Candle Strength Indicator by PtGambler

candlestickanalysis movingaverage sentiment candle relativestrength relative candlesize movingavarage

The candle strength indicator depicts the average strength of the price action by evaluating bullish vs bearish candles.

The scale is relative to price fluctuation and the size of the candles for the particular ticker / market, so there are no significant levels.

A cross on the zero line would generally indicate a change in trend / sentiment.

This indicator may be useful as a filter for entries and use in confluence with other indicators.

Release Notes:

Updated with divergence indicators

If you make $$$ off it, consider donating some of your juicy gain :)
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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.

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