Daily Candle Counting with Week Filters and Direction-Based Labels
Summary
This chart indicator numbers candles sequentially within each day and can optionally restrict display to a selected week of the month. A setting determines whether counting begins at the first candle of the day or proceeds backward from the last candle. The description also covers adjustable label placement, color, font, and spacing, with labels positioned relative to the candle according to its direction.
The indicator creates or updates chart objects with unique names and removes those objects when it is reinitialized or removed. These behaviors explain how the display is organized and maintained, but the document gives no trading rule, performance evidence, or claim that candle sequence predicts price movement. Its practical value is as a chart annotation and inspection aid; interpretation depends on the trader, timeframe, and selected week filter.
Key ideas
- The indicator numbers candles sequentially within each day.
- Users can count forward from the first candle or backward from the last candle of the day.
- A week-of-month filter can limit which candles receive labels.
- Label placement and appearance are configurable, and chart objects are cleaned up on removal or restart.
- The document describes a visualization tool rather than a tested trading signal.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.