OPEN-SOURCE SCRIPT
Spike EA Trade Indicator
Spike EA Trade Indicator is a simple price-action signal tool inspired by an MT4/MT5 expert advisor logic.
The script detects spike candles by measuring the range between the high and low of a selected previous bar. If the range is greater than or equal to the configured threshold, the candle direction is used to generate a signal. A bullish spike candle produces a buy signal, while a bearish spike candle produces a sell signal.
The default settings are designed around USDJPY on the 15-minute chart. The default spike threshold is 0.5 with a price unit of 1.0, which represents approximately a 0.5 yen candle range on USDJPY.
This indicator displays visual buy and sell signals only. It does not execute trades and does not provide backtesting results.
This script is intended for chart analysis, research, and educational purposes only.
It does not guarantee future performance and should not be considered financial advice.
Please test carefully before using it in any trading decision.
The script detects spike candles by measuring the range between the high and low of a selected previous bar. If the range is greater than or equal to the configured threshold, the candle direction is used to generate a signal. A bullish spike candle produces a buy signal, while a bearish spike candle produces a sell signal.
The default settings are designed around USDJPY on the 15-minute chart. The default spike threshold is 0.5 with a price unit of 1.0, which represents approximately a 0.5 yen candle range on USDJPY.
This indicator displays visual buy and sell signals only. It does not execute trades and does not provide backtesting results.
This script is intended for chart analysis, research, and educational purposes only.
It does not guarantee future performance and should not be considered financial advice.
Please test carefully before using it in any trading decision.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.