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Pro Trading Art - Candlestick Patterns with alertAll candlestick pattern based on "Japanese candlestick charting techniques". Currently Supported List of Candlestick Patterns : Hammer Hanging Man Inverted Hammer Shooting Star Morning Star Evening Star Bullish Engulfing Bearish Engulfing Important Points: 1. You can create alert for all patterns. 2. You can modify multiplier(Length Of Shadow) for Hammer, Hanging Man, Inverted Hammer and Shooting Star 3. You can modify EMA length for upward and downward validation of any pattern.
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protradingart tarafından
5
Price action: candlestick trend painter This script paints bars in different colors based on whether they are trending up or down. It shows you if a candle is bearish or bullish based on the high and low of the previous candle. Bull candles form higher highs (HH) and higher lows (HL) from the previous candle and are painted green. Bear candles form lower highs (LH) and lower lows (LL) from the previous candle and are painted red. Disclaimer Copyright by Drbondsbody. The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. My scripts/indicators/ideas are only for educational purposes!
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Drbondsbody tarafından
1
Engulfing Candles (Bullish and Bearish) + Trend | by Octopu$⛳ Engulfing Candles (Bullish and Bearish ) with Trend Recognition | by Octopu$ This Indicator identifies and plots Engulfing Candlestick Patterns. Engulfing Candles are a combination of two bars on a price chart. They are used to indicate/anticipate a market reversal. The second candlestick must be bigger than the first, so it 'engulfs' the previous bar. This indicator identifies both Price Movements: Bullish stands for Upside Bearish stands for Downside These are NOT entry/exit signals to buy or sell securities* (*The combination of your understanding and analysis as well as other Indicators and Factors as Confluence, you can improve your Charting Analysis.) www.tradingview.com SPY ANY Ticker. ANY Timeframe. ( SPY 5m as an example only.) Features: • Engulfing Candles • Bullish Setups • Bearish Setups • Symbol Signals Options: • Color Picker • Symbol Selector • Toggle On/Off • Show name • Trend Direction Notes: v1.0 Indicator release. Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned! Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you. - Octopu$ 🐙
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IamtheOctopuS tarafından
2
Buying & Selling PressureBuying and selling pressure is a volatility indicator which denotes the balance between buyers and sellers inside candlestick. You set the length to average it just like ATR. But This offers further break down of participants of the market. Pretty much at any condition of the market the indicator can filter out interesting details to make trading decisions faster or confirm them. So keep it simple we have two lines 🟢 Green → buying pressure 🔴 Red → selling pressure If green is rising → Price most likely will grow If green is rising and red is falling → Price will grow at higher probability If red is rising → Price most likely will fall If red is rising and green is falling → Price will fall at higher probability When they both grow or fall → wait till one of them goes opposite way. ╳ Crossings can indicate turning points for bigger price swings. Technically by very act of intersecting means that Buying and Selling Pressure are equal. Can be used for Demand/Supply analysis and evaluate the support/resistance levels.
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fract tarafından
33
Confined Range Candle FinderThis indicator finds candlesticks which are confined within the range of a previous candlestick. This indicates volatility contraction which often leads to volatility expansion, i.e. large price movements. While every confined range will contain at least 1 inside bar, this indicator differs from the Inside Bar Finder which only finds consecutive inside bars. This indicator includes options such as: - The minimum number of candlesticks confined within the range of a previous candlestick to trigger the indicator - Labels to indicate the number of confined candles - Signal lines to indicate the high and low of the containing candlestick Try out this indicator with different options on different timeframes to see if confined ranges increase the probability of identifying the direction of price movements. Breaks or closes outside signal lines can be used to trigger trade signals.
