Control Candle Range [UkutaLabs]

25 Ogo

Control Candle Range

█ OVERVIEW

The Control Candle Range is a powerful trading tool that automatically identifies control candles in real time. The versatile ranges drawn by this indicator can be used in a variety of trading strategies because they can be used as ranges as well as areas of support and resistance.

The purpose of this script is to simplify the trading experience of users by automatically identifying and displaying Control Candle Ranges.


█ USAGE

A Control Candle is a candle that is followed by two consecutive inside candles. When this pattern is detected, this indicator will automatically identify it and draw a range in real time. This range will continue to extend as long as candles continue to close within the range of the Control Candle. It is important to note that a Control Candle is still valid if the price action exits its range as long as it closes within its range.

This script also supports higher time frame mapping, allowing you to draw Control Candle Ranges from higher timeframes onto lower timeframe charts. This is a powerful feature that allows users to see multiple timeframes worth of information at a glance on one single chart.

Each Control Candle Range will also be displayed with a label to allow users to understand at a glance which timeframe the range is being drawn from. These labels can be turned off in the settings.

The user also has the ability to adjust the color of each timeframe’s ranges.


█ SETTINGS

Configuration

• Show Labels: Determines whether or not identifying labels are displayed on ranges.
• Label Size: Determines the size of labels.
• Text Alignment: Determines where labels are drawn on ranges.
• Max Display: Determines the maximum number of ranges that can be drawn from each timeframe.

Current Timeframe

• Display (On/Off): Determines whether or not ranges from the current timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the current timeframe.

5 Minute (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the 5 minute timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the 5 minute timeframe.

15 Minute (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the 15 minute timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the 15 minute timeframe.

30 Minute (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the 30 minute timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the 30 minute timeframe.

60 Minute (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the 60 minute timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the 60 minute timeframe.

240 Minute (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the 240 minute timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the 240 minute timeframe.

Daily (Higher Timeframe)

• Display (On/Off): Determines whether or not ranges from the daily timeframe will be drawn on the chart.
• Color: Determines the color of ranges drawn from the daily timeframe.