The indicator shows the size of candlestick elements. One histogram bar corresponds to a certain element size on a current candlestick, the histogram line indicates the daily average value of selected elements. A histogram bar changes its color to the color of the line if the element size exceeds the daily average.
Input Parameters:
inpType β display type (show the size of upper shadows, lower shadows or bodies);
inpClr β histogram color (if the element size exceeds the daily average);
inpNeutralClr β neutral color, if the element size doesn’t exceed the daily average.
Tips:
Analyze the values of upper shadows after an uptrend movement, and the values of lower shadows β after a downtrend movement (trend reversal).
It can be used as a confirming signal to determine important price levels (instead of a candlestick patterns indicator).
It can be used as a basis for developing candlestick indicators.
