A custom TradingView script that calculates and displays the percentage of a candle's body relative to its total length, helping traders assess price movement strength.
Explore complementary indicator rolesHow it works
The Candle Body Percentage Indicator works by first calculating the absolute difference between the open and close prices to determine the candle's body length. It then measures the total candle length by finding the difference between the high and low prices of the candle.
Once these measurements are obtained, the indicator divides the body length by the full candle length and multiplies by 100 to generate a percentage. This percentage is then displayed as a label above each candle, providing traders with an immediate visual representation of the candle's relative body strength.
Why it may be useful
The Candle Body Percentage Indicator is crucial for traders because it provides a quick and intuitive way to assess the strength and conviction of price movements within a single candle. By quantifying the relationship between the candle's body and its total range, traders can gain insights into potential market sentiment and momentum.
This visualization helps traders quickly identify candles with significant price action, distinguishing between strong directional moves and indecisive or weak price movements. The percentage label offers an objective measure that can complement other technical analysis techniques.
When to explore it
The Candle Body Percentage Indicator is most effective during periods of active trading with clear price movements, such as during trending markets or when significant news events are driving market volatility. It works particularly well for short-term trading strategies that rely on quick assessment of price action.
Traders should use this indicator in conjunction with other technical analysis tools to confirm signals and validate potential trading decisions. It is especially useful for scalpers and day traders who need to make rapid assessments of price strength and market dynamics.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
