This is an interesting take on candlesticks. These special High-Low Candles do not show the Open and Close levels, so there are no wicks. However, you still see the the High and Low of the entire candle, giving you the full range. Since this is an indicator, be sure to hide the chart candles to avoid overlap. Or choose offsetting colors to see the traditional candles under the indicator candles.
Hi, thanks for your great indicator. Can you tell me if the color change happens based on the momentum of the candle as it forms? For example, if I want to trade just a day candle but waiting for the high or low to form before the candle changes direction for the day, will the candle color change in that direction? Thanks.
NorthStarDayTrading
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@grandesigner, It is not based on momentum at all. The color change is just based on the open being greater than, or less than, the close. So the candle will follow the body color of the underlying body color.
grandesigner
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@NorthStarDayTrading, ok got it. Would you consider attempting to create something like what I mentioned above? I'm not a programmer at all, but it seems it may be possible to create an indicator like that, for say a Day candle so that the Color of the candle can lean towards the momentum of the daily range. Perhaps filtered with an RSI, or taking the previous day's range into consideration, or something like that. I ask you because it appears you may be able to adapt some of your code for this. Again, I have no idea how to program something like that. Thanks for your reply and very interesting indicators.
NorthStarDayTrading
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@grandesigner, PM me and let's talk offline in more detail about what you are looking for.
Cryptocontinuum
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Very innovative way to interpret the range, thanks for sharing.