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Here, in this document I am providing the requirements of my indicator. I also had provided pictures for your reference with this document. This
indicator should work on any timeframe.
In this indicator, strength candles means Body height>=50%Candle Height. (I already have Strength candle indicator which plots
"star" sign above the strength candle) (.mq4 file)
Basically Candle shunting means:
1) For bull strength candles, if open of recent green strength candle is lesser than or equal to close of past green strength candle
then this two green strength candles are in shunting irrespective of non-strength candles between them. And here between open of past
strength candle and close of recent strength candle provide momentum zone.
2) For bear strength candles, if open of recent red strength candle is higher than or equal to close of past red strength candle then
this two red strength candles are in shunting irrespective of non-strength candles between them. And here between open of past strength
candle and close of recent strength candle provide momentum zone. I am requesting you to please go through below thread for
further understanding of the concept "Candle shunting":
https://twitter.com/Deishma/status/1160196472136056833?s=20
If you have any questions regarding this concept, please ask me without any hesitation.
Keeping it simple, for selected period indicator should plot blue rectangle for momentum zone and pink rectangle for indecision
zone. Just need to plot rectangular zone (momentum zone) for shunting strength candles.. Otherwise it's a indecisive zone..
I am attaching few snaps for your reference. In snaps you will see bull strength candle in green color and bear strength candle in red color.
Black candles are indecision candles (non-strengh candles). (please ignore fibo levels and zig zag lines in snaps). But, I have different
set up than this, in my set up "star" marked on strength candle and nothing on non-strength candle (attaching pic for reference).
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