MattDeLong

2% candle

Part of my strategy involves entering a trade based on a candle on a 5-min chart being < 2% (ignoring major volatility ).
I got tired of calculating the range of a single candle either in my head or on a calculator, so I wrote this up. Feel free to share it.

Shows the %move of any single candle, default horizontal lines are 1% & 2%, can be changed by clicking the gear icon next to the indicator after you have added the indicator to your chart. Works on any timeframe, 5m, 1h, 1d, etc , obviously
the higher the timeframe, the larger the move.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
//@version=2
//author = https://www.tradingview.com/u/MattDeLong/
//Shows the %move of any single candle, default horizontal lines are 1% & 2%, can be changed by clicking the gear icon next
//to the indicator after you have added the indicator to your chart. Works on any timeframe, 5m, 1h, 1d, etc , obviously 
//the higher the timeframe, the larger the move
study("2% candle", overlay=false)

move1 = input(1, 'Horizontal Line1 %', type=integer)
move2 = input(2, 'Horizontal Line2 %', type=integer)

move(k) =>
    (high[k] - low[k]) / high[k] * 100

p1 = plot(move(0), color=gray)
p2 = plot(move2, color=gray)
p3 = plot(move1, color=silver)
fill(p1, p2, color=#8b0000)
fill(p2, p3, color=red)

Kommentarer

how we get the entry label..
which is the indicator
+2 Svara
Hi, would you please grant access pls
Svara
amazing! Bravo
Svara
Yes!
Svara
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