HPotter

Piercing Line automatic finding script

Hi
Let me introduce my Piercing Line automatic finding script.
This is a bullish reversal pattern formed by two candlesticks. Following a downtrend,
an up candlestick with a long real body is followed by a lower open on the next
candlestick. This session finishes as an up candlestick and closes above the midpoint
of the prior candlestick's real body. It is the reverse of the Dark Cloud.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 10/04/2014
//    This is a bullish reversal pattern formed by two candlesticks. Following a downtrend, 
//    an up candlestick with a long real body is followed by a lower open on the next 
//    candlestick. This session finishes as an up candlestick and closes above the midpoint 
//    of the prior candlestick's real body. It is the reverse of the Dark Cloud.
////////////////////////////////////////////////////////////

study(title = "Piercing Line", overlay = true)
upper = highest(10)[1]
barcolor(close[1] < open[1] ?  open < low[1] ? close > close[1] + ((open[1] - close[1])/2) ? close < open[1] ? yellow :na :na  : na : na)