Electrocardiogram Candles from Intrabar Price Extremes

Summary

This indicator replaces a conventional candle display for recent bars with stylized blocks that trace the open, the order in which the bar’s high and low occurred, and the close. It requests one-minute data to determine which extreme came first, then connects the open, first extreme, second extreme, and close with signal lines. The line color encodes the order of the high and low; the block’s fill reflects whether the bar closed above its open, and its border reflects the close-to-close direction.

The visualization is intended to make intrabar price sequence more visible, with tooltips showing price information and time. The source describes the construction but gives no trading rules or evidence of predictive value. Its author notes practical constraints: each block uses multiple chart objects, the display is limited to at most 100 bars, and each block occupies the width of seven ordinary bars, so it does not align directly with standard candles. It also depends on available one-minute data.

Key ideas

• Each block traces the open, the first price extreme, the second extreme, and the close.
• Signal-line color represents whether the bar’s high or low occurred later.
• Fill color reflects the bar’s open-to-close direction, while the border reflects close-to-close direction.
• The chart uses one-minute data to infer the order of intrabar extremes.
• The display is limited in length and takes more horizontal space than ordinary candles.

Tags

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