OPEN-SOURCE SCRIPT
Candlestick Patterns detection and backtester [TrendX_]
INTRODUCTION:
The Candlestick Patterns detection and backtester [TrendX_] is designed to empower traders by identifying and analyzing candlestick patterns. Leveraging the robust Pine Script's add-in “All Candlestick Patterns”, this indicator meticulously scans the market for candlestick formations, offering insights into potential market movements. With its backtesting capabilities, we evaluate historical data to present traders with performance metrics such as win rates, net profit, and profit factors for each pattern. This allows traders to make informed decisions based on empirical evidence. The customizable settings, including trend filters and exit conditions, provide a tailored experience, adapting to various trading styles and strategies.
CREDIT:
This indicator is powered by the Pinescript add-in, *All Candlestick Patterns*, which provides a comprehensive library of candlestick formations.
TABLE USAGE:
The indicator features a detailed usage table that presents backtested results of all candlestick patterns. This includes:
CHART CANDLESTICK USAGE:
The indicator integrates candlestick pattern detections directly into the chart, displaying:
CHART SETTINGS:
Users can customize the indicator with a variety of trend filters and settings:
The Candlestick Patterns detection and backtester [TrendX_] is designed to empower traders by identifying and analyzing candlestick patterns. Leveraging the robust Pine Script's add-in “All Candlestick Patterns”, this indicator meticulously scans the market for candlestick formations, offering insights into potential market movements. With its backtesting capabilities, we evaluate historical data to present traders with performance metrics such as win rates, net profit, and profit factors for each pattern. This allows traders to make informed decisions based on empirical evidence. The customizable settings, including trend filters and exit conditions, provide a tailored experience, adapting to various trading styles and strategies.
CREDIT:
This indicator is powered by the Pinescript add-in, *All Candlestick Patterns*, which provides a comprehensive library of candlestick formations.
TABLE USAGE:
The indicator features a detailed usage table that presents backtested results of all candlestick patterns. This includes:
- Win Rates: The percentage of trades that resulted in a profit.
- Net Profit: The total profit after subtracting losses from gains.
- Profit Factor: A measure of the indicator’s profitability (gross profit / gross loss).
- Total Trades: The total number of trades taken for every candlestick pattern's appearance.
CHART CANDLESTICK USAGE:
The indicator integrates candlestick pattern detections directly into the chart, displaying:
- Pattern Detections: Each detected pattern is marked on the chart.
- Win Rates: The win rate of each pattern is shown in brackets next to the detection.
CHART SETTINGS:
Users can customize the indicator with a variety of trend filters and settings:
- Trend Filters: Apply filters based on SMA50, SMA200, Supertrend, and RSI threshold to refine pattern detections.
- Exit Condition: Set an exit condition based on the crossing of a simple moving average of customizable length.
- Visibility: Choose to show or hide the candlestick patterns’ detections on the chart.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.