This is a major rewrite of the original script.
Updates:
1. 95% of the bad signals (bull/bear) have been eliminated. :-)
2. Revised the method for detecting 'short' candles (candle size is now relative to the EMA10/20 cradle size, not previous x bars as it was previously)
3. Added more granular control over what 'quality' of signals you see (see indicator settings). Play with them if you like to live on the wild side.
4. Added entry price target for bull/bear signals
5. Added flag or cross above next bar if the entry requirements were/were not met.
6. Added MACD-based filtering of good/bad signals
7. Improved alerting functionality
8. Optimised code to avoid repeatedly calling ema() functions
TODO:
I've found some incorrect bear signals around dramatic price action (very few) and will address this in the next version.
HOW TO USE:
Add this indicator to your chart.
When a bull candle closes and the background highlighted green the following candle will have an entry point marked and the expectation is you'll have a continuation of the bull run. For back-testing purposes I've included a green flag or red x depending on whether the signal should have been followed by an entry.
Vice versa for bear candles with background highlighted red.
Set your targets, stop loss, and leverage responsibly.
If you're not getting enough signals try different time periods (15M/30M/1H/2H/4H etc) or if you like to walk on the wild side, turn on some of the more lenient candle settings by clicking on the indicator's cog/settings icon.
This script works on forex, crypto, etc.
Let me know your thoughts in the comments below.