OPEN-SOURCE SCRIPT
Shadow Increase Signal
This indicator Calculates the average upper shadow of the previous 200 candles for issuing SELL signals.
And calculates the average lower shadow of the previous 200 candles for issuing BUY signals.
If the upper shadow of the new candle is %1000 greater than the average upper shadow of the previous 200 candles, a SELL signal is issued and a red arrow appears above the candle.
If the lower shadow of the new candle is %1000 greater than the average lower shadow of the previous 200 candles, a BUY signal is issued and a green arrow appears below the candle.
And calculates the average lower shadow of the previous 200 candles for issuing BUY signals.
If the upper shadow of the new candle is %1000 greater than the average upper shadow of the previous 200 candles, a SELL signal is issued and a red arrow appears above the candle.
If the lower shadow of the new candle is %1000 greater than the average lower shadow of the previous 200 candles, a BUY signal is issued and a green arrow appears below the candle.
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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