The indicator tracks the smallest movements of price action. It can monitor and analyze market context, attempting to identify trends within each time frame.
If a candle has its entire body above the previous swing high, it indicates a strong upward momentum. The market is leaning towards an upward direction. If the candle remains within the range of the previous swing high, it signifies weak upward momentum. The market is reluctant to move higher.
If a candle has its entire body below the previous swing low, it reflects a strong downward momentum. The market is leaning towards a downward direction. If the candle remains within the range of the previous swing low, it indicates weak downward momentum. The market is reluctant to move lower.
If a candle has its entire body above the previous swing high, it indicates a strong upward momentum. The market is leaning towards an upward direction. If the candle remains within the range of the previous swing high, it signifies weak upward momentum. The market is reluctant to move higher.
If a candle has its entire body below the previous swing low, it reflects a strong downward momentum. The market is leaning towards a downward direction. If the candle remains within the range of the previous swing low, it indicates weak downward momentum. The market is reluctant to move lower.
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Update
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Update setting
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Introduce the "sweep" signal into the wave structure. In a downtrend, after the price has risen and a candle closes with a higher body than the previous one, forming a temporary bottom, and then the price continues to decrease but only the candle's wick breaks below the low, followed by an increase in price and candles with bodies breaking above the high of the downtrend, this creates a bottom sweep. In an uptrend, the opposite applies.
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Bug fixes
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Add the "imbalance zone," which is depicted as a blue box.
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Fixed bugs and added color options for Imbalance
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Add notification function when the candle closes price forms a High, Low or when the candle's wick crosses the High or Low
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Add a red line to indicate it is a CHOCH signal and notify the CHOCH signal
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Add the Orders block shown by the green box
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Updated top and bottom creation rules
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Fixed code error in determining bos points
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Fixed error in determining top and bottom creation positions
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Fix error in determining top and bottom
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Update CHoCH points (Change of Character)
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Fix the error of getting CHOCH position when there is a sweep
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Fix bug
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Update BOS position when candle wick breaks through