A tool with the purpose for better insight of bulls/bears influence.
The center, more bright part are the open-close prices, filled green if bullish, red if bearish.
The transparent red and green part, above and below, are the "wick/shadow" area's.
If for example the bears push the price down, far under the open, but the bulls push it right back, so you'll have a large wick,
this will be visible as a large transparent green area below the brighter open-close center area.
Hope this helps!
The center, more bright part are the open-close prices, filled green if bullish, red if bearish.
The transparent red and green part, above and below, are the "wick/shadow" area's.
If for example the bears push the price down, far under the open, but the bulls push it right back, so you'll have a large wick,
this will be visible as a large transparent green area below the brighter open-close center area.
Hope this helps!
Release Notes
Also it might help to find certain support/resistance regions (more towards the open/close prices),it also can give a more clear imagine when the open and close prices are tight together.
I believe it even can bring more insights and more details regarding divergences.
LuxAlgo Dev: luxalgo.com
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.