Bull/Bear Candle — Indicator by tmpascoe

This script will display a small triangle under the latest two candles to indicate whether that candle is bullish or bearish based on the following definition.

A bullish candle closes in the top portion of the trading range of the candle while a bearish candle closes in the bottom portion of the trading range of the candle.

The cutoff is currently set at 65% (you can adjust it) so the close must be outside or equal to 65% of the trading range to be considered bullish or bearish. If less than 65% the triangle will indicate a neutral candle.

Colours are;
green triangle = bullish candle
red triangle = bearish candle
yellow triangle = neutral candle

I hope this helps those using TraderCobb's cradle strategy.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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