Hi everyone!, this Script is the first in my series of candlesticks indicators. Currently it supports only a few, but it´s quite strict about them, contrary to most scripts I do thorough calculations to avoid false signals, if you would like to soften the indicators so it generates more signals feel free to ask.
It uses the same interface for showing as the Candlestick Scanner by Nicolas, but use different formulas.
I encourage everyone to comment what indicators they would like to add (with proper reference so I can actually add them) or to correct improper behavior in the indicator. This way I will be able to perfect the indicator and make it more useful to everyone.
If anyone reads the pine code and wonders why I compare to the average true range frequently the answer is quite simple, it's done to make the algorithm work in ANY symbol, so concepts like long bars or "visible" gaps can actually be coded.
If anyone needs to hide the 0.0000 values of the script it needs to go to the properties of the chart, then background and then uncheck indicator values.
Release Notes
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Small change so it shows 0 0 0 0 instead of 0.0000 0.0000 0.0000 for those who don´t want to hide it.
Release Notes
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Added 14 more patterns.
Release Notes
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This is one BIG update, I restructured the whole script to make it easier for people to modify to their tastes, making almost all patterns use calculations easy to modify for everyone, so that you can use your own formulas for calculating trends, peak or candle size and the algorithm will detect the patterns using your values.
-Added about 10 more bullish indicators. -Added values about the effectiveness of each pattern in the comments related to each in the code, for those not familiar with certain patterns. -Removed Dojis altogether to reduce clutter and changed patterns with less than 60% to black color (not all have been modified yet).
Working on: -The rest of indicators (104 is the total according to bibliography) -Reduce overlapping (this one is quite complicated and WILL take time) -Pattern priority when they overlap. -Adding offset to patterns like abandoned baby or evening star so they show on the mid bar.
Impossible to solve: -Removing the 0 0 0 0 0 0, etc... indicator values in the chart since all plot functions receive CONSTANT string as parameters, meaning I need to use a different plot function for each pattern, which leads to all those 0 0 0 0, etc... the only solution is to hide them directly in the chart. (I'm sorry) -Adding all 104 to one single indicator. I've read that the max plots is 64, so I'm planning on releasing the final version split in two, one for bullish signals and another for bearish signals. You could remove 40 redundant or ineffective patterns to make them fit in only one indicator if you choose to.
That's it. Comment or PM me anything that you feel I'm missing and I will try to add it.
Hello, on lines 24 and 25, the alculation formula is the same for SSizeTop and NSizeBottom.
Is it normal ?
Same on lines 26 and 27 for NSizeTop and LSizeBottom
EilderJorgeGarcia
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@nicolas2603, Yes, because those are the ranges, basically if we were to convert into cm, a short candle range would be 3 to 10 cm, a normal candle would be 10 to 40, and a big candle would be 40 to 100, for example. That's why you see that the top of the range for a small candle is the same as the minimum of the range for a large candle.
carrot_juice2
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Love the indicator. Can you explain the precision setting?
ABG1968
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i just have to say THANK YOU, much appreciated.
itempest
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Amazing work, even more with opensource. Thank you!
financewarrior
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Appreciate your work on the candlestick identification. Its works well and am just starting out usimg it. Will offer some feedback later on. Thanks again.
DealerBTC
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I'm trying to use this for BTC. Are you in Discord?
EilderJorgeGarcia
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To anyone who reads this... I would pretty much like feedback as I've done pretty much all the calculation based on what I've read and on my own testing, but I could be wrong on a few magic numbers. I also tried to keep the indicator clean of redundant indicators (like harami saying it's a doji, for example). If you have any ideas to improve this indicator, please do tell me.
A note of interest... while the indicator works on ANY symbol, due to how candlestick analysis works (with gaps) it performs a LOT better in stocks. Cheers to everyone.
Is it normal ?
Same on lines 26 and 27 for NSizeTop and LSizeBottom