Momentum Candle Indicator strategy by rizkyaditama

9 時間前Momentum Candle Indicator
The Momentum Candle Indicator helps traders identify strong price movement candles on the chart, which are suitable for potential scalping or trend-following strategies. The indicator highlights momentum candles that meet specific criteria based on pip size, wick-to-body ratio, and shadow size.

Key Features:
Momentum Candle Detection:

Identifies candles where price movement (in pips) is between the user-defined minimum and maximum pips.
Ensures the wick-to-body ratio is below the set threshold, meaning the candle shows strong price momentum.
Detects whether a candle has a significant upper or lower wick, allowing traders to spot potential reversals or trend continuations.
Color-coded Momentum Candles:

Blue candles for bullish momentum.
Yellow candles for bearish momentum.
Custom Labels:

The indicator plots custom labels ("MN" for bullish, "MT" for bearish) on the chart with detailed information about the detected candle, such as:
Total pip movement.
Body size.
Upper and lower wick size.
Wick-to-body ratios.
Insight into potential scalping opportunities targeting the candle’s wick.
Alerts:

Set alerts when a momentum candle is detected to stay informed about strong market movements in real-time.
Use Case:
This indicator is particularly useful for traders looking for high-momentum price action setups, allowing them to react quickly to strong market moves. It is customizable, so traders can adjust the pip range and wick ratio to fit their specific trading strategy.