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SkyHighTA tarafından
9
Price Line Extended to the Right with Price Label | by Octopu$🔖 Price Line Extended to the Right with Price Label | by Octopu$ This is an Add-On customization tool for your Chart Price Level. Tired of having the TradingView's priceline all across the Chart? And not having the Option to turn it off/extend to right only? Worry you not. Got solutions for any problems you may have! As well as many arms. This Indicator provides an extended price line to the right only, Starting from the current candle, towards the price levels. Additionally, provides a quick price label for fast reference. You can turn on/off the line, As well as on/off the label. Colors change according to candle direction: Up/Down matching Green/Red. Please remember to turn OFF TradingView's price line. Otherwise it'll overlap. Price Line/Tag "replaces" that. Works in Any Time Frame. On Any Ticker. (Using ES 5m just as an example:) www.tradingview.com SPY Features: • Price Tag • Price Line • Extend to Right • Automatic color change Options: • Toggle On/Off Price Line • Toggle On/Off Price Tag Notes: v1.0 Indicator release Changes and updates can come in the future for additional functionalities or per requests. Did you like it? Boost it. Shoot a message! I'd appreciate if you dropped by to say thanks. - Octopu$ 🐙
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IamtheOctopuS tarafından
3
Minimalist Doji HighlighterThis minimalism focused indicator was designed specifically to highlight doji candles (gravestone, long-legged, and dragonfly) that generally signal indecision/neutrality within price structure to improve trading accessibility for the disabled/visually impaired, visual charting cues or pattern visibility, and educational/learning purposes. HOW TO USE IT: Highlight doji candles to improve visual cues on chart. Default size of 0.15-0.02 works best, yet can be modified thus ensuring flexibility of use and experimentation. Additionally, there is an option to add crosses above doji candles for additional visual cues; this feature is set to false by default to avoid cluttering charts. MARKET USAGE: All time frames and assets. MARKET CONDITIONS: All conditions.
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SensitiveSuit tarafından
4
FVG / Imbalance ZONES (@JP7FX)Fair Value Gaps / Imbalance are created when Price moves away in one direction at speed / impulsively. A gap is created between the first and third candle wick which creates the Imbalance / Fair Value Gap and is sometimes a potential area of where the market could return making the area a good place to look to trade from or to aim for. This Imbalance / Fair Value Gap indicator will change the color of the candles where these gaps have been created and also create a zone. Although the candle color will not change, the zone however will be removed when price has closed the Gap making it easier to look for the untouched Fair Value Gaps / Imbalance when opening the charts or changing between timeframes and allowing you to create your potential areas to trade from or areas to target. You can set alerts for when a FVG / Imbalance zones are created and also for when the zone gets mitigated by price. Hope you find it useful and happy safe trading :)
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jp7fx tarafından
49
MTFT Patterns Noob, TheStrat Suite (1of5)Multi Time Frame Tools Multi Time Frame Tools (MTFT) is a suite of scripts aimed to establish a standard timeframe-based color scheme. This can be utilized to overlay different timeframes calculations/values over a single timeframe. As one example, this would allow to observe the 5-month moving average, 5-week moving average, and 5-day moving average overlaid over each other. This would allow to study a chart, get accustomed to the color scheme and study all these at the same time much easier. All indicators calculated using the below specific timeframes as input, will always use the color scheme outlined below. This is to get you in habit of recognizing the different timeframes overlaid in top of each other. These can be personalized. Longer TF analysis. Yearly - Black Semi-Annual - Yellow Quarterly - White Monthly - Maroon Weekly - Royal Blue Daily - Lime Shorter TF analysis. 4 hour - Fuchsia 1 hour - Orange 30 min - Red 15 min - Brown 10 min - Purple 5 min - Lilac All color coordination is able to be modified in either the “Inputs” or “Style” section. If you need to make changes, make sure to select “Save as Default” on the bottom right of the settings menu. Recommended Chart Color Layout I played around with color coordination a lot. The final product was what worked best for me. I personally use the following chart settings to accent all available TF colors. -> Click on the settings wheel on your chart. -> Click on “Appearance”. Background - Solid -> On the top row pick the 6th color from the left. Vert Grid Lines and Horz Grid Lines -> On the top row pick the 7th color from the left. You may of course change these and the indicator line colors as you like. Adding indicator to Chart -> Open the TradingView “Indicators & Strategies” library, the icon has “ƒx”. -> All premium scripts will be located under “Invite-Only Scripts” -> Click indicator to add to your chart. MTFT TheStrat Suite (5 Scripts) Rob Smith is the creator of ‘TheStrat’ trading strategy. For ‘TheStrat’ I have put together a