Candle stretch & retract

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  • 10/24/2017 at 8:37 AM #50356 quote
    Mansoor
    Participant
    Average

    Let’s assume the price of a 10 minute candle is stretching and retracting between 100 & 120 as the following:

    Candle opening: Price = 100

     

    Minute 1: Price = 120

     

    Minute 2: Price = 120

     

    Minute 3: Price = 100

     

    Minute 4: Price = 120

     

    Minute 5: Price = 120

     

    Minute 6: Price = 120

     

    Minute 8: Price = 120

     

    Minute 9: Price = 120

     

    Candle Closing: Price = 100

    So the next candle opens at 100 but looking at the above data you know that there is a push for the price to go to 120. Is there an indicator to show this? Or does anyone have a code to capture this?

    10/24/2017 at 12:42 PM #50380 quote
    Nicolas
    Keymaster
    Master

    Candlestick’s High?

    Or do you mean, that 120 had been a major part of the 10 minutes candlestick?

    10/24/2017 at 1:40 PM #50388 quote
    Mansoor
    Participant
    Average

    Over the last 10 minutes the price has been 100 for 3 times and 120 for 7 times. So statistically it is more likely to move to 120 in the next candle. This is just my own observation not scientific. It happens a lot in short timeframes.

    10/24/2017 at 3:34 PM #50398 quote
    robertogozzi
    Moderator
    Master

    A very brute suggestion is to lower your TF to 1 minute, then compute the statistics in a do-it-yourself way.

    10/27/2017 at 12:25 PM #50708 quote
    Nicolas
    Keymaster
    Master

    I don’t see any other solution than the one Roberto told you.

    Each new tick in the current candle, all variables are reset, so you cannot know how many times a price were met between the High and Low..

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Candle stretch & retract


General Trading: Market Analysis & Manual Trading

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Mansoor @mansoor Participant
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This topic contains 4 replies,
has 3 voices, and was last updated by Nicolas
8 years, 3 months ago.

Topic Details
Forum: General Trading: Market Analysis & Manual Trading
Language: English
Started: 10/24/2017
Status: Active
Attachments: No files
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