Candle Meter
SETTING MANUAL
1/ What is the Candle Meter indicator?
Introduction:
The "Candle Meter for Tradingview" is a tool that helps traders gauge market momentum by analyzing the strength of each candlestick in real-time.
It gives clear insights into market trends and momentum shifts with a high degree of precision and minimal delay.
Benefits:
- Real-Time Candle Strength Analysis: The Candle Meter indicator excels in providing real-time analysis of the strength of current candles. This feature helps traders understand whether bulls or bears are dominating the market.
- Histogram and Advanced Moving Averages: Accompanying the candle strength meter is a histogram that visualizes the change in candle strength over time. The inclusion of two advanced moving averages based on candle strength allows traders to swiftly identify emerging trends.
- Enhanced Trend Detection: By minimizing lag, the Candle Meter indicator assists in identifying new market trends quicker than traditional indicators, which is crucial to capitalize on early trend formations.
- Versatile Trading Applications: Whether for intraday trading, trend following, or identifying pullbacks, the Candle Meter for Tradingview is adaptable across various trading strategies and timeframes.
- Customizable Alerts for Timely Trading: Traders can stay updated with real-time alerts including pop-up, sound, email, and push notifications, ensuring they never miss critical trading opportunities. The alerts are fully customizable to suit individual trading preferences and styles.
2.1/ Indicator Setting - Candle Meter Main
Please note that there are 2 parts to this product: Candle Meter Main and Candle Meter Panel. Please add them both from your Invite-only scripts.
Fast Period: Set the period for quick-moving market trends.
Slow Period: Set the period for slower, more long-term market trends.
Display Only Values Above: Specify a threshold to display only values above this point.
Show Opposite Values: Toggle to display values in the opposite direction of the current trend.
STYLING:
Bullish Color: Choose a color for rising market trends.
Bearish Color: Choose a color for falling market trends.
Neutral Color: Choose a color for when the market shows no strong trend.
Show Table: Turn on to display a data table on the chart.
Table Background Color: Customize the background color of the table.
Label Text Size: Set the size of the text within the table.
Table Size: Set the overall size of the table on the chart.
Show Signal Arrow: Enable arrows to indicate market direction.
Up Signal Color: Choose a color for upward trend arrows.
Down Signal Color: Choose a color for downward trend arrows.
2.2/ Indicator Setting - Candle Meter Signal
Please note that there are 2 parts to this product: Candle Meter Main and Candle Meter Panel. Please add them both from your Invite-only scripts.
Fast Period: Adjust the period for the fast-moving component of the analysis.
Slow Period: Set the period for the slower-moving aspect, capturing longer trends.
STYLING:
Up Histogram Color: Choose the color for the histogram bars indicating upward movement.
Down Histogram Color: Select the color for histogram bars showing downward movement.
Line 1 Color: Customize the color of the first line in the indicator.
Line 2 Color: Set the color for the second line in the indicator.
Histogram Bar Width: Adjust the width of the bars in the histogram for better visibility.
Show Signal Arrow: Enable this to display arrows signaling the market direction.
Up Signal Color: Choose a color for arrows that indicate an upward trend.
Down Signal Color: Select a color for arrows pointing to a downward trend.
- How can I set up alerts?
To stay updated on potential trading opportunities, you can set up alerts within the Candle Meter Main.
Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.
Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.
Step 3: Select Candle Meter Main from the “Condition” dropdown list:
Step 4: A pop-up will appear as follows. You click on “Notifications”.
Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.
