PROTECTED SOURCE SCRIPT
Significant Candles
Significant Candles is a script that visualises candles of signifant strength or weakness.
Red Candles
These are very bearish and weak candles. Also known as distribution candles, where volume is high above average, and the candle closes near its lows.
* Very High Volume.
* Weak Close.
Green Candles
These are very bullish and strong candles. Also known as accumulation candles, where volume is high above average, and the candle closes near its highs.
* Very High Volume.
* Strong Close.
Purple Candles
These are bearish candles, where the stock has met resistance and got declined on its way up. These are known as "hanging men", and visualises resistance.
* Long top wick.
* High Volume.
* Weak close.
Blue Candles
These are bullish candles, where the stock has met support and got supported on its way down. These are known as "Hammer candles", and visualises support.
* Long bottom wick.
* High Volume.
* Strong Close.
This script is designed solely for visualization purposes, and any colorization of candles should not be interpreted as buy or sell recommendations. It provides a convenient way to assess the relative strength or weakness of a stock. A higher number of bullish candles generally suggests significant accumulation in the stock, while a higher number of bearish candles indicates the opposite.
Green colorization is prioritized over blue, and red over purple.
Red Candles
These are very bearish and weak candles. Also known as distribution candles, where volume is high above average, and the candle closes near its lows.
* Very High Volume.
* Weak Close.
Green Candles
These are very bullish and strong candles. Also known as accumulation candles, where volume is high above average, and the candle closes near its highs.
* Very High Volume.
* Strong Close.
Purple Candles
These are bearish candles, where the stock has met resistance and got declined on its way up. These are known as "hanging men", and visualises resistance.
* Long top wick.
* High Volume.
* Weak close.
Blue Candles
These are bullish candles, where the stock has met support and got supported on its way down. These are known as "Hammer candles", and visualises support.
* Long bottom wick.
* High Volume.
* Strong Close.
This script is designed solely for visualization purposes, and any colorization of candles should not be interpreted as buy or sell recommendations. It provides a convenient way to assess the relative strength or weakness of a stock. A higher number of bullish candles generally suggests significant accumulation in the stock, while a higher number of bearish candles indicates the opposite.
Green colorization is prioritized over blue, and red over purple.
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