The most advanced code made by me yet! Simple but extremely useful, based on "Reading Price Charts Bar by Bar" - Al Brooks. This indicator will highlight when the market is trending (green). Highlight reversal bars(red) and also bull/bear traps (yellow). I was not sure if to give away this indicator for free, but here it is.
Hopefully you guys enjoy it!
Interested in your own indicator? Email me here for business inquires : emilianomesauribe2000@Live.com (starting price 100$)
I DO NO TAKE RESPONSIBILITY FOR LOSSES. USE INDICATOR UNDER YOUR OWN MEANS
Its 1/3(can be modified in filter) high low to body ratio. That is when a reversal (red) is must likely to happen. Also the yellow bars are mostly traps, big price movements in a very short period of time which are bigger to the average body of the past candles. If the price average and the current price (body) are the same, this will be the green color. A healthy price trend.
EmilianoMesa
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Use on 5 minute charts, on stocks. (This is where the author used it the most)