Daveatt

Candle Meter

Hello ladies and gentlemen

I'm back in my (almost daily) publishing challenge - to educate/show pinescript not commonly known tips

↑ Trend Direction ↓

Remember that script ?
I often use it to detect higher highs or lower lows. When an oblique/diagonal breaks, it indicates that a trend may move in the opposite direction.

Combining this along with other momentum indicators may give interesting setup.

💎INDICATOR OF THE DAY💎

The TD sequential fans are going to love that one.
TD Sequential has two parts – TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count.
When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely.
It is also at that point where TD Sequential starts the second phase with TD Countdown and is completed with a 13 count.
When the 13 count is recorded, it is at that point, a price pause, price pullback, or a reversal is likely.

The Candle Meter indicator counts the sequence of candles in one direction.
Gives also the number of consecutive candles in one direction.

The direction is based on open and close. I'll publish another version based on highs and lows if there is demand for it.

5.7 🔔 Alerts 🔔

I enabled 4 alerts. For BUY/SELL reversal events, I captured whenever we get 9 and 13 consecutive candles in the same direction.
Those 9 and 13 values are well known among TD sequential users.
The script is Open Source so you can change how they're set.

See you tomorrow for a Cumulative/Relative/Combo Open-Source indicator.

Love you all
Dave

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Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :)

Disclaimer:
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Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur.
Trading also involves risks of gambling addiction.

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Skript med en öppen källkod

I sann TradingView-anda har författaren publicerat detta skript med öppen källkod så att andra handlare kan förstå och verifiera det. Hatten av för författaren! Du kan använda det gratis men återanvändning av den här koden i en publikation regleras av våra ordningsregler. You can favorite it to use it on a chart.

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