Sri - Daily & Weekly Candle Strength

Sri - Daily & Weekly Candle Strength

Short Title: Sri-Candle
Overlay: Yes

Description:
The Sri - Daily & Weekly Candle Strength indicator is designed to visually display recent daily and weekly candle activity directly on your chart, highlighting buyer and seller dominance for each candle. It helps traders quickly assess the strength of bullish vs bearish pressure over recent periods and can be used with both Normal and Heikin Ashi candles. This tool is particularly useful for swing traders, position traders, and technical analysts who want a clear view of candle momentum without switching timeframes.

Features:

Multi-Timeframe Candles:

Displays the last several daily candles and weekly candles on your chart.

Supports Normal or Heikin Ashi candles for both daily and weekly views.

Candle Strength Analysis:

Calculates buyer strength and seller strength as percentages based on candle body relative to the total candle range.

Highlights the dominant strength (higher of buyer or seller) above each candle.

Option to round dominant strength percentages to whole numbers.

Customizable Colors:

Set separate bullish and bearish colors for daily and weekly candles.

Customize wick colors independently for daily and weekly candles.

Positioning and Layout Options:

Adjust horizontal offset, candle thickness, and gap between candles for both daily and weekly candles.

Choose label positions for date labels (Top, Bottom, Absolute level).

Flexible Text Display:

Choose label text size (Tiny, Small, Normal, Large, Huge).

Daily candles display the day of the month on the candle optionally.

Dynamic Candle Rendering:

Each candle is plotted as a box with wicks, accurately reflecting open, high, low, and close.

Dominant strength percentage label is colored green for bullish dominance and red for bearish dominance.

Inputs:

Daily Settings:

Show Daily Candles – Toggle daily candle visibility.

Daily Candle Type – Choose between Normal or Heikin Ashi.

Daily Timeframe – Select Daily (D), Weekly (W), or Monthly (M).

Bull Candle Color (D) – Color for bullish daily candles.

Bear Candle Color (D) – Color for bearish daily candles.

Wick Color (D) – Color for candle wicks.

Horizontal Offset (D) – Distance from current bar to start drawing.

Candle Thickness (D) – Width of candle boxes.

Gap Between Candles (D) – Space between consecutive candles.

Daily Label Position – Position for the date label.

Absolute Level – Y-axis level when using absolute label position.

Strength Label Text Size – Size of the dominant strength label.

Round Dominant % (No Decimals) – Round the displayed strength to whole numbers.

Weekly Settings:

Show Weekly Candles – Toggle weekly candle visibility.

Weekly Candle Type – Choose Normal or Heikin Ashi.

Weekly Timeframe – Select Daily (D), Weekly (W), or Monthly (M).

Bull Candle Color (W) – Color for bullish weekly candles.

Bear Candle Color (W) – Color for bearish weekly candles.

Wick Color (W) – Wick color for weekly candles.

Horizontal Offset (W) – Distance from current bar for weekly candles.

Candle Thickness (W) – Width of weekly candle boxes.

Gap Between Candles (W) – Space between consecutive weekly candles.

How It Works:

The script fetches candle data using the request.security() function for the selected timeframe and type (Normal or Heikin Ashi).

Each candle’s buyer and seller strength is calculated as:

Buyer Strength (%) = ((Close - Low) / (High - Low)) * 100

Seller Strength (%) = ((High - Close) / (High - Low)) * 100

Candles are drawn as boxes with wicks on the chart at the specified horizontal offset.

The dominant strength is displayed above each candle, colored green for bullish dominance or red for bearish dominance.

Daily candles can optionally show the day of the month as a label.

Use Cases:

Quickly identify recent bullish or bearish trends on daily and weekly timeframes.

Compare strength of buyers vs sellers across multiple periods.

Combine with other technical indicators for multi-timeframe analysis.