OPEN-SOURCE SCRIPT
Bar composition in 1minute | True candlestick color
The indicator shows the true color of a bar based on the internal composition on 1 minute timeframe and the final outcome. It uses following parameters of 1minute and current timeframe inputs
relative bar close, average volume vs current volume and finally the volume of internal candles.
It follows following steps:
Through this you get to check price action in 1minute timeframe and the ultimate outcome in current timeframe. this helps in understanding whether the bar is truly bullish or bearish or continuation of the trend
Feel free to connect for any query.
relative bar close, average volume vs current volume and finally the volume of internal candles.
It follows following steps:
- *First, it defines the arrays of high, low, close, volume in one minute timeframe
*Second, it identifies the negative and positive volume based on the bar closing at one minute timeframe
*Third , it adds all the volume and find whether the overall volume is positive or negative for overall bar in higher timeframe (current timeframe)
*Fourth, it compare the volume in current timeframe to average of volume in in current timeframe
*Fifth, if relative closing, relative volume (current timeframe) and the combined volume (in 1 minute timeframe) gives same outcome then color of the bar is decided whether the bar is bullish, bearish or inconclusive/contnuation.
Through this you get to check price action in 1minute timeframe and the ultimate outcome in current timeframe. this helps in understanding whether the bar is truly bullish or bearish or continuation of the trend
Feel free to connect for any query.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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