Elephant Bar Detector by McAi

Elephant Bar Detector 🐘
Overview:
The Elephant Bar Detector identifies significant bullish and bearish bars (candlesticks) based on size and volume criteria. It also detects follow-through patterns, helping traders confirm strong price movements.

Features:
✅ Elephant Bar Detection:

Bullish Elephant Bar 🐘: A large bullish candle with high volume.
Bearish Elephant Bar 🐘: A large bearish candle with high volume.
✅ Follow-Through Confirmation:

Checks if price continues in the same direction after the Elephant Bar.
Requires at least 80% follow-through over the next few bars.
✅ Visual Markers & Alerts:

Yellow Elephant 🐘 (Bottom) → Bullish signal
Pink Elephant 🐘 (Top) → Bearish signal
Background Highlight: Indicates confirmed follow-through
Alerts: Get notified when an Elephant Bar or follow-through occurs.
How It Works:
Calculates the average candle size over a user-defined period.
Sets a volume threshold (average volume × multiplier).
Identifies Elephant Bars when price movement & volume exceed thresholds.
Confirms follow-through by checking if 80% of the next few bars continue in the same direction.
Customizable Settings:
Length for Average Candle Size (Default: 200)
Volume Multiplier (Default: 1.5)
Number of Follow-Through Bars (Default: 3)
This indicator helps traders spot strong price moves early and confirm trends before entering trades. 🚀🔥