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Displaying Higher-Timeframe Smoothed Candles with a Body-Size Filter

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Summary

This indicator displays averaged candlesticks from a higher timeframe as filled rectangles on a chart. Candle bodies are colored by direction, with separate colors for bullish and bearish bodies and their shadows. The display is filtered by candle body size: a candle appears only when its body exceeds a user-set threshold measured in chart points.

The note explains the visual encoding and the threshold input, but gives no trading rules, backtest, or evidence that the display improves decisions. It also states that the indicator depends on a separate compiled smoothed-candles indicator file. The higher-timeframe view may help contextualize price direction, while the body-size filter suppresses smaller candles; the document does not discuss signal timing, repainting behavior, or how to choose the threshold.

Key ideas

  • The indicator renders averaged candles from a higher timeframe as filled chart rectangles.
  • Candle body and shadow colors distinguish upward and downward candle direction.
  • A candle is displayed only when its body exceeds a configurable threshold in chart points.
  • The document describes a charting tool rather than a tested trading strategy.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.