This script will:
- Identify / variants of the Hikkake pattern.
- Allow the user to change the color scheme for the / variants.
- Allow the user to specify which Hikkake patterns will be recognized by this hunter (specifically, allowing which of the three candles after the pattern appears will confirm the pattern).
I took issue with how Hikkakes were confirmed in the original script and have reworked this to identify Hikkakes only by the candle that confirms them.
Added Features: Hikkakes will now appear unconfirmed and will change color from the unconfirmed color to either the selected bullish or bearish color given by the user, and an additional switch has been added (along with input color) to reveal Hikkakes that had not been confirmed.
(Note: Because of this script runs from left-to-right, if non-confirmed Hikkakes are revealed, then there is the potential for repainting of a portion of a confirmed Hikkake. Turning off the non-confirmed recognition will prevent partial repainting.)
User may now use the same diagnostic settings I had used to determine if the script was operating as intended. The first of three diagnostic settings included is a counter which keeps track of all of the different kinds of Hikkakes that have appeared (separated by ones confirmed on the first, second and third candles) as well as the total counts of non-confirmed (both bullish, bearish and total non-confirmed) and a total of all Hikkake patterns that have appeared. The second diagnostic setting will plot the global variables used in determining the structure of the patterns and if any of them actually trigger a recognizable Hikkake pattern (this was more aesthetic than anything but still serves an important purpose in determining that the logic is running the way I had intended). And the final diagnostic tool was one to show the value of certain booleans that are triggered whenever a confirmed pattern appears (this was for testing out alerts).
Labels have been added, as well as a floating point input that the user may adjust to move the labels closer or further away from the calculated price points these labels are generated at.
Alerts have also been added, two for unconfirmed patterns and two for confirmed patterns (bullish/bearish variants of alerts).
Additional comment polishing has been done, some typos fixed and notes have been added in a few areas.
Diagnostic section has been moved to a different part of the script (as well as all of the code associated with diagnostics). Small functionality change, turning on diagnostics no longer disables the labels by default, these will have to be turned off manually (recommended).
Additional Diagnostic settings have been added:
The ability to determine profit/loss after a specified number of candles, and statistical analysis can be done on the user-specified set of Hikkake pattern(s) P/L returns.
The user can specify which returns to conduct statistical analysis on by however many candlesticks were required to confirm the pattern, as well as a combination of all bullish confirmations, all bearish confirmations, and even non-confirmed pattern returns. The values returned include: min, max, median, mode, average, size of the set, standard deviation, and sum (may be unnecessary, but still provided regardless).
I recommend for those using the diagnostic tools to use the 'Data Window' provided by TradingView, as all plots have titles that correspond to the values they use.
Tool-tips have been updated, and additional code commenting has been added/polished.
The following are examples of the diagnostic tools provided in this script:
Alert Bool Testing:
Minor code refactoring to maintain consistency with other scripts I've been working on related to candlestick patterns.
No real functionality change.
Bug noted: issues with repainting when multiple unconfirmed patterns are near each other.
This should be the near final-version of this program, will look into repainting issues at another time. Suggestions welcomed.
Most changes do not affect how the script itself operates and are purely visual.
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.