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The Candle Hunter – Indicator
The Candle Hunter Indicator is rooted in the analysis of specific candlesticks. When you activate this indicator, it will identify and mark all bullish and bearish candles on your chart.
Customize your settings to choose which candles to display, ensuring that you only see the information that’s most relevant to your analysis. With the Candle Hunter Indicator, you’ll have a powerful tool at your fingertips to enhance your understanding of market trends and make informed decisions.
When it comes to the Engulfing Candles, you have three distinct options to choose from:
○ Classic: In this mode, only the body of the previous candle needs to be engulfed by the current candle.
○ Reinforced: This option requires the full candle, including the wick, of the previous candle to be engulfed.
○ Multiple Candles: This option demands that a minimum of three previous candles be engulfed for the pattern to be marked on the chart.
You can easily adjust the number of candles and have all three options active at the same time. The code will then run a comprehensive check to determine if any of the options match, providing you with a comprehensive analysis.
The Marubozu Candle has a customizable ratio between its body and wick in the settings. This allows you to select the level of full Marubozu candles, as well as the variations, that you want to display on your chart. With this feature, you have the flexibility to choose the analysis that best fits your needs and style of trading.
When it comes to Hammer Wick analysis, you have the ability to adjust the ratio between the size of the wick and the body of the candle. By default, the wick is set to be 1.5 times bigger than the body.
Additionally, you can specify the position of the body. For instance, if you set the body position to 30%, the body of the Hammer should be in the upper 30% of a Bullish Hammer or the lower 30% of the candle if Bearish. This level of customization allows you to fine-tune your analysis to better fit your unique approach to trading.
It’s important to keep in mind that indicators are designed to provide support and assistance while trading, but they are not a guarantee of success. No indicator or trading strategy has a perfect success rate, so it’s essential to approach your analysis with caution and to use a well-rounded approach that takes into account a variety of factors.