A contraction candle is a candle whose body engulfs both left and right candlesticks' bodies. This indicator shows those contraction candlestick patterns which consists of successive candles. Then draws a horizontal level line to its defined % of its body size and also draws +/- filter lines which are shown as dashed lines, also with an option to define those filters' percentage.
Bullish Contraction: Whenever a new candle closes above the maximum high of 3 contraction candles pattern, that contraction is called bullish contraction and its lines are shown as green lines ( you can change the color as well)
Bearish Contraction: Whenever a new candle closes below the maximum low of 3 contraction candles pattern, that contraction is called bearish contraction and its lines are shown as red lines ( you can change the color as well)
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Options to show/hide: - Contraction Candles - Center Lines - Filter Lines
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Colors all 3 contraction candles instead of last candle
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Added Alerts and their options to show/hide for: - New contraction candle - New bullish and breakout - Cross for center line and +/- filter lines
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Fixed a bug in breakout alerts
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Added some details to comments
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Fixed some bug about barstate for contraction bars
Hi, efe_akm, it looks like a very interesting indicator? Could you share some information how to use it? Could I treat it like a order block zone or Support/Resistant Zone? Thanks
wanso4333
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can we get settings for 1m, 5m, and 15m charts pls.. how we adjust it?