20 Pips Candle Finder for XAUUSD

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20 Pips Candle Finder for XAUUSD

This custom Pine Script indicator is specifically designed for XAUUSD (Gold) price action analysis. It identifies and visually marks candles with a body size of 20 pips or more, which can be important for traders focusing on strong momentum or significant price movement.

Key Features:
Dynamic Detection:

The script dynamically identifies candles whose body size exceeds 20 pips.
Calculations are based on XAUUSD's pip size of 0.1.
Visual Markers:

Candles meeting the 20-pip threshold are labeled with a green marker above the candle for quick identification.
Background Highlighting:

The candles meeting the condition are also visually highlighted with a transparent green background, making them easier to spot on the chart.
Debugging Tools:

The indicator plots:
A blue line showing the size of the candle bodies over time for better visibility.
A red dotted horizontal line showing the 20-pip threshold for quick reference.
Ideal Use Case:
This indicator is particularly useful for:

Traders focusing on momentum-based strategies.
Spotting candles with significant price movement.
Assessing market volatility during key trading hours or events.
By visually spotting these candles, traders can identify entry and exit opportunities, support/resistance breakouts, or potential reversals.

Inputs & Customization:
Currently, the indicator is set for XAUUSD's standard pip value (0.1) but can be adjusted if you plan to use it on other symbols. You can fine-tune the 20 pips threshold or other parameters to align with your trading strategy.