This custom Pine Script indicator is specifically designed for XAUUSD (Gold) price action analysis. It identifies and visually marks candles with a body size of 20 pips or more, which can be important for traders focusing on strong momentum or significant price movement.
Key Features: Dynamic Detection:
The script dynamically identifies candles whose body size exceeds 20 pips. Calculations are based on XAUUSD's pip size of 0.1. Visual Markers:
Candles meeting the 20-pip threshold are labeled with a green marker above the candle for quick identification. Background Highlighting:
The candles meeting the condition are also visually highlighted with a transparent green background, making them easier to spot on the chart. Debugging Tools:
The indicator plots: A blue line showing the size of the candle bodies over time for better visibility. A red dotted horizontal line showing the 20-pip threshold for quick reference. Ideal Use Case: This indicator is particularly useful for:
Traders focusing on momentum-based strategies. Spotting candles with significant price movement. Assessing market volatility during key trading hours or events. By visually spotting these candles, traders can identify entry and exit opportunities, support/resistance breakouts, or potential reversals.
Inputs & Customization: Currently, the indicator is set for XAUUSD's standard pip value (0.1) but can be adjusted if you plan to use it on other symbols. You can fine-tune the 20 pips threshold or other parameters to align with your trading strategy.
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