maksumit

Candlestick Trailing Allocation

A simple indicator that calculates the sum of 'Up'(green), 'Down'(red), and 'Doji'(near Doji ) candlesticks and portrays the same in an allocation format in percentage. And since it is allocation-based, the total will never exceed 100% of the defined Length period.

The equation is Green + Red + Doji = Total Candles; where total candles = length

When calculating the allocation part, the doji candles are subtracted from the sum of green and red, and the new value is divided by the length period.

For example, the green line = (sum of all green candles - doji / 2) / length; the reason to divide doji by 2 is to eliminate the redundancy it can cause.

When the green line crosses above the red line, the number of green candles is more than red in the defined length period. Similarly, when the red line crossed above the green, there were more red candles than green in that period.

The Doji line shows if any doji or near doji candles have appeared. It acts as a form of resistance against the green and red candles.

There's also the option to change the value of the doji's weight. Default is at 0.1.

The indicator does not show trend nor momentum, even though it may replicate some of its behavior from time to time. It is purely showing the allocation of the number of candles classified as green, red, and doji within the length provided.
Notas de prensa: Truncated the variables used in the source code.
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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