Marubozu

Oct 5, 2022Marubozu:

This code is written to identify the Marubozu candles in three different timeframe (30, 45, 60) - and there is an option given to the user for modifying the timeframe according to their wish.

Step to work with this script:
1. The three timeframe will work like this, If you select in chart 15mins - the three levels that you can select are 30, 45, 60, but if you select higher value like 30mins in the chart - you cannot select 45mins as there is a restriction on the code as it will display on the script of divisible by the timeframe selected in the chart.

2. Moving Average 100 is used along with the trend to see whether the immediate trend of the script is negative or positive which will help in taking the script for long or short.

Rules:
1. Always select the timeframe as 15mins in the chart and get the levels from the script.. Mark them in your chart as permanent levels and you can hide the script for further use, and don't reduce the timeframe to 5mins as the level gets changed.
2. The script will identify the High and low of the Marubozu and draws the horizontal line to help the users to see the support and resistance for the script.
3. Always try to trade above the 100sma and marubozu levels at the bottom - and don't look out for the trade where the SMA is very near to resistance or support (when you are short)