OPEN-SOURCE SCRIPT

[PX] MTF Candle Sentiment

5 184
This indicator calculates the candlestick sentiment for the selected timeframe. The calculation consists of two steps:

  • Step 1: Positioning of the closing price:
    Upper Third = High Close
    Mid Third = Mid Close
    Lower Third = Low Close
  • Step 2: Positioning of the closing price in comparison to its previous candle:
    Close above the high of the previous candle = Bull candle
    Close within the range of the previous candle = Range candle
    Close below the low of the previous candle = Bear candle


Those two steps create 9 possible scores, which will determine the color of the graph.

If you are looking for someone to develop your own indicator or trading strategy, don't hesitate to get in touch with me here on TradingView or below.

Contact:
pascal-simon.de
info@pascal-simon.de

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