Momentum Candle Identifier

This indicator flags high-conviction momentum candles in real time by evaluating two conditions: the body ratio and the body size relative to the ATR.
A candle qualifies when its body makes up a significant portion of the total candle range (adjustable threshold), and the body size meets or exceeds a multiple of the current ATR. This filters out indecision candles and ensures only clean, directional bars are flagged.
Qualifying bullish candles are recolored and marked with an upward arrow below the bar. Qualifying bearish candles are recolored and marked with a downward arrow above the bar.
Intended use:
This indicator is designed to identify expansion candles that signal directional conviction at key levels. The prior candle's wick high (bullish) or wick low (bearish) serves as a retest zone for potential entries on a pullback.
Works on any market and timeframe. Best used in conjunction with trend direction, moving averages, and key price levels rather than as a standalone signal.
Adjustable inputs:

Minimum body ratio (default 0.70)
Minimum body size vs ATR (default 1.0)
ATR length (default 14)
Bull and bear candle colors

Информация о релизе

This indicator identifies high conviction expansion candles in real time and automatically plots the 50% retracement entry zone for precise trade execution.
A candle qualifies when the body size meets or exceeds a multiple of the current ATR, the close extends a minimum number of points beyond the previous candle's range, the opposite wick is within an acceptable percentage of the total range, the prior candle has a wick in the signal direction, and the close is on the correct side of the 8 EMA. Signals only fire during Regular Trading Hours excluding the opening candle.
When a signal fires a shaded retracement box is automatically drawn between the expansion candle extreme and the previous candle extreme with a dashed midline marking the 50% entry level. The most recent boxes persist throughout the session and clear at the start of each new trading day.
Intended use:
Wait for the expansion candle to close and the alert to fire. Enter at the 50% retracement of the expansion zone. Stop is placed at the expansion candle extreme. Only take signals aligned with the 8 EMA direction or at key levels including PDH, PDL, PMH, PML, VWAP, session highs and lows, and the opening print.
Adjustable inputs:

Minimum body size vs ATR
Minimum close beyond previous candle (points)
Maximum opposite wick percentage
Box width, fill color, and border color
Bull and bear candle colors
Show/hide retracement boxes

Best used on ES 5 minute chart during Regular Trading Hours.

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Скрипт с открытым кодом

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