This indicator is a basic candlestick pattern check.
If the current candle is close above the previous candle's high then it is considered a bullish sign and it is shown with green color. Now it would be green until one candle does not close below the previous candle low.
same for the bearish signal.
If the current candle is close below the previous candle's low then it is considered a bearish sign and it is shown with red color. Now it would be red until one candle does not close above the previous candle high.
If the current candle is close above the previous candle's high then it is considered a bullish sign and it is shown with green color. Now it would be green until one candle does not close below the previous candle low.
same for the bearish signal.
If the current candle is close below the previous candle's low then it is considered a bearish sign and it is shown with red color. Now it would be red until one candle does not close above the previous candle high.
Versionsinformation:
Added more time frame details.
Uppermost using trend check for the hourly time frame.
The middle one is for trend check for the day time frame.
The bottom one is for trend check for the weekly time frame.
The concept remains the same for the timeframe trend analysis.
If any candle closes above the previous candle then it's considered a bullish sign which marks green in the chart. Now it would be green until the next candle not having close below the previous candle low.
If any candle closes below the previous candle then it's considered a bearish sign which marks red in the chart. Now it would be red until the next candle not having close above the previous candle low.
************Important *************************
Don't use indicators above the hourly time frame because above it will not give perfect results.
Uppermost using trend check for the hourly time frame.
The middle one is for trend check for the day time frame.
The bottom one is for trend check for the weekly time frame.
The concept remains the same for the timeframe trend analysis.
If any candle closes above the previous candle then it's considered a bullish sign which marks green in the chart. Now it would be green until the next candle not having close below the previous candle low.
If any candle closes below the previous candle then it's considered a bearish sign which marks red in the chart. Now it would be red until the next candle not having close above the previous candle low.
************Important *************************
Don't use indicators above the hourly time frame because above it will not give perfect results.