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Concept: Definedge
Period: 10
Average period: 5
In the Shadow% indicator, two lines are plotted below the chart.
1 – The green line represents the shadow% line.
2 – The red line represents the average shadow percentage
Shadow% indicates the strength of shadows in candlestick patterns over a specified period.
Shadow% indicates an increase in volatility when it rises.
Whenever Shadow% falls, it indicates that there is a strong trend in place.
The Shadow% line indicates a strong uptrend when it falls or crosses below the Average line.
It indicates a strong downtrend when the Shadow% line falls below the Average line and the price trend is bearish.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.