Supply and Demand Candles for ThinkorSwim

BenTen

Administrative
Staff
VIP
Another approach toward looking for areas of when the price level is balance or imbalance.

Notes by the original developer:

This Script helps you identify the basing and explosive candles which can be used for Supply and Demand Analysis methodology
  • Blue Candle represents the Boring Candles ==> Demand and Supply is in balance
  • Black Candle (the one in ThinkorSwim is white) represents the Exciting Candles ==> imbalance between Demand and Supply



thinkScript Code

Code:
# Supply and Demand Candles
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/KRlFYBWy-Demand-and-Supply-Candles-open/

input Sensitivity = 1.5;
def Candle_Range = high - low;
def Body_Range = AbsValue(close - open);
def Bar_Lookback = 100;
def Volatility = atr(Bar_Lookback);
def Strength = Volatility * Sensitivity;
def Exciting = (Body_Range > Candle_Range* 0.6) and (Candle_Range >= Strength);
def Boring = Body_Range <= Candle_Range * 0.5;
assignPriceColor(if Exciting then Color.WHITE else if Boring then Color.Blue else Color.Current);
 
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