suite of 5 premium scripts that combined will offer people interested in learning ‘TheStrat’ a cleaner learning process. For 2 of the 5 scripts specifically, the MTFT approach of overlaying multiple longer timeframes(TF) over a shorter TF selected as a display cannot be utilized. The other 2 scripts will have full MTFT functionality and they are my personal favorite. I will be providing very basic info to utilize this script; it is up to you to dive deep into learning this strategy. I am not an expert with the tool or a financial advisor. As with all aspects of life, I recommend you research, learn, discern and practice extensively in order to become a master. *1. MTFT Patterns Pro/Noob 2. MTFT Full Time Frame Continuity Table 3. MTFT Last HML wOpen 4. MTFT Actionable Signal Targets 5. MTFT Reversal Lines MTFT Patterns Pro/Noob, TheStrat Suite (1of5) Features includes: 1.) Absolute Truth #. This setting will provide the candlesticks absolute truth # below the CS. 2.) Color bars based on Absolute Truth. This setting will color all inside candlesticks yellow, all Green Outside Candlesticks White and all Red Outside Candlesticks Fuchsia. Scenario 2 candlesticks are left as is and will color based on the color of the original candlestick. This setting is default enabled and needs to be disabled in the “Style” tab under the indicator settings wheel. I found this more practical in getting used to the 3 absolute truth scenarios. 3.) Reversals. This setting will mark when reversal patterns as discussed by Rob are posted. Noob version will also include the description of the reversal pattern, while the Pro version will only plot an ‘R’ without the text description. Note: There should never be back-to-back green Rs or red Rs. I found this issue a lot on many of the other ‘TheStrat’ scripts out there. TradingView development team note: The plotchar function does not allow dynamic text so this is the only reason on why there needs to be two separate versions of the script. ‘Pro’ is important for experienced users that already identify the patterns without the text and ‘Noob’ is important for beginner users that still need the text description of the pattern. 4. Continuations. This setting will mark when continuation patterns as discussed by Rob are posted. Noob version will also include the description of the continuation pattern, while the Pro version will only plot a ‘C’ without the text description. TradingView Admin note: The plotchar function does not allow dynamic text so this is the only reason why there needs to be two separate versions of the script. ‘Pro’ is important for experienced users that already identify the patterns without the text and ‘Noob’ is important for beginner users that still need the text description of the pattern. 5. Actionable Signals and Complex Actionable Signals (CAS). This has several objective parameters as defined by Rob’s course. ‘Complex Actionable Signals’ is a name I used when speaking of actionable signals that require a combination of 2 or more candlesticks. Actionable Signals. • All inside candlesticks(Absolute Truth #1) • Hammers • Shooting Stars Complex Actionable Signals. • (Absolute Truth Combo 1-3-1 )Inside Outside Inside • Outside -> Hammer • Outside -> Shooting Star • Inside -> Hammer • Inside -> Shooting Star • Momentum Inside • Momentum Hammer • Momentum Shooting Star • Hammer -> Shooting Star • Shooting Star -> Hammer 5a. Example CAS 1-3G-1. I am including only one example of several of the CAS that are included in this script. The star is utilized for all CAS, the color and location designate the direction that the CAS would have you act on. Note the “Entry” and “Target” line were added manually and are not part of the script. This is one successful setup; don’t get excited thinking this is how it always works. I will let you discover and learn for yourself that there is many failed setups and many setups that never trigger the actionable signal. This is where setting alerts is very handy. 6. Alerts. Press on the “Create Alert” Icon for TradingView. When the prompt opens select the preferred script either “TheStrat Pro” or “TheStrat Noob” under “Condition” and then under the sub-menu select any of the following scenarios. • C ▲/ ▼ = If the active CS shows a continuation up/down pattern, remember this CS is active and can still change direction and trigger a reversal in the other direction. • R ▲/▼ = If the active CS shows a reversal up/down pattern, remember this CS is active and can still change direction and trigger a continuation in the previous trend direction. • HM Trigger(Last High Cross) = Alert when the active CS breaks the high of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through the previous CS high. • SS Trigger(Last Low Cross) = Alert when the active CS breaks the low of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through the previous CS low. • Inside Trigger (Last High/Low Cross) = Alert when the active CS breaks the low or the high of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through either the previous CS low or the high. • Last CS Inside • Last CS H • Last CS S • Last CS Actionable Signal (inside, H or S) • Last CS Complex Actionable Signal • Last CS Any Actionable Signal
Pine Script® göstergesi
Multi_TF_Tools tarafından
3
