OPEN-SOURCE SCRIPT
AutoCandles
Updated
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.
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
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
Added 14 more patterns.Release Notes
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.
Release Notes
More or less 12 more patterns added.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 publication is governed by House rules. You can favorite it to use it on a chart.
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