Candlestick Shadow Filters by Body-Relative Size
Summary
This indicator identifies candlesticks whose upper or lower shadow meets a selected size threshold relative to the candle body. For each shadow, the user can enable filtering and choose whether the shadow must be at least a specified percentage of the body or must not exceed that percentage. A separate setting limits candle body size, and display options control the symbol used and the vertical placement of arrows.
The document illustrates searching for upper shadows below a chosen maximum, showing how the threshold mode affects which candles are marked. It describes a configurable candle-pattern filter, not a trading strategy or a test of predictive value. No market, timeframe, performance results, or guidance for acting on detected candles is provided, so users would need to evaluate any signal independently.
Key ideas
- The indicator filters candles by upper or lower shadow size relative to the body.
- Each shadow filter can select a minimum or maximum size threshold.
- A body-size constraint can be set alongside the shadow criteria.
- The document gives no evidence that marked candles predict future price movements.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.