MTFT Patterns Pro, TheStrat Suite (1of5)Multi Time Frame Tools Multi Time Frame Tools (MTFT) is a suite of scripts aimed to establish a standard timeframe-based color scheme. This can be utilized to overlay different timeframes calculations/values over a single timeframe. As one example, this would allow to observe the 5-month moving average, 5-week moving average, and 5-day moving average overlaid over each other. This would allow to study a chart, get accustomed to the color scheme and study all these at the same time much easier. All indicators calculated using the below specific timeframes as input, will always use the color scheme outlined below. This is to get you in habit of recognizing the different timeframes overlaid in top of each other. These can be personalized. Longer TF analysis. Yearly - Black Semi-Annual - Yellow Quarterly - White Monthly - Maroon Weekly - Royal Blue Daily - Lime Shorter TF analysis. 4 hour - Fuchsia 1 hour - Orange 30 min - Red 15 min - Brown 10 min - Purple 5 min - Lilac All color coordination is able to be modified in either the “Inputs” or “Style” section. If you need to make changes, make sure to select “Save as Default” on the bottom right of the settings menu. Recommended Chart Color Layout I played around with color coordination a lot. The final product was what worked best for me. I personally use the following chart settings to accent all available TF colors. -> Click on the settings wheel on your chart. -> Click on “Appearance”. Background - Solid -> On the top row pick the 6th color from the left. Vert Grid Lines and Horz Grid Lines -> On the top row pick the 7th color from the left. You may of course change these and the indicator line colors as you like. Adding indicator to Chart -> Open the TradingView “Indicators & Strategies” library, the icon has “ƒx”. -> All premium scripts will be located under “Invite-Only Scripts” -> Click indicator to add to your chart. MTFT TheStrat Suite (5 Scripts) Rob Smith is the creator of ‘TheStrat’ trading strategy. For ‘TheStrat’ I have put together a suite of 5 premium scripts that combined will offer people interested in learning ‘TheStrat’ a cleaner learning process. For 2 of the 5 scripts specifically, the MTFT approach of overlaying multiple longer timeframes(TF) over a shorter TF selected as a display cannot be utilized. The other 2 scripts will have full MTFT functionality and they are my personal favorite. I will be providing very basic info to utilize this script; it is up to you to dive deep into learning this strategy. I am not an expert with the tool or a financial advisor. As with all aspects of life, I recommend you research, learn, discern and practice extensively in order to become a master. *1. MTFT Patterns Pro/Noob 2. MTFT Full Time Frame Continuity Table 3. MTFT Last HML wOpen 4. MTFT Actionable Signal Targets 5. MTFT Reversal Lines MTFT Patterns Pro/Noob, TheStrat Suite (1of5) Features includes: 1.) Absolute Truth #. This setting will provide the candlesticks absolute truth # below the CS. 2.) Color bars based on Absolute Truth. This setting will color all inside candlesticks yellow, all Green Outside Candlesticks White and all Red Outside Candlesticks Fuchsia. Scenario 2 candlesticks are left as is and will color based on the color of the original candlestick. This setting is default enabled and needs to be disabled in the “Style” tab under the indicator settings wheel. I found this more practical in getting used to the 3 absolute truth scenarios. 3.) Reversals. This setting will mark when reversal patterns as discussed by Rob are posted. Noob version will also include the description of the reversal pattern, while the Pro version will only plot an ‘R’ without the text description. Note: There should never be back-to-back green Rs or red Rs. I found this issue a lot on many of the other ‘TheStrat’ scripts out there. TradingView development team note: The plotchar function does not allow dynamic text so this is the only reason on why there needs to be two separate versions of the script. ‘Pro’ is important for experienced users that already identify the patterns without the text and ‘Noob’ is important for beginner users that still need the text description of the pattern. 4. Continuations. This setting will mark when continuation patterns as discussed by Rob are posted. Noob version will also include the description of the continuation pattern, while the Pro version will only plot a ‘C’ without the text description. TradingView Admin note: The plotchar function does not allow dynamic text so this is the only reason why there needs to be two separate versions of the script. ‘Pro’ is important for experienced users that already identify the patterns without the text and ‘Noob’ is important for beginner users that still need the text description of the pattern. 5. Actionable Signals and Complex Actionable Signals (CAS). This has several objective parameters as defined by Rob’s course. ‘Complex Actionable Signals’ is a name I used when speaking of actionable signals that require a combination of 2 or more candlesticks. Actionable Signals. • All inside candlesticks(Absolute Truth #1) • Hammers • Shooting Stars Complex Actionable Signals. • (Absolute Truth Combo 1-3-1 )Inside Outside Inside • Outside -> Hammer • Outside -> Shooting Star • Inside -> Hammer • Inside -> Shooting Star • Momentum Inside • Momentum Hammer • Momentum Shooting Star • Hammer -> Shooting Star • Shooting Star -> Hammer 5a. Example CAS 1-3G-1. I am including only one example of several of the CAS that are included in this script. The star is utilized for all CAS, the color and location designate the direction that the CAS would have you act on. Note the “Entry” and “Target” line were added manually and are not part of the script. This is one successful setup; don’t get excited thinking this is how it always works. I will let you discover and learn for yourself that there is many failed setups and many setups that never trigger the actionable signal. This is where setting alerts is very handy. 