Measuring Candle Body and Shadow Ranges Across Timeframes
Summary
The document describes a script that scans historical candlesticks across timeframes and reports maximum, minimum, and arithmetic mean measurements for candle bodies, upper shadows, and lower shadows. Results are displayed in a table on the active chart window. It presents the mean values as a way to gauge the typical size of movement in a currency pair, while the maximum and minimum show the observed range in the scanned sample. The tool is intended as a descriptive volatility aid, not a trading signal or forecast. The author notes that history may not load completely on the first run, which can lead to incorrect displays and log errors; rerunning the script may be necessary. Large scan periods on minute charts can also make data arrays too large and cause crashes. No sample settings, validation, or trading performance evidence is supplied, so the figures depend on available historical data and the chosen scan period.
Key ideas
- The script calculates maximum, minimum, and mean candle body and shadow measurements.
- It scans data across timeframes and displays the results in a chart-window table.
- Mean candle-part sizes can help describe typical movement in a currency pair.
- Incomplete history downloads can produce incorrect output and may require another run.
- Large minute-chart scans can exceed data-array capacity and cause crashes.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.