There are more green tops and bottoms to the left there also.
ChrisMoody
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Nice Find...it's amazing how a simple little visual based indicator can help you discover market tendencies...
And also a great idea....I will make the ROY G BIV the default settings in the next release.
ChartArt
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With Bitcoin it's more like
Green = Sunday
Bright Green = Monday
Light Blue = Monday
Medium Blue = Tuesday
Dark Blue = Wednesday
Yellow = Thursday
Orange = Friday
Red = Saturday
ChartArt
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Really interesting finding. Because just a week ago I stumbled upon the rumor that market changes happen on Tuesdays.
timwest
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That's the old maxim - "turnaround Tuesday" has been the maxim for decades. But then again, the "General Motors Indicator was too". The old saying that "Whatever is good for GM is good for the market" worked for a long time. Oh well, it's just a saying. Time's change - Always.
ChrisMoody
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Tim, Your correct...That's why I always use Hollow Candles. I posted chart with Solid candles to not create confusion.
The chart below has Friday, Monday, & Wednesday Highlighted. You can see example of Friday with a Close Up Day and a Close Down Day as noted on the chart.
The benefit of this study Is it's easy to see if certain days have certain tendencies. Without going in to statistics you can see Mondays have a slight tendency to close down...especially unless Friday or Thursday was a BIG down day. There a good finds like this on Gold...etc.
Now Look at the Gray Bars/Candles. This is Wednesday. I think 11 out of 13 days were down...and some down a lot. Is there a Price pattern to confirm? That is what this study is useful for.
ChartArt
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Excellent idea. Thank you.
"Works on All Instruments.
Stocks, Forex, Futures, Bitcoin."
Well, Bitcoin is being traded on Saturdays and Sundays, too. I guess I will try to update your script to include those two days as well.