Pele Candles

Pele Candles Indicator

Named after Pele, the Hawaiian goddess of volcanoes, this indicator identifies "explosive" candles with unusually large ranges that exceed a customizable ATR (Average True Range) threshold. These volcanic-like price movements often signal significant market activity where liquidity may have been swept from one side.

Pele candles appear as colored bars (blue for bullish, purple for bearish) when candle ranges surpass the ATR multiplier. While a single Pele candle doesn't guarantee direction, consecutive Pele candles in opposite directions can indicate potential trend reversals - much like volcanic eruptions that reshape the landscape.

The indicator helps traders spot moments of intense market activity and potential turning points, but should be used alongside other analysis tools for confirmation.

Features:

Customizable ATR period and multiplier
Visual highlighting of explosive price moves
Alert notifications for significant candles
No repainting - signals appear in real-time

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