Configuring a Candle Size Indicator by Price Range
Summary
This indicator marks candlesticks whose measured size exceeds a user-defined threshold. It offers two measurement units: points or percentages. The user can choose which candle prices define the size: the high-to-low range, the open-to-close body, the upper shadow, or the lower shadow. After choosing the measurement basis and unit, the threshold and marking style can be set in the indicator’s settings.
The tool describes a configurable way to identify unusually large ranges, bodies, or wicks on a price chart. The document gives no examples, suggested thresholds, trading rules, or evidence that marked candles predict future price movement. Its output is therefore a descriptive chart signal; interpretation depends on the instrument, quote precision, timeframe, and the selected measurement. A size threshold in points may not compare consistently across instruments with different price scales, while percentage measurement expresses size relative to price.
Key ideas
- The indicator marks candles that exceed a configured size threshold.
- Size can be measured in points or percentages.
- The measured segment can be the full range, candle body, upper shadow, or lower shadow.
- The description provides no trading rules or evidence of predictive value.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.