adjust the distance between the labels and the candles.

Installation:
To install this indicator, copy the Pine Script code provided and paste it into the Pine Editor in TradingView. Click "Add to Chart" to apply the indicator to your selected chart.

This detailed description should help users understand the purpose and functionality of the "Candle Analysis Bias" indicator, making it easier for them to incorporate it into their trading strategies.

版本注释

Description:
The "Candle Analysis Bias" indicator is designed to provide visual cues on the direction of price movements by labeling candles as either "Bullish" or "Bearish" based on specific criteria. This indicator helps traders quickly identify shifts in momentum and potential trend reversals.

Features:

Directional Labels: Candles are labeled "Bullish" if the closing price exceeds the previous candle's high, indicating potential upward momentum. Conversely, candles are labeled "Bearish" if the closing price falls below the previous candle's low, suggesting potential downward pressure.

Customizable Appearance: Users can customize the color of the labels through the indicator settings. The default colors are green for bullish labels and red for bearish labels, with a 50% opacity to ensure they are visually distinct yet not overly intrusive.

Label Offset: An offset can be applied to the labels to position them slightly away from the candles, enhancing readability. The default offset is set to 10 times the minimum price tick of the symbol.

Exclusion of Current Candle: The indicator does not label the current, open candle until it is confirmed. This ensures that labels are only applied to completed candles, avoiding premature signals.

Usage:

Trend Identification: Use the "Bullish" and "Bearish" labels to identify potential trend changes or continuations.

Confirmation Tool: Combine the labels with other indicators or analysis techniques to confirm trading signals.

Visual Analysis: Quickly scan the chart for clusters of "Bullish" or "Bearish" labels to gauge overall market sentiment.

Settings:

Bullish Color: Customize the color of the "Bullish" labels.

Bearish Color: Customize the color of the "Bearish" labels.

Label Offset: Adjust the distance between the labels and the candles.

版本注释

Description:
The "Candle Analysis Bias" indicator is designed to provide visual cues on the direction of price movements by labeling candles as either "Bullish" or "Bearish" based on specific criteria. This indicator helps traders quickly identify shifts in momentum and potential trend reversals.

Features:

Directional Labels: Candles are labeled "Bullish" if the closing price exceeds the previous candle's high, indicating potential upward momentum. Conversely, candles are labeled "Bearish" if the closing price falls below the previous candle's low, suggesting potential downward pressure.

Customizable Appearance: Users can customize the color of the labels through the indicator settings. The default colors are green for bullish labels and red for bearish labels, with a 50% opacity to ensure they are visually distinct yet not overly intrusive.

Label Offset: An offset can be applied to the labels to position them slightly away from the candles, enhancing readability. The default offset is set to 10 times the minimum price tick of the symbol.

Exclusion of Current Candle: The indicator does not label the current, open candle until it is confirmed. This ensures that labels are only applied to completed candles, avoiding premature signals.

Usage:

Trend Identification: Use the "Bullish" and "Bearish" labels to identify potential trend changes or continuations.

Confirmation Tool: Combine the labels with other indicators or analysis techniques to confirm trading signals.

Visual Analysis: Quickly scan the chart for clusters of "Bullish" or "Bearish" labels to gauge overall market sentiment.

Settings:

Bullish Color: Customize the color of the "Bullish" labels.

Bearish Color: Customize the color of the "Bearish" labels.

Label Offset: Adjust the distance between the labels and the candles.