This indicator calculates the candlestick sentiment for the selected timeframe. The calculation consists of two steps:
Step 1: Positioning of the closing price: Upper Third = High Close Mid Third = Mid Close Lower Third = Low Close
Step 2: Positioning of the closing price in comparison to its previous candle: Close above the high of the previous candle = Bull candle Close within the range of the previous candle = Range candle Close below the low of the previous candle = Bear candle
Those two steps create 9 possible scores, which will determine the color of the graph.
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Wow this is pretty impressive candle stick sentiment indicator. I would like to know more on how it calculates. It can definitely help you monitor price action and gauge the market participants