OPEN-SOURCE SCRIPT
Candle Flip System - CFS v1
The Candle Flip System is a powerful and user-friendly trading tool designed to streamline your analysis by displaying critical market data in a structured table format. This indicator is perfect for traders who want quick, actionable insights into market conditions without sifting through excessive details.
Key Features:
1. Previous D1 Candle Analysis: Displays whether the last daily candle was bullish or bearish using intuitive color-coded arrows for fast identification of market direction.
2. 4-Hour Bias Alignment: Determines if the most recent 4-hour candle aligns with the previous daily candle’s bias, clearly displaying a "YES" or "NO" response with a corresponding color (green or red).
3. New Feature – Average Candle Range (ACR): The latest addition to the Candle Flip System! This feature calculates the average range (high to low) of the last three daily candles and displays the result in pips.
How the Average Candle Range Works:
The ACR is calculated by:
1. Taking the high and low of each of the last three daily candles.
2. Determining the range for each candle (high minus low).
3. Calculating the average of these three ranges.
4. Converting the result into pips for ease of interpretation by Forex traders.
This new feature provides traders with a precise measure of recent market volatility. Higher ACR values indicate a more volatile market, while lower values suggest consolidation or reduced movement. Use this information to adjust your trading strategy, such as setting more accurate stop-loss levels or targeting appropriate profit zones.
How to Use:
The Candle Flip System provides an at-a-glance overview of essential market data. Use the daily candle bias and 4-hour alignment checks for directional confirmation, while the ACR helps you anticipate market behavior and adjust risk management accordingly.
Whether you're a beginner or an advanced trader, this indicator delivers concise, actionable insights to enhance your trading precision.
Key Features:
1. Previous D1 Candle Analysis: Displays whether the last daily candle was bullish or bearish using intuitive color-coded arrows for fast identification of market direction.
2. 4-Hour Bias Alignment: Determines if the most recent 4-hour candle aligns with the previous daily candle’s bias, clearly displaying a "YES" or "NO" response with a corresponding color (green or red).
3. New Feature – Average Candle Range (ACR): The latest addition to the Candle Flip System! This feature calculates the average range (high to low) of the last three daily candles and displays the result in pips.
How the Average Candle Range Works:
The ACR is calculated by:
1. Taking the high and low of each of the last three daily candles.
2. Determining the range for each candle (high minus low).
3. Calculating the average of these three ranges.
4. Converting the result into pips for ease of interpretation by Forex traders.
This new feature provides traders with a precise measure of recent market volatility. Higher ACR values indicate a more volatile market, while lower values suggest consolidation or reduced movement. Use this information to adjust your trading strategy, such as setting more accurate stop-loss levels or targeting appropriate profit zones.
How to Use:
The Candle Flip System provides an at-a-glance overview of essential market data. Use the daily candle bias and 4-hour alignment checks for directional confirmation, while the ACR helps you anticipate market behavior and adjust risk management accordingly.
Whether you're a beginner or an advanced trader, this indicator delivers concise, actionable insights to enhance your trading precision.
Script de código aberto
No verdadeiro espírito do TradingView, o autor desse script o publicou como código aberto, para que os traders possam compreendê-lo e analisá-lo. Parabéns ao autor! Você pode usá-lo gratuitamente, mas a reutilização desse código em publicações é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.
Quer usar esse script no gráfico?
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.