-DIRECTIONALITY: compare length of the 'zig-zag' random walk of lower time frame constituent candles, to the full height of the current candle. Resulting % I refer to as 'directionality'.
-GAPs: what i refer to as 'gaps' are also known as Volume imbalances: the gap between previous candles close and current candle's open (if there is one).
--Gaps total (up vs down gaps). Number of Up gaps printed above bar in green, down gaps printed below bar in red.
--Gaps Sum (total summed UP gap, total summed down gaps. Sum of Up gaps printed above bar in green, Sum of down gaps printed below bar in red.
-Candles Total: Numer of LTF up vs down candles within current timeframe candle. Number of up candles printed above bar in green, Number of down candles printed below bar in red.
-Primary purpose in this was the Directionality aspect. Wanted to get a measure of how choppy vs how directional the internals of a candle were. Idea being that a candle with high % directionality (approaching 100) would imply trending conditions; while a candle which was large range and full bodies but had a low % directionality would imply the internals were back-and-forth and => rebalanced, potentially indicating price may not need to retrace back into it and rebalance further. All rather experimental, please treat it as such: have a play around with it.
-Number of gaps, Sums of up and down gaps, ratio of up and down constituent candles also intended to serve a similar purpose as the above.
-Set the input lower timeframe; this must obviously be lower then your current timeframe. You will significant differences in results depending on the ratio your timeframes (chart timeframe vs user-input timeframe).
-Lower timeframe input (setting child candle size within current chart parent candle).
-Choose function from the four listed above.
-typical formating options: Bull color/bear color txt for gaps functions.
-display % unit or not.
-display vertical or horizontal text.
-Set min / max directionality thresholds; and color code results.
-Toggle on/off 'hide results outside of threshold' to declutter the chart.
-choose label style.
-Directionality thresholds can be set manually; Max and Min thresholds can be set to filter out 'non-extreme' readings.
-Note that directionality % can sometimes exceed 100%, in cases where price trends very strongly and gaps up continuously such that sum of constituent candles is less than total range of parent candle.
-Personally i like the idea of seeking bold, large-range, full bodied candles, with a lower than typical directionality %; indicating that a price move is both significant and it's already done it's rebalancing; I would see this as potentially favourable for continuation (obviously depending on context).
---- Showcase of the other functions beyond Directionality percentage ----
Candles Total (bull vs Bear). ES1! Hourly; ltf = 5min: Candles total: LTF up candles and LTF down candles making up the current HTF candle (constituent number of UP candles printed above in green, Down candles printed below in red):
Gaps SUM. SPX hourly, ltf = 5min. Sum of 'UP' gaps within candle printed above in green, sum of 'DOWN' gaps printed below in red:
Gaps TOTAL: SPX hourly, ltf = 1min. Simply the total of 'up' gaps vs 'down' gaps withing our candle; based on the user input constituent candles within:
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