Long White Candle
A Long White Candle is first off a White Candle which opens below the close.
O < C
A Long White Candle is also a Long Candle. The following formula checks for the body to be more than 50% longer than the mean body size over the most recent 15 candles. It can use C - O
instead of ABS(O - C)
at the beginning of the formula because we know O < C
.
C - O > 3 * AVG(ABS(O - C), 15) / 2
That is actually the final formula because if it is true, then O < C
also has to be true.