The Lie Detector 2.0
- This is a different view of the indicator TLD (The Lie Detector) created by the PineCoder LucF. Thanks LucF for the inspiration and for the great job you've been done.
- Considerations :
This is my first "indicator" ever, so please ignore any redundancies.
I'm brazilian so please ignore any english mistakes.
I'm not saying mine one is better or worse than LucF's one, it's just another way of looking at the same parameters and maybe they can be used at the same time.
The original indicator uses the logic that the candle needs to have its volume increasing to be considered trustable.
I changed that line of thinking to make my own rules, that are :
If a candle is bigger than the normal, its volume should either be bigger than the normal, else there's a suspicious situation.
If a candle is smaller than the normal, but has a volume bigger than the normal, there's probably a fighting zone being "compressed" in that candle area.
- Parameters
There is a metric used to get the average size of a certain length of candles (called CandleSize) and another metric to get the simple average of a certain length of volumes.
- Color Rules
If a candle is bigger than the CandleSize and volume is bigger than the current volume average and its close is bigger than its open, it will be colored in aqua;
If a candle is bigger than the CandleSize and volume is bigger than the current volume average and its close is smaller than its open, it will be colored in purple;
If a candle is bigger than the CandleSize and volume is smaller than the current volume average, it will be colored in black;
If a candle is smaller than the CandleSize and its volume is bigger than the current volume average, it will be colored in yellow.
- My Interpretation
If there is a lot of of aqua candles in a down trend, it may be it's end and vice versa;
If there is a lot of hollow (black) candles in the current trend, it may be it's end;
Yellow candles often appears in reversion, pivot and consolidation areas.
- Considerations :
This is my first "indicator" ever, so please ignore any redundancies.
I'm brazilian so please ignore any english mistakes.
I'm not saying mine one is better or worse than LucF's one, it's just another way of looking at the same parameters and maybe they can be used at the same time.
The original indicator uses the logic that the candle needs to have its volume increasing to be considered trustable.
I changed that line of thinking to make my own rules, that are :
If a candle is bigger than the normal, its volume should either be bigger than the normal, else there's a suspicious situation.
If a candle is smaller than the normal, but has a volume bigger than the normal, there's probably a fighting zone being "compressed" in that candle area.
- Parameters
There is a metric used to get the average size of a certain length of candles (called CandleSize) and another metric to get the simple average of a certain length of volumes.
- Color Rules
If a candle is bigger than the CandleSize and volume is bigger than the current volume average and its close is bigger than its open, it will be colored in aqua;
If a candle is bigger than the CandleSize and volume is bigger than the current volume average and its close is smaller than its open, it will be colored in purple;
If a candle is bigger than the CandleSize and volume is smaller than the current volume average, it will be colored in black;
If a candle is smaller than the CandleSize and its volume is bigger than the current volume average, it will be colored in yellow.
- My Interpretation
If there is a lot of of aqua candles in a down trend, it may be it's end and vice versa;
If there is a lot of hollow (black) candles in the current trend, it may be it's end;
Yellow candles often appears in reversion, pivot and consolidation areas.
Notes de version:
Changed aqua color for lime, for a better vizualization