Body/Wick to Range Osc.

This script is meant to be a form of pure candlestick analysis.

Terminology in the description used below is as follows:
- numcands = Number of candles specified by the user to be used for sampling in each moving average.

This script plots moving average (SMA/EMA specified by the user [future versions may allow other types of moving averages, I am open to suggestions]) of the percentage of the high-low range that the previous {numcands} candles the upper wicks, lower wicks, and the body take up.

The user may specify if the absolute value of the body percentage is to be used (true by default). To account for this, a horizontal line is also plotted at 0 to show when the body percentage moves above or below 0.

The values that all of these moving averages plotted will oscillate between 0 and 1 (-1 and 1 for the body percentage if the absolute value of candles is not used).

Other notes: The user may select the colors used (colorblind support, as the defaults are red and green). Cross overs and cross unders are accounted for in alertconditions (as is if the body % moves above and below 0% if absolute values are not used).

An interpretation of the use of this script may be: If the upper wicks begin to take up a larger portion of the high-low range, it may signal downward selling pressure (and vise-versa for lower wicks). However, this may be open to interpretation based upon the specified {numcands} used.

릴리즈 노트

Added a histogram that plots the difference between the Upperwick and Lowerwick moving averages.

Absolute body value and body values are now plotted together, and switches may be flipped for all plots to turn them on/off.

The histogram features color scheming based upon prior values.

Other notes: Code reduction with a helper function to grab the moving averages also added. Renaming of some variables/inputs. Comment polishing.

릴리즈 노트

More comment polishing.

릴리즈 노트

Clean Chart update

릴리즈 노트

Clean chart update (attempt 2?)

릴리즈 노트

House-Rules update

오픈 소스 스크립트

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.