taufan_ganas

Candlestick Trading (Malaysia Stock Market)

1. This indicator will indicate signals of bearish / bullish candlestick as below:
- 10 Bear Candles: Dark Cloud Cover, Bearish Kickers, Bearish Engulfing , Evening Star , Three Black Crows , Hanging Man , Shooting Star , Tweezer Top , Bearish Harami, Doji
- 10 Bull Candles: Piercing, Bullish Kickers, Bullish Engulfing , Morning Star , Three White Soldiers , Hammer , Inverted Hammer , Tweezer Bottom , Bearish Harami, Doji

2. In order for the Bear Candle signals to appear, these conditions should be met:
- Price must be above MA 1 (preset at SMA 20)
- Price must be above MA 2 (preset at SMA 50)
- Price must be above MA 3 (preset at SMA 200)
- In the range of specified trading days (preset at latest 10 days of trading)

3. For a strong bearish signal, a namely 'Potential Top' signal will appear on the top of the bearish candlestick signal. This 'Potential Top' signal will only appear under the condition of:
- Stochastic is at overbought area (preset at 75%)

4. In order for the Bull Candle signals to appear, these conditions should be met:
- Price must be in between MA 4 (preset at EMA 30) and MA 5 (preset at EMA 100)
- In the range of specified trading days (preset at latest 10 days of trading)

5. For a strong bullish signal, a namely 'Potential Bottom' signal will appear at the bottom of the bullish candlestick signal. This 'Potential Bottom' signal will only appear under the condition of:
- Stochastic is at oversold area (preset at 25%)

6. This indicator can help one to enter/exit a trade based on the bullish / bearish candlestick patterns that appear at the beginning/end of a trend, especially when the 'Potential Bottom/Top' appears with any of bullish / bearish candlestick signal.

7. However, this indicator is only designed for Malaysian Stocks Market as the script is based on the bids/pips calculation of the Malaysian Stocks Market. Nevertheless, I let the script open for everyone to modify it based on your own preference markets/instruments.

8. Hope you guys enjoy it. Thanks.
Release Notes: Script repair for Bullish Candle : Inverted Hammer
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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