This indicator was implemented to detect indecision candles on a daily and 4-hour timeframe.
The settings of the indicator allow you to specify the maximum size (in percentage) of the indecision candle, as well as the maximum price range (also in percentage) between the low and the high of that indecision candle.
Moreover, as the title might indicate, the goal was not to only detect the indecision candles, but to get alerts (and information on the graph) when the high or low of an indecision candle is broken on the next block.
The alerts allow both merged and separate alerts.
The alert "1. IC breakout high/low" will be triggered for both a breakout under the previous low or above the previous high
The alert "2. IC breakout low" will be triggered only for a breakout under the previous low
The alert "3. IC breakout high" will be triggered only for breakout above the previous high
Can this work on the 1hour timeframe? if so what settings are recommended? thanks
svsomere
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@Spider992s, yes it can also work on the 1 hour timeframe, but the lower the timeframe, the less strong the signal will be. I would recommend only 4h and higher timeframes. If you use the 1 hour timeframe, you'll have to play around with the settings to see what worked the best in the past for the coin you are looking at.