Arpan_Candles_OL-OH-IB

2021년 2월 27일

This script simply shows OL (Open=Low), OH (Open=High) and IB (Inside Bar). I personally use OL and OH to take quick scalping trades with very low risk.

OL candle indicates that candle's Open and Low prices are same and a Long trade can be taken with a stoploss below candle low.

OH candle indicates that candle's Open and High prices are same and a SHORT trade can be taken with a stoploss above candle high.

Candles with navy blue colour indicates an Inside Bar. An inside bar is a common pattern where the high and low of one candle occur inside the high and low of the prior candle. Inside bar shows a contraction in volatility and are often a continuation pattern. Previous candle (prior candle to inside bar) is known as "Mother candle" and trades can be taken on breakout from "Mother candle" , in the direction of breakout and keeping a stoploss below/above "Mother candle".

This script can be used in any time frame. Smaller time frames generate more signals compared to higher time frames.

2021년 7월 13일

릴리즈 노트

1 Changed IB candle color
2 Added code to track ioi (Inside Bar - Outside Bar - Inside Bar) candle
3 Added VWAP