UnFilled Order Candle

CONCEPTS

UnFilled Order is a trace of institutional position in the price action. We use UnFilled order as Supply & Demand magnet that usually indicate remaining big limit orders that can not be absorbed by the market due to the speed of price change that makes an absence of buyers/sellers in the area.

UnFilled Order formed in pattern such as Rally-Base-Rally, Rally-Base-Drop, Drop-Base-Drop, or Drop-Base-Rally. Base has small body candle compared to its near candles.

DETAILS & EXAMPLE OF HOW TO USE


On Nasdaq chart, the light green indicate bull candle base, and orange indicate bear candle base. It appear in the middle of strong Drop-Base-Rally and never touched after that. Place buy limit on the proximal (upper) level as entry.

FEATURES

• Adjustable body candle ratio
  

LIMITATIONS

• The Indicator should be combined with other higher timeframe analysis method to determine bias and trend.