Candlestick Patterns indicator V1
The indicator first considers the body percentages for candles and then checks the conditions for the formation of candlestick patterns.
This indicator detects the following patterns.
- Pinbar
- Morning & Evening Doji star
- Engulfing Pattern
- Tweezer Pattern
Let's talk about how the indicator detects these patterns.
Pinbar:
For Pinbar, the indicator takes the following inputs for body analysis.
- Body above or below %: Using this parameter, the indicator looks for pin bar formation in which the candle's body is at specifying distance form the high or low of the candles.
- Body Upper Limit: This specifies the maximum size for the body of pinbar relative to its total range.
- Body Lower Limit: This specifies the minimum size for the body of pinbar relative to its total range.
Engulfing Candle:
For Engulfing Candle, the indicator takes the following inputs for body analysis.- Body Percentage of Big Candle: This specifies the size of the body of a bigger candle or the latest candle
- Body Percentage of Small Candle: This specifies the size of the body for small candle that is being engulfed.
Tweezer Candle:
For Tweezer Candle, the indicator takes the following inputs for body analysis.- At what percentage should the second candle close: This specifies the close of the latest candle relative to the first candle
- Body Percentage of First Candle: This specifies the size of the body of first or former candle
- Body Percentage of Second Candle: This specifies the size of the body for the second or latest candle
Doji Star Candle:
For Doji Star Candle, the indicator takes the following inputs for body analysis.- Body Percentage of First Candle: This specifies the size of the body of the first candle
- Body Percentage of Second Candle: This specifies the size of the body of the Second or middle candle
- Body Percentage of Third Candle: This specifies the size of the body for the Third or latest candle
- At what percentage should the last candle close: This specifies the close of the latest candle relative to the first candle
Also, for each candlestick, there is an option to show or hide the label and change the colour of the labels
- Body Percentage of First Candle: This specifies the size of the body of the first candle
- At what percentage should the second candle close: This specifies the close of the latest candle relative to the first candle
- Body Percentage of Big Candle: This specifies the size of the body of a bigger candle or the latest candle
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact ForexBee directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact ForexBee directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.