Candle Setup

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🧠 This indicator is based on a strategy concept by Arshia from the LEEMEENAL group.

The SMA Shadow Strategy is a visual candlestick-based setup designed to identify potential reversal points by analyzing the relationship between the candle's shadows (wicks) and a Simple Moving Average (SMA).

📊 How It Works
This strategy focuses on candles with significant upper or lower shadows relative to their body size, suggesting potential rejection zones. The conditions are split between red (bearish) and green (bullish) candles:

🔴 Red Candle Setup:
The SMA line is inside or slightly above the upper shadow.

The upper shadow is significantly larger than the body (customizable ratio).

The lower shadow is smaller than the body.

These conditions hint at strong rejection from above, often signaling a potential short opportunity or resistance confirmation.

🟢 Green Candle Setup:
The SMA line is inside or slightly below the lower shadow.

The lower shadow is significantly larger than the body (customizable ratio).

The upper shadow is smaller than the body.

This setup suggests a price rejection from below, indicating a potential long opportunity or support confirmation.

⚙️ Customizable Conditions
Users can enable or disable each of the setup rules independently for both red and green candles:

Enable SMA shadow alignment.

Adjust the shadow-to-body ratio separately for red and green candles.

Toggle shadow logic (e.g., lower/upper shadows relative to body).

🛎 Alerts
Alerts are included for both red and green signal conditions, making it easier to integrate into automated workflows or notification systems.

If you found this indicator helpful, feel free to share or give credit to Arshia - LEEMEENAL Group. 🙏

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