This script is designed to perform candle analysis:
- Data Retrieval: The script retrieves the open, close, high, and low prices of candles for the financial instrument it is running on.
- Candle Categorization: It categorizes each candle as bullish, bearish, or neutral based on the relationship between its closing and opening prices.
- Amplitude Calculation: It calculates the amplitude of each candle (difference between high and low) and computes the average amplitudes for bullish and bearish candles.
- Identification of Significant Candles: It identifies the 5 most significant candles (highest amplitude) for both bullish and bearish candles.
- Report Generation: It creates a report that includes the number of bullish, bearish, and neutral candles, as well as the average amplitudes and most significant candles.
- Chart Comment: It displays the generated report as a comment on the chart of the financial instrument, allowing the user to easily visualize the analysis conducted.
In summary, the script helps traders understand the distribution and range of candles in a specific period, which can be useful for making informed trading decisions such as determining the Take Profit or Stop Loss levels based on the timeframe or specific symbol.
