Detecting Basing Candles with a Configurable Body-Range Threshold

Summary

This document describes a MetaTrader indicator that identifies candles with relatively small real bodies compared with their full high-to-low ranges. By default, a candle qualifies when its body is less than half of the total range. The indicator marks qualifying candles on the price chart, using histogram lines in one platform version and custom candles in another, and allows the threshold to be changed.

Users can choose whether alerts check the latest completed candle or the still-forming candle, and can enable pop-up, sound, email, or push notifications. The document explains the detection rule and configuration options but gives no trading strategy, market rationale, or evidence that basing candles predict a subsequent move. A signal on an unfinished candle can change before that candle closes, so the chosen alert timing affects how stable the displayed signal is.

Key ideas

• A basing candle is defined by a real body that is smaller than a configurable share of its full high-low range.
• The indicator marks qualifying candles directly on the chart in different visual formats across platform versions.
• Alerts can be tied to a completed candle or to the current candle while it is still forming.
• The document describes an identification tool and configuration settings, but provides no 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.