6. Alerts. Press on the “Create Alert” Icon for TradingView. When the prompt opens select the preferred script either “TheStrat Pro” or “TheStrat Noob” under “Condition” and then under the sub-menu select any of the following scenarios. • C ▲/ ▼ = If the active CS shows a continuation up/down pattern, remember this CS is active and can still change direction and trigger a reversal in the other direction. • R ▲/▼ = If the active CS shows a reversal up/down pattern, remember this CS is active and can still change direction and trigger a continuation in the previous trend direction. • HM Trigger(Last High Cross) = Alert when the active CS breaks the high of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through the previous CS high. • SS Trigger(Last Low Cross) = Alert when the active CS breaks the low of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through the previous CS low. • Inside Trigger (Last High/Low Cross) = Alert when the active CS breaks the low or the high of the previous CS. As a new CS opens, it re-adjusts its values and is just constantly waiting for the active CS break through either the previous CS low or the high. • Last CS Inside • Last CS H • Last CS S • Last CS Actionable Signal (inside, H or S) • Last CS Complex Actionable Signal • Last CS Any Actionable Signal
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Multi_TF_Tools tarafından
1
Liquidity Engulfing Candles [upslidedown]Liquidity engulfing candles (LEC) are a variant of a common candlestick pattern: engulfing candles but with a couple extra conditions applied. These conditions expect highs/lows to be taken out in order to show a continuation or reversal signal. Filter 1: Stop Hunt Wick Filter This filter requires the candle to wick into the prior candles high or low ( bullish = wick below prior candle lows). This is the stop hunt. Filter 2: Close Filter This filter requires the candle to close above or below above the prior candle ( bullish = close above prior candle high). This is the confirmation. This idea was introduced to me by @attrk632. Thanks, mate!
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upslidedown tarafından
12
The $trat | by Octopu$1️⃣2️⃣3️⃣ The $trat | by Octopu$ The $trat: The Strat by Octopu$ Absolute Solution for The Strat Traders! The Strat is a Strategy created by Rob Smith's and is well known by being an innovative trading system. Continues to grow in popularity as more traders discover this method. It is a simplified way to understand Price Action. It is based on three principles: Types of candles, 1, 2, and 3. Other things to be known about The Strat are Actionable Signals and Time Frame Continuity. The $trat has it all. This Indicator includes Bar Types (1, 2 and 3) also known as Inside Bars, Twos (Up or Down) and Outside Bars. It is also well crafted with a built-in Time Frame Continuity (TFC) which shows Price Movement at a glimpse. On top of that, in the best of both worlds, also comes with information about the Bars Status for other TFs as well. It means that you can know how another TF of you preference is performing. Right there. Works in Any Time Frame. On Any Ticker. (Using SPY 5m just as an example:) www.tradingview.com SPY Features: • Candle Types (1, 2 and 3) IB, 2U & 2D and OB. • Time Frame Continuity (TFC) for Price Movement/Trend Check • Bar Status shortcut. So you can know Price Action/Direction fast. • Reversal indicators for Action-taking and Situational Awareness • Combos Labels. So nothing ever goes unnoticed. Options: • Absolutely fully Customizable: Colors, Sizes, Numbers. Everything. • On/Off Switches for most of the Information and Optionable Selections • Hammer/Shooter Indicator automatically inserted to Chart • Candle/Bars Coloring for ease of reading. • Highlight options for specific setups Notes: v1.0 $trat Indicator release Changes and updates can come in the future for additional functionalities or per requests. Did you like it? Boost it. Shoot a message! I'd appreciate if you dropped by to say thanks. - Octopu$ 🐙
Pine Script® göstergesi
IamtheOctopuS tarafından
8
Gap FinderThe Gap Finder Indicator will allow you to quickly identify gaps on the chart. Gaps in this indicator are defined as the "black space" between candles with the space being as small as $0.01. A gap up is one where the previous candle's high is lower than the current candle's low. A gap down is one where the previous candle's low is higher than the current candle's high. Features: Highlight Gap Area will show the price levels for the last found gap. Show Last Only - will show only the last gap to help declutter the chart. Basic guidelines for Gap trading: Wait 3-5 Periods to allow the momentum to settle Take trade on reversal candle with stop above recent high Exit for profit when the gap fills. This indicator will work for all timeframes using the definitions above so good for day traders, swing traders and any other style of trader using gaps in their strategy.
