Contraction Levels
A contraction candle is a candle whose body engulfs both left and right candlesticks' bodies. This indicator shows those contraction candlestick patterns which consists of successive candles. Then draws a horizontal level line to its defined % of its body size and also draws +/- filter lines which are shown as dashed lines, also with an option to define those filters' percentage.
Bullish Contraction:
Whenever a new candle closes above the maximum high of 3 contraction candles pattern, that contraction is called bullish contraction and its lines are shown as green lines ( you can change the color as well)
Bearish Contraction:
Whenever a new candle closes below the maximum low of 3 contraction candles pattern, that contraction is called bearish contraction and its lines are shown as red lines ( you can change the color as well)
Bullish Contraction:
Whenever a new candle closes above the maximum high of 3 contraction candles pattern, that contraction is called bullish contraction and its lines are shown as green lines ( you can change the color as well)
Bearish Contraction:
Whenever a new candle closes below the maximum low of 3 contraction candles pattern, that contraction is called bearish contraction and its lines are shown as red lines ( you can change the color as well)
Versionsinformation:
Options to show/hide:
- Contraction Candles
- Center Lines
- Filter Lines
- Contraction Candles
- Center Lines
- Filter Lines
Versionsinformation:
Colors all 3 contraction candles instead of last candle
Versionsinformation:
Added Alerts and their options to show/hide for:
- New contraction candle
- New bullish and breakout
- Cross for center line and +/- filter lines
- New contraction candle
- New bullish and breakout
- Cross for center line and +/- filter lines
Versionsinformation:
Fixed a bug in breakout alerts
Versionsinformation:
Added some details to comments
Versionsinformation:
Fixed some bug about barstate for contraction bars