Casper 5min candle v0.6

לפני 9 שעות

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Description
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This is an indicator showing trade ideas and alerts based on
5minute Candle breakout strategy according to youtube.com/@caspersmc

BASIC FUNCTIONS
- it draws 5 min Range (default 9:30 NY time at Stock market open)
- detects breakout of range with fvg_tap_wait
- wait for tapping FVG
- waits for entry confirmation
- it has sets of alerts (FVG creation, FVG tapping and Entry confirmation)

לפני 8 שעות

הערות שחרור

removed link to youtube

לפני 8 שעות

הערות שחרור

------------ Overview ------------

This indicator provides a complete framework for analyzing intraday breakout conditions, detecting fair value gaps (FVGs), identifying mitigation events, and evaluating confirmation signals based on price displacement and engulfing logic. The script is designed for traders who want to visualize price imbalances, breakout structure, and systematic confirmation criteria on lower timeframes.

The tool automatically draws an opening range based on a configurable number of bars after session start, detects when price breaks this range, monitors bar-to-bar imbalances that create potential FVGs, and tracks whether those imbalances are later mitigated. After mitigation, the script evaluates confirmation signals using objective price-action rules and can optionally visualize hypothetical trade structures using risk-to-reward projections.

------------ Key Concepts and Components ------------
1. Intraday Range Construction
The script builds an opening range using a user-defined number of bars after a chosen session start time.
This helps identify the first consolidation phase of the day, which is commonly monitored for breakout continuation or reversal conditions.

2. Breakout Detection
Once the range is formed, the indicator detects bullish or bearish breakouts based on candle closes beyond the high or low of the defined range. Breakouts can provide the contextual trigger for identifying potential inefficiencies and directional bias.

3. Fair Value Gap (FVG) Identification
The script identifies 3-bar imbalances where a displacement creates a price gap between:

• the low of a candle and the high of the candle two bars earlier (bullish), or
  
• the high of a candle and the low of the candle two bars earlier (bearish).
  

These zones are drawn as boxes and automatically extended for a configurable number of bars.
This allows traders to visually monitor where price may return to fill inefficiencies.

4. FVG Mitigation (“Tap”)
After an FVG forms, the indicator monitors whether price later re-tests the imbalance.
This “tap” is considered a mitigation event, and the script marks it directly on the chart and begins monitoring for a confirmation setup.

5. Confirmation Logic (Engulfing + Displacement)
Once an FVG has been mitigated, the script evaluates confirmation based on two methods:

Engulfing confirmation:
A candle’s body exceeds the range of the previous opposite-direction candle using a configurable margin filter.

Displacement confirmation:
A candle closes beyond the high/low of the most significant previous opposite candle, validating directional strength.

These rules help filter out weak taps and highlight candles that provide stronger evidence of continuation.

6. Time-Bound Confirmation Window
Users can set how many bars after mitigation the script should wait for confirmation.
If confirmation does not occur within the specified window, the setup is invalidated automatically.

7. Trade Visualization (Optional)
When confirmation appears, the script can draw simplified position boxes representing:

• the entry point (current candle close)
  
• a risk level derived from the swing high/low formed during the waiting period
  
• a target price based on a customizable risk-reward ratio
  

This feature is purely visual and is not a trading strategy.
It is designed to illustrate possible setups for educational and analytical purposes.

------------ How to Use the Indicator ------------
Apply the indicator on the 1minute timeframe.
Configure:

• session time
  
• opening-range size
  
• FVG extension length
  
• confirmation window
  
• risk-reward visualization options
  

Observe:

• the generated range
  
• breakouts from that range
  
• automatically drawn FVGs
  
• taps into those imbalances
  
• confirmation markers
  

Use the visual cues to evaluate structure, market imbalance behavior, and potential continuation zones.

This indicator does not generate buy or sell signals, nor does it guarantee performance.
It is intended as a visual analytical tool for discretionary or systematic traders studying intraday price behavior.

------------ Originality ------------
This script integrates several concepts into a single cohesive tool:
time-based opening-range construction
systematic FVG detection
automated FVG mitigation tracking
structured multi-rule confirmation logic
visualized risk-reward projection tools

The combination of these components is not found in built-in or standard library indicators.
The implementation, logic structure, multi-stage confirmation tracking, and modular FVG handling are unique to this publication.

------------ Limitations ------------

This is an indicator, not a strategy; it does not execute trades or evaluate historical performance.
Some events occur intra-bar, so results may differ depending on the chart resolution.
No future data is accessed; the indicator does not repaint beyond standard behavior of real-time bar updates.
All decision-making and trade execution remain the user’s responsibility.

------------ Final Notes ------------

This tool is designed for traders who want a structured, transparent, and fully visual approach to analyzing intraday breakout structure and price imbalances.
It allows traders to study market behavior in detail without relying on opaque signals or unverified logic.

For best results, use with clean charts and focus on understanding how price interacts with imbalances, ranges, and displacement candles.