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karimka tarafından
Candle Info by MontyThis indicator was made to help my friend. This indicator basically calculates the MOVE in percentage and shows the OHLC of candle in a label. -> Panel Index: How much index you want the label to be. -> Show Candle OHLC: Shows Open High Low and Close of the candle in the panel/label -> % Calculation Mode: 1: Calculated by Candle Wick Low to Candle Wick High for Green candle and Vice Versa for Red Candle 2: Calculated by Open of a candle to the current price. -> Label Text Color: Used to change the color of the Label Text -> Label Background Color: Used to change the color of Label background Join the free Discord: discord.gg/chuffgang
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MontyTheGuy tarafından
Choppy Market EMA IdentificationThis indicator could be used to identify choppy Market Conditions based on the EMA. It is an EMA that could be configured to only show up, if the last 1..n candles are NOT crossing the EMA in any direction. I figured out that lower timeframes ( < 30 min) often the price bounces around the 200 EMA and gives lot of false signals using different strategies. So i decided to write a small indicator to avoid taking trades in those market conditions. The Indicator could be configured for the length of the EMA and how many crosses must be happened in the defined numbers of candles.
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Fraggl tarafından
2
Choppy Market EMA IdentificationThis indicator could be used to identify choppy Market Conditions based on the EMA. It is an EMA that could be configured to only show up, if the last 1..n candles are NOT crossing the EMA in any direction. I figured out that lower timeframes ( < 30 min) often the price bounces around the 200 EMA and gives lot of false signals using different strategies. So i decided to write a small indicator to avoid taking trades in those market conditions. The Indicator could be configured for the length of the EMA and how many crosses must be happened in the defined numbers of candles.
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Fraggl tarafından
Candlestick Channels [LuxAlgo]Candlestick Channels return channels whose extremities converge towards the price when a corresponding candlestick pattern is detected. This allows for us to obtain more reactive extremities in the presence of a cluster of candlestick patterns. The detected candlestick patterns are also highlighted with labels on your chart automatically. Settings Trend Length: Period of the stochastic oscillator used to determine trend sentiment; this sentiment is used to detect certain candlestick patterns. Convergence: Convergence percentage of the channel extremities used during the occurrence of a candlestick pattern. A lower value will return extremities converging more slowly toward the price. Smooth: Determines the degree of smoothness of the channel extremities. Patterns This category determines which patterns are detected by the indicator. Patterns toggled off will not be detected and won't affect the channels. Usage Candlesticks patterns are commonly used by traders to detect potential reversals or continuation periods in the price. It can be of interest to use them as core elements in the calculation of more classical indicators, this can allow us to filter out potential false signals returned by candlestick patterns by shifting the source of interpretation towards the channel extremities instead. In this indicator extremities converge towards the price when a corresponding pattern is detected. As such bullish patterns will make the upper extremity converge towards the price, facilitating a cross with price. Using a lower convergence percentage will require a greater number of patterns to make the extremity converge closer towards the price. Users can use the channel like most indicators returning extremities, with an uptrend being detected when price cross over the upper extremity and a downtrend being detected when price cross under the lower extremity. An approach solely making use of crosses between the price and the average line can be used but the user should expect further whipsaws signals. Users can eventually use the candlestick patterns as entries and use the extremities for confirmation. For example, users can follow a candlestick pattern return an indication in accordance with the detected trend by the channels. This approach would lead to the following of bullish patterns when they occur in an uptrend, that is when the price is above the average line (in orange). The same logic applies to bearish patterns. The chart above highlights the candlesticks patterns in accordance with a detected trend. Notes - Bullish/Bearish engulfing patterns are turned off by default due their more frequent appearance. - Candlestick patterns relying on gaps were not included, since they would be more uncommon in cryptocurrencies, thus leading to a disparity between the indicator performance on the cryptocurrency and stock market.
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LuxAlgo tarafından
26
Price Action CandlesThis simple script provides a visual aid for price action traders by coloring outside & inside candles, which in effect leaves the trader with 6 possible candle colors: -Regular bullish candle -Outside bullish candle -Inside bullish candle -Regular bearish candle -Outside bearish candle -Inside bearish candle These candlesticks may provide powerful signals when used in conjunction with key levels, market structure and chart patterns. Make sure to disable the regular candlesticks (body, borders and wicks) in the symbol tab inside the configuration menu! Hope it can help someone!
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FractalTrade_ tarafından
4