Measuring Candle Range with Day-Specific Chart Labels

Summary

This document describes a chart indicator that measures each candle’s high-to-low range and prints the size in points or pips. It uses separate colors for bullish and bearish candles, and can assign colors by weekday so traders can compare daily patterns visually. Settings include the number of candles to process, line and font styling, and label placement. The text position can be adjusted to reduce overlap and keep labels within the chart view.

The document offers a feature description and an illustrative chart reference, but no trading rules, performance results, or evidence that candle range predicts future returns. It also leaves the recommended instruments, timeframes, and interpretation sections empty. The indicator is therefore best understood as a visualization aid for inspecting realized bar ranges, not a standalone entry or exit method. Any conclusions drawn from weekday or candle-size patterns would need separate testing across instruments, timeframes, and market conditions.

Key ideas

• The indicator displays each candle’s high-to-low range in points or pips.
• Bullish and bearish candles can use different colors for quick visual comparison.
• Weekday-specific colors allow traders to inspect whether candle ranges vary by day.
• Label placement and font settings help adapt the display to a chart.
• The document supplies no performance evidence or rules for trading the displayed ranges.

Tags

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