Elephant Bars

14 Jan

**Elephant Bars Indicator**

This indicator identifies and highlights candlesticks that are significantly larger than the recent average candlestick size. It helps traders quickly spot strong price movements.

- **Percentage Threshold:** The candlestick must be this much larger than the average of the last 5 candles (default is 50%).
- **Body Percentage Threshold:** The candle body must be at least this percentage of the total candle size (default is 80%).
- **Border Color:** Sets the color of the highlighted candle's border.
- **Border Thickness:** Sets the thickness of the border around the highlighted candle.

**How It Works:**
1. The script calculates the size of the current candlestick and its body.
2. It computes the average size of the last 5 candlesticks.
3. The indicator highlights candles that are both significantly larger than the average size and have a body that is a substantial portion of the total candle size.

This indicator is particularly useful for identifying potential breakout or reversal points, as large candlesticks often signify strong market sentiment.

Feel free to tweak the description to better fit your needs! 🚀

5 Mac

Nota Keluaran

Elephant Bars with Alerts Indicator
Description: The "Elephant Bars with Alerts" indicator is designed to identify and highlight significant candlestick patterns known as "Elephant Bars," based on the trading concepts of Oliver Velez. This indicator helps traders spot large, impactful candlesticks that signal potential market reversals or strong continuation moves. Additionally, it includes an alert feature to notify traders when an Elephant Bar is formed, allowing for timely decision-making.

Concepts by Oliver Velez: Oliver Velez is a renowned trader and educator known for his expertise in technical analysis and trading strategies. One of his key concepts is the identification of significant candlestick patterns, such as Elephant Bars, which are characterized by their large size and strong price movement. These bars often indicate a shift in market sentiment and can be used to anticipate future price action.

Key Features:

Percentage Threshold: The candlestick must be at least a certain percentage larger than the average size of the last 5 candles. This ensures that only truly significant bars are highlighted.

Body Percentage Threshold: The candle body must be at least a specified percentage of the total candle size, ensuring that the bar represents a strong price movement.

Customizable Appearance: Users can customize the border color and thickness of the highlighted Elephant Bars for better visibility.

Alerts: The indicator includes an alert feature that notifies traders when an Elephant Bar is detected, allowing for prompt action.

How to Use:

Setup: Add the "Elephant Bars with Alerts" indicator to your chart. Adjust the percentage thresholds and appearance settings according to your preferences.

Identify Elephant Bars: The indicator will automatically highlight candlesticks that meet the criteria for Elephant Bars. These bars are typically larger than the average of the last 5 candles and have a substantial body size.

Monitor Alerts: Enable alerts to receive notifications when an Elephant Bar is formed. This allows you to stay informed and make timely trading decisions.

Analyze Market Sentiment: Use the highlighted Elephant Bars to gauge market sentiment. A large bullish Elephant Bar may indicate strong buying pressure, while a large bearish Elephant Bar may signal strong selling pressure.

Combine with Other Analysis: For best results, combine the Elephant Bars with other technical analysis tools and indicators to confirm potential trade setups and enhance your trading strategy.