3 questions please. what does thresholdmult do?
2nd what does lookbacklength do?
3rd Is there a way to scan for a candle say 5x the average candle size.
thank you, i appreciate it.
thresholdMult is the relative size of the candle you're looking for. The default setting is 3, so that would be 3x the size of the average candle... which brings us to:
LookbackLength, which is the period of time over which the candle sizes are averaged for comparison. I set a default at 10, so that the script will tell you, at default settings, whether the current candle is 3x larger (high to low) than the average of the proceeding 10 candles.
I modified the code above slightly from yesterday, as I thought that perhaps the most recent candle should NOT be included in the average.
I also threw in a plot so that a scan could be done.
Code:
TallCandles("threshold mult" = 5, "lookback length" = 30)
This returned 249 stocks this morning
The study, of course, must be named TallCandles for that to work. ;-)