Perfect Candles By Salamun

2 days ago

Perfect Candles Compass Trade Academy By Salamun
The "Perfect Candles By Salamun" indicator is a custom indicator for the TradingView trading platform that uses Pine Script v5. Let me explain its function and usage:
Main Function
1. Candlestick Display Modification
This indicator redraws candlesticks with special logic, especially to handle price gaps that occur when the market reopens after a close.
2. Eliminate Price Gaps

When the market opens after a break (for example after a weekend or holiday), there is usually a gap between the previous closing price and the new opening price.
This indicator "fixes" the gap by adjusting the open price of the new candle to be equal to the close price of the previous candle.

Input Parameters

"Valid only on open days" (default: false)

If enabled, modifications are only applied on market opening days.
If disabled, all candles will be modified

"Hourly threshold for detecting open days" (default: 6 hours)

Determine the time threshold for detecting gaps.
If the time interval between candles is > 6 hours, it is considered as the opening of a new day.

"Show Price" (default: true)
Displays a horizontal price line at the last price level

Ways of working

Gap Detection : Calculating the time difference between candles
Modification Conditions :

If applyToDayOpenOnly= false, OR
If the time gap > the specified threshold

Price Adjustment :
Open price = Close price of the previous candle
Close, High, Low still use original values


Coloring :
Teal green for bullish candles (close ≥ open)
Red for bearish candle (close < open)



Utility
For Traders:
Provides a smoother chart visualization without gaps
Helps with more continuous technical analysis
Useful for timeframes that often experience gaps (such as daily, weekly)

For Analysis:
Reduces noise from opening gap
Helps identify clearer trends
Suitable for strategies that focus on continuous price movements

2 days ago

Release Notes

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