OPEN-SOURCE SCRIPT
[BoTo] Pump&Dump Oscillator
This indicator indicates candles which have very long body. We consider what a pump most often begins with such candle. Dump too. We have made 2 versions of this indicator. Overlay and oscillator. They show identical signals. Choose that which is more convenient for you.
How does it work?
Step 1: the gray thin line of the oscillator is candle body length. The distance between the price of opening of a candle and the price of closing of a candle is measured. Shadows are ignored. The value can't be less than zero, but can be equal to zero (if it is a flat candle).
Step 2: the simple average value from bodies of 100 previous candles is calculated. Thus we will know that such normal average body of a candle for this symbol and this timeframe. This value doesn't show our oscillator. The user can independently choose quantity of the previous candles. By default 100.
Step 3: now we multiply the average length of bodies of 100 previous candles by a multiplier. The oscillator shows this value as gray area. The user independently can choose a multiplier. By default 5.
Step 4: the indicator reacts when a body of the current candle more than area. It means, a body of the current candle in 5 times more than a usual normal body. A body of the current candle not normal, it is too long. Differs from previous.
Step 5: if the current candle green and a body of this candle in 5 times more of norm, then appears a green signal (it is pump, a background of green color). And vice versa. If the current candle red and a body of this candle in 5 times more of norm, then poyavltsya a red signal (it is dump, a background of red color).
Pumps
BoTo Pump&Dump Oscillator
This script works so, is written above.
BoTo Pump&Dump Overlay
This script works in the same way. But doesn't show length of a body of the current candle and average length of a body. The script shows only a background of signals.
How to use it?
We consider that it is necessary to pay attention only to the first signal of green and red color. The second signal and the subsequent appear already too late. The price has already strongly changed.
Besides, we consider that to a signal there have to be many candles without signals.
This method well suits for volatile cryptocurrencies (DogeCoin for an example). We need to see high Pump&Dumps often.
How does it work?
Step 1: the gray thin line of the oscillator is candle body length. The distance between the price of opening of a candle and the price of closing of a candle is measured. Shadows are ignored. The value can't be less than zero, but can be equal to zero (if it is a flat candle).
Step 2: the simple average value from bodies of 100 previous candles is calculated. Thus we will know that such normal average body of a candle for this symbol and this timeframe. This value doesn't show our oscillator. The user can independently choose quantity of the previous candles. By default 100.
Step 3: now we multiply the average length of bodies of 100 previous candles by a multiplier. The oscillator shows this value as gray area. The user independently can choose a multiplier. By default 5.
Step 4: the indicator reacts when a body of the current candle more than area. It means, a body of the current candle in 5 times more than a usual normal body. A body of the current candle not normal, it is too long. Differs from previous.
Step 5: if the current candle green and a body of this candle in 5 times more of norm, then appears a green signal (it is pump, a background of green color). And vice versa. If the current candle red and a body of this candle in 5 times more of norm, then poyavltsya a red signal (it is dump, a background of red color).
Pumps
BoTo Pump&Dump Oscillator
This script works so, is written above.
BoTo Pump&Dump Overlay
This script works in the same way. But doesn't show length of a body of the current candle and average length of a body. The script shows only a background of signals.
How to use it?
We consider that it is necessary to pay attention only to the first signal of green and red color. The second signal and the subsequent appear already too late. The price has already strongly changed.
Besides, we consider that to a signal there have to be many candles without signals.
This method well suits for volatile cryptocurrencies (DogeCoin for an example). We need to see high Pump&Dumps often.
Script de código aberto
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