Bull Bear Candles with Volume Profile

The Bull Bear Candles with Volume Profile indicator identifies market trends and momentum by combining multi-timeframe volume analysis with dual moving average crossovers to provide comprehensive visual signals.

Usage

The Usage section describes how the script can be used to identify trend shifts and volatility. Users can monitor the following elements:

• Candle Coloring: Candles turn green during bullish conditions, red during bearish conditions, and blue/gray during neutral or "chop" phases.
• Trend Cloud: The area between the two moving averages is filled with green (uptrend) or red (downtrend) to visualize the primary trend direction.
• Volume Table: A real-time dashboard displays raw Buy/Sell volume and their respective percentages. This helps confirm if price movement is backed by significant participation.
• Trade Signals:
  • Buy Label: Appears when the short-term MA is above the long-term MA and Buy Volume exceeds 50%.
  • Sell Label: Appears when the short-term MA is below the long-term MA and Buy Volume is below 50%.
  • Exit Crosses: Red crosses signal long exits during bearish crossovers or volume shifts; green crosses signal short exits during bullish crossovers or volume shifts.

Details

The script calculates buying and selling volume by analyzing the relationship between the close price and the candle's range (High-Low). This data is requested from a specific timeframe to ensure consistency. Simultaneously, the tool compares price data across two different "Lookback Periods" using a selectable Moving Average type. The "Very Bullish" or "Very Bearish" conditions are only triggered when both the trend (MA crossover) and the volume (Percentage > 50%) align, filtering out weak signals during consolidation.

Settings

Buy and Sell Volume calculations

• Source: Choose between standard "Close" price or "Heikin Ashi" for smoother trend identification.
• Timeframe: Sets the timeframe for the underlying price and volume data used in calculations.
• Colored Candles On: Toggles the market-condition-based candle coloring on the chart.
• Length of MA: Determines the period used for both moving averages.
• Moving Average Type: Selects the calculation method (SMA, EMA, WMA, RMA, VWMA, or HMA).
• Lookback Period Vol.1: Defines the timeframe for the primary (shorter) moving average.
• Lookback Period Vol.2: Defines the timeframe for the secondary (longer) moving average.

FAQ

How do I interpret the "Retracement" labels? A Bullish or Bearish Retracement label appears when the moving averages indicate a potential trend reversal, but the volume percentage still suggests the prior trend has some momentum.

What does the "Chop" condition mean? "Chop" indicates a neutral market where moving averages are flat and neither buying nor selling volume is dominant, suggesting a sideways range.

How can I access Bull Bear Candles with Volume Profile? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.