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SubCandles-V2

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Candlestick analysis hewhomustnotbenamed trendoscope
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candlestickanalysis hewhomustnotbenamed trendoscope
Further development on the sub-candle concept defined in the earlier script. SubCandle

This time instead of concentrating only on the last part, we are dividing the main candle into three parts.

  • First Sub-Candle - Covers the candle movement from open to first of highest/lowest point. First sub-candle tells how fast/slow the initial movement took place and which direction it went.
  • Second Sub-Candle - Is always a full bodied candle. Most important think here is the thickness of the sub-candle which tells how quickly or slowly the price went from one side of the peak to other.
  • Third Sub-Candle - Similar to first sub-candle but covers the last part. This part is similar to what we are depicting in the earlier version of Sub-Candle script.

Thickness of the sub-candle is based on relatively how much time each sub-candle took to complete within the main candle. Few interpretation can be:

  • If the first or third sub-candle are the thicker ones and if the thicker sub-candle has long wick, then it may mean strong rejection.
  • If the first or third sub-candle are thicker ones and if the thicker sub-candle has full body, it may mean higher volatility within the sub-candle.
  • If the second sub-candle is thicker than the rest - it can mean strong bias towards the direction of second sub-candle
  • Thinner second sub-candle may mean a dump/pump. May need to check third sub-candle to see if the dump/pump are followed by pump/dump

Also adding the screen shot reference below.
snapshot

Note: This can repaint within bar. Use it as part of bar replay. Will try to add more option to select a particular candle without bar reply soon

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