OPEN-SOURCE SCRIPT
Elephant Bar by Oliver Velez
This script detects an event created by Oliver Velez, basically it is a wide-range candle, its range is noticeably larger than the previous candles, this event indicates a possible continuation of the movement, or the beginning of an extended movement. The candle has to be of good body, as a rule it can be taken that the body must be more than 70%. The stop goes below the minimum of the candle and the signal is given when the next candle followed by the elephant candle exceeds its body, this condition is not programmed so that the alert indicates that an elephant candle was generated and the trader has some time to visualize the graph and wait for the signal. Example below:
NOTE: IT IS VERY IMPORTANT THAT THE TRADER ANALYZE THE CONTEXT OF THE MARKET WHERE THE ELEPHANT BAR IS GENERATED AND DETERMINE ACCORDING TO ITS EXPERIENCE IF THE EVENT HAS A GOOD PROBABILITY OF PROJECTION, YOU MUST NOT TAKE AN ENTRY ONLY BY THIS EVENT, IF YOU DO YOU WILL LOSE ALL YOUR MONEY
.
One of the problems of the elephant bar is that it generates a fairly wide risk unit with respect to other narrow range events, so the risk / benefit ratio is not very large, but it is an event that deserves attention when it occurs in a good location since it generally generates continuation.
If you want to have a lower risk unit and improve the risk / benefit ratio, you can play the “Gift Zone”, when detecting an elephant bar you can wait for a step back inside the elephant bar area and take a position, this will give you a less distance to the stop, but this can lead to the event escaping if there is no recoil.
- The size of the candle is determined by comparing a range of previous candles (you can set the amount at your discretion)
- Search factor: by default 1.3, this means that all bars that have a range greater than the average range of previous candles + 30%, are considered elephant candles (can be configured at your discretion)
- Possibility to configure the percentage of the body that the elephant candle must have.
- Possibility of filtering up to 2 means with direction detection and color change (fully configurable)
- Possibility of filtering by mobile averages
- Alerts
- Additional features
Thumb up if you liked me ..
NOTE: IT IS VERY IMPORTANT THAT THE TRADER ANALYZE THE CONTEXT OF THE MARKET WHERE THE ELEPHANT BAR IS GENERATED AND DETERMINE ACCORDING TO ITS EXPERIENCE IF THE EVENT HAS A GOOD PROBABILITY OF PROJECTION, YOU MUST NOT TAKE AN ENTRY ONLY BY THIS EVENT, IF YOU DO YOU WILL LOSE ALL YOUR MONEY
.
One of the problems of the elephant bar is that it generates a fairly wide risk unit with respect to other narrow range events, so the risk / benefit ratio is not very large, but it is an event that deserves attention when it occurs in a good location since it generally generates continuation.
If you want to have a lower risk unit and improve the risk / benefit ratio, you can play the “Gift Zone”, when detecting an elephant bar you can wait for a step back inside the elephant bar area and take a position, this will give you a less distance to the stop, but this can lead to the event escaping if there is no recoil.
- The size of the candle is determined by comparing a range of previous candles (you can set the amount at your discretion)
- Search factor: by default 1.3, this means that all bars that have a range greater than the average range of previous candles + 30%, are considered elephant candles (can be configured at your discretion)
- Possibility to configure the percentage of the body that the elephant candle must have.
- Possibility of filtering up to 2 means with direction detection and color change (fully configurable)
- Possibility of filtering by mobile averages
- Alerts
- Additional features
Thumb up if you liked me ..
オープンソーススクリプト
TradingViewの精神に則り、このスクリプトの作者は、トレーダーが理解し検証できるようにオープンソースで公開しています。作者に敬意を表します！無料で使用することができますが、このコードを投稿で再利用するには、ハウスルールに準拠する必要があります。 お気に入りに登録してチャート上でご利用頂けます。
チャートでこのスクリプトを利用したいですか？
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。