LuxTradeVenture

Rally Candle (End Game ) 26/04/2022

Few Months ago I started wanted to code a candle which alerts me when a Rally may be over in Bearish Conditions and today I have created a candle which is 1. subjective but more importantly appears in areas where buying pressure is at either a climax or in the process of a decline and this is where the Rally Candle signals. This shows momentum may be shifting and these can provide some good entries.

They will only working when price is below the 200ema and in overextended markets - VERY IMPORTANT!!!
Works on all timeframe with HTF providing more price percentage than LTF
They aren’t a specific candle size however they will repaint when we see 4 higher close candles followed by a candle which has closed lower than the previous 4th.

//Candle Conditions
This candle has to be in a swing high area to be valid and on 1H and 6H but the 1H will repaint a lot of candles so when we have a point system of +20 we can assume this setup is a good setup.

//Candle Operators
You can change the color of the bar to your liking
There is a ema filter so if you want to candle to not show candles of the 50ema this operator will do the command.
Please post requests and any potential implementations I could port to pine script.

Hope you Enjoy :)

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?