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Bar composition in 1minute | True candlestick color

The indicator shows the true color of a bar based on the internal composition on 1 minute timeframe and the final outcome. It uses following parameters of 1minute and current timeframe inputs
relative bar close, average volume vs current volume and finally the volume of internal candles.

It follows following steps:
  • *First, it defines the arrays of high, low, close, volume in one minute timeframe
    *Second, it identifies the negative and positive volume based on the bar closing at one minute timeframe
    *Third , it adds all the volume and find whether the overall volume is positive or negative for overall bar in higher timeframe (current timeframe)
    *Fourth, it compare the volume in current timeframe to average of volume in in current timeframe
    *Fifth, if relative closing, relative volume (current timeframe) and the combined volume (in 1 minute timeframe) gives same outcome then color of the bar is decided whether the bar is bullish, bearish or inconclusive/contnuation.


Through this you get to check price action in 1minute timeframe and the ultimate outcome in current timeframe. this helps in understanding whether the bar is truly bullish or bearish or continuation of the trend

Feel free to connect for any query.
Candlestick analysismultitimeframeVolume

開源腳本

在真正的TradingView精神中,這個腳本的作者以開源的方式發佈,這樣交易員可以理解和驗證它。請向作者致敬!您可以免費使用它,但在出版物中再次使用這段程式碼將受到網站規則的約束。 您可以收藏它以在圖表上使用。

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