FreeIndicators·ThinkorSwim
Candle Counter
Counts consecutive candles for exhaustion reads.
How to install in ThinkorSwim
- In ThinkorSwim, open a chart, then go to Studies → Edit Studies.
- Click Create, clear the editor, and paste the code.
- Name it, click Apply, then OK, and it draws on your chart.
How to Use — WeTradePro Candle Counter
Counts consecutive green/red candles and flags when a long streak finally flips — a simple exhaustion read. Educational, not advice.
What it is (one line)
A streak counter: it tracks how many candles in a row have closed green or red, labels the current run, and prints a bubble when a long run (≥ minStreak) flips color.
Who it's for & best timeframe
| Trader type | How you use it | Best timeframe | Recommended setting |
|---|---|---|---|
| Day trader | Spot intraday exhaustion after 4–6 same-color bars | 1-min – 5-min | minStreak 4 |
| Swing trader | Best fit — long daily streaks mark over-extension and likely pauses | Daily | minStreak 5 |
| Position trader | Rare weekly streaks (6+ green weeks) flag stretched conditions | Weekly | minStreak 4 |
Best overall: Daily, `minStreak 5`. Five-plus same-color days is statistically stretched on most liquid names.
What you see (overlay on price)
- Bubble: prints on the bar that ends a streak of
minStreak+ — e.g. "6 green" above a green run that just flipped red. - Labels:
- Current streak — color + count (or "doji").
- Longest up — the longest green run seen on the chart.
- Longest down — the longest red run seen.
How to trade it (the core play)
- Use it as a context filter, not a standalone signal. A long streak says "stretched," not "reverse now."
- After a long green run flips red (bubble prints), tighten stops on longs or look for a mean-reversion short *with* another signal (e.g. RSI band, VScore).
- After a long red run flips green, look for a bounce — pair with support or a demand level.
- Compare to the "longest" labels — a streak approaching the chart's record is unusually stretched.
Settings (inputs)
minStreak(4) — minimum run length before a flip prints a bubble. Higher = only the rarest, most stretched runs.showBubbles(yes) — toggle the flip bubbles.
Best on
- Any liquid instrument. Most useful on names with clean candle bodies (avoid ultra-choppy, doji-heavy symbols).
Common mistakes
- Trading the streak alone — "5 green so it must drop" is a coin flip without confluence.
- Ignoring trend strength — strong trends produce long streaks that keep going; combine with a reversion tool.
- Forgetting dojis reset the count — a flat bar breaks the streak; that's intentional.
- Setting `minStreak` too low — bubbles everywhere, no edge.
Video script outline (for your WeTradePro tutorial)
- Hook: "Six green days in a row. Now what?"
- Show the streak label counting up.
- The flip bubble = the run ended.
- Why this is a *context* tool, not a trigger.
- Pairing it with RSI/VScore for a real reversion entry.
- Reading the "longest run" labels for relative stretch.
- Recap + "import link in description."
Educational analysis, not financial advice.
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