2% candle — Indicator by MattDeLong

Part of my strategy involves entering a trade based on a candle on a 5-min chart being < 2% (ignoring major volatility).
I got tired of calculating the range of a single candle either in my head or on a calculator, so I wrote this up. Feel free to share it.

Shows the %move of any single candle, default horizontal lines are 1% & 2%, can be changed by clicking the gear icon next to the indicator after you have added the indicator to your chart. Works on any timeframe, 5m, 1h, 1d, etc , obviously
the higher the timeframe, the larger the move.

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?

//@version=2
//author = https://www.tradingview.com/u/MattDeLong/
//Shows the %move of any single candle, default horizontal lines are 1% & 2%, can be changed by clicking the gear icon next
//to the indicator after you have added the indicator to your chart. Works on any timeframe, 5m, 1h, 1d, etc , obviously 
//the higher the timeframe, the larger the move
study("2% candle", overlay=false)

move1 = input(1, 'Horizontal Line1 %', type=integer)
move2 = input(2, 'Horizontal Line2 %', type=integer)

move(k) =>
    (high[k] - low[k]) / high[k] * 100

p1 = plot(move(0), color=gray)
p2 = plot(move2, color=gray)
p3 = plot(move1, color=silver)
fill(p1, p2, color=#8b0000)
fill(p2, p3, color=red)