OPEN-SOURCE SCRIPT
Indecision indicator
Indecision is calculated based on ratio of wicks-body to full candle.
Similarly price rejection is calculated based on ratio of upper wicks to candle and lower wicks to candle.
In both cases sum of stats from last N candels are used to get smoother output. Coloring of indecision candle is based on two bollinger bands with different standard deviations. It can be set in input settings.
Similarly price rejection is calculated based on ratio of upper wicks to candle and lower wicks to candle.
In both cases sum of stats from last N candels are used to get smoother output. Coloring of indecision candle is based on two bollinger bands with different standard deviations. It can be set in input settings.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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