Upper Shadow Percentage - Latest Candle

25 Eyl

The objective of this script is to automatically calculate the upper shadow % of the latest candle in any timeframe i.e. Daily, Weekly, Monthly etc.

Please note that: This indicator shows upper shadow percent only when the following 2 conditions are satisfied:
1. The candle is latest
2. The candle's Close Price (or, Current Price in case of Market Open) > Open Price

Formula Used:
Upper Shadow Percentage = (High-Close)/(High-Low)*100

When this indicator is added to the chart, it shows a % value which represents the upper shadow % in either a Green background or Red background.

Green background shows up when the upper shadow % is less than the user provided value in the "Upper Shadow Percentage Threshold" field in the settings > Inputs tab, otherwise it shows up in Red background. Please note that the default Upper Shadow Percentage Threshold is set to be 15. User can go to Settings to change it as per their needs.

Example of how it appears in the chart