Positive20

‏Momentum Breakout Candles

‏Description:
‏This indicator tracks price movements and highlights specific candle patterns based on momentum calculations. It identifies candles where price shows a controlled move above a simple moving average.

‏How it works:

‏· Monitors rate of change over a defined period
‏· Compares closing prices to moving average values
‏· Detects candles that open lower and close higher with moderate momentum

‏Features:

‏· Customizable period length for calculations
‏· Adjustable colors for highlighted candles
‏· Optional horizontal reference lines
‏· Clean visual display without clutter

‏Settings:

‏· Period Length: Number of bars for momentum calculation
‏· Candle Color: Choose highlight color for specific patterns
‏· Line Settings: Toggle and customize reference lines

‏Usage:
‏Suitable for traders who prefer to observe price behavior relative to moving averages. Works best when combined with other technical analysis tools.