Boring Candle
This script's source code is protected by the author.
Indicator Name:
Boring Candle ≤4 Marker
Owner:
Tamil Nifty Trader
Description:
This indicator identifies and highlights boring candles on any chart based on candle body percentage.
Logic:
Candle body % = |close – open| ÷ (high – low)
Boring candle: body % < 50%
Full-body candle: body % ≥ 50%
The indicator colors boring candles in blue only if they appear between two full-body candles and the streak of boring candles is 1–4 candles long.
Longer streaks (>4 boring candles) are ignored.
Full-body candles are never colored.
Purpose:
Quickly identify consolidation / low-volatility candles in between strong full-body candles.
Helps traders spot potential base formations before breakout.
Usage Notes:
Works on all timeframes.
Ideal for Nifty, Bank Nifty, and other Indian indices.
Fully compatible with GoCharting charts.
Owner Contact / Branding:
Developed by Tamil Nifty Trader.
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 GoCharting. Read more in the Terms of Use.
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