OPEN-SOURCE SCRIPT
Percentage Close of Candle
This indicator shows where the candlestick close occurs. The range of the indicator is from 0% - 100% (0% at the bottom, 100% at the top). If a bullish candle closes at the highest price it reaches within its allotted time period then the indicator will show 100%. The opposite is true for a bearish candle closing at the lowest price of it's allotted time period, the indicator will show 0%. If the candle closes directly in the middle of the entire range of the candle (from high to low) the indicator will show 50%.
This can be used as a good tool to indicate the direction of trend or a reversal about to occur. The two horizontal lines on the indicator are set at 20% and 80% by default. If candles close above 80% this indicates a strong bullish trend. If candles close below 20% this indicates a strong bearish trend.
This can be used as a good tool to indicate the direction of trend or a reversal about to occur. The two horizontal lines on the indicator are set at 20% and 80% by default. If candles close above 80% this indicates a strong bullish trend. If candles close below 20% this indicates a strong bearish trend.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.