4 Candle Analysis — Indicator by rmunoz

This script looks at 4 candles at a time.

If the first 3 candles in the pattern are BEARISH and the 4th candle BULLISH engulfs the 3rd candle then a GREEN triangle UP will display BELOW the 4th candle

If the first 3 candles in the pattern are BULLISH and the 4th candle BEARISH engulfs the 3rd candle then a RED triangle DOWN will display ABOVE the 4th candle

Release Notes:

Code cleanup

Release Notes:

Removed the 5th candle logic - did not work anyway

Release Notes:

Updating logic so that the third candle close can equal third candle open (Doji pattern)

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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