RCYC Bullish Bearish Indicator
Summary: The RCYC Bullish Bearish Indicator is a custom trading tool designed to help traders identify potential bullish and bearish conditions in the market using a combination of KDJ and RSI indicators. This indicator uses color-coded candles to visually represent bullish and bearish signals, making it easy to identify trend changes on the chart. The script is particularly useful for traders who prefer visual signals and want to incorporate both trend momentum (KDJ) and relative strength (RSI) in their analysis.
Description:
The RCYC Bullish Bearish Indicator is a unique mashup of the KDJ and RSI indicators, optimized to provide a clear visual representation of market conditions through color-coded candles. This indicator not only identifies the potential trend shifts but also provides alerts for significant crossover points, enhancing a trader's ability to make informed decisions.
How It Works:
KDJ Calculation:
The KDJ is a variation of the Stochastic Oscillator that includes the %J line, which can go beyond the typical 0-100 range of %K and %D.
The KDJ component of this indicator calculates the highest high and lowest low over a specified period (KDJ Length), using these values to derive the %K line.
The %D line is a smoothed version of %K, and the %J line is derived from %K and %D using the formula: J = 3 * %K - 2 * %D.
This indicator focuses on the behavior of the %J line in relation to a mid-point level (50), identifying crossovers and crossunders that signal potential shifts in market sentiment.
RSI Calculation:
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It is widely used to identify overbought or oversold conditions.
In this indicator, RSI values are adjusted and plotted to align visually with the KDJ values, providing a complementary momentum analysis.
Crossover Logic and Candle Coloring:
The indicator tracks two main events:
CrossOver50: When the %J line crosses above the 50 level, indicating potential bullish momentum.
CrossUnder50: When the %J line crosses below the 50 level, indicating potential bearish momentum.
Depending on the crossover events, the script changes the color of the candles on the chart:
Red candles on the initial crossover above 50, followed by dark blue candles to maintain bullish sentiment.
Yellow candles on the initial crossover below 50, followed by light blue candles to maintain bearish sentiment.
Alerts:
The indicator includes alert conditions for both bullish and bearish signals:
Red Candle Alert: Notifies the trader when the %J line crosses above 50.
Yellow Candle Alert: Notifies the trader when the %J line crosses below 50.
These alerts allow traders to react promptly to key market signals without continuously monitoring the chart.
Usage and Benefits:
This indicator is designed for traders looking to combine momentum and trend analysis into a single visual tool. It is particularly useful for those trading in trending markets or looking for entry/exit signals based on momentum shifts.
The color-coded candles provide an intuitive way to assess market conditions at a glance, reducing the complexity associated with analyzing multiple indicators separately.
By integrating both KDJ and RSI, the RCYC Bullish Bearish Indicator offers a balanced approach to trend detection and momentum confirmation, making it versatile for various trading styles, including scalping, swing trading, and position trading.
Originality and Usefulness:
While the indicator builds upon the familiar concepts of KDJ and RSI, it uniquely merges them into a cohesive visual tool with distinct crossover-based alerts and candle coloring.
This approach makes the indicator original, as it simplifies the interpretation of complex signals into straightforward visual cues, enhancing the decision-making process for traders who prefer chart-based analysis.
Candlesticksignals
First Candle High Low LevelsDescription
The "First Candle High Low Levels" Pine Script indicator is designed to highlight the high and low levels of the first candle of the day on your TradingView chart. It works across different timeframes and specifically handles the Indian stock market trading hours (9:15 AM to 3:30 PM IST). The script draws a box from the start to the end of the trading session, visually marking the price range defined by the first candle of the day. Traders can customize the box's border color, fill color, and line width.
Features
Customizable Timeframe: Users can select the desired timeframe for the first candle (e.g., 5-minute, 15-minute, etc.).
Custom Box Appearance: Options to adjust the border color, fill color, and line width of the drawn box.
Auto Reset for Each New Day: The high and low of the first candle are reset daily to mark the start of the next trading day.
Accurate Market Session Handling: The box is drawn from the start of the first candle to the end of the trading session (3:30 PM IST).
Usage
Adding to Chart: Apply the script by copying it into the Pine Script editor in TradingView. Once added, the script will automatically draw a box representing the high and low of the first candle of the day.
Select Timeframe: You can adjust the First Candle Timeframe input to define which timeframe candle will be used for marking the high and low. For example, if you choose a 5-minute timeframe, the high and low of the first 5-minute candle will be used.
Customization:
Adjust the Border Color and Box Fill Color through the input settings to match your chart's style.
Modify the Box Line Width to make the box lines more or less prominent.
Big Candle HighlighterBig Candle Highlighter
The Big Candle Highlighter indicator highlights significant candles based on their percentage difference between the open and close prices. This tool helps traders quickly identify candles with substantial price movements, which can be crucial for spotting key price action, potential reversals, or significant market events.
Key Features:
Percentage Threshold : Customize the minimum percentage difference from open to close required to mark a candle as "big."
Bullish and Bearish Markers : Bullish big candles are marked with a label below the bar in green, while bearish big candles are marked with a label above the bar in red.
Background Highlighting : Optionally highlight the background of big candles for better visual emphasis.
Inputs:
Percentage Threshold (% ): Set the percentage threshold to define what constitutes a "big" candle. For example, a threshold of 2.0 means that only candles with a 2% or more difference between open and close will be marked.
Color for Big Bullish Candle : Choose the color for labeling and highlighting bullish big candles.
Color for Big Bearish Candle : Choose the color for labeling and highlighting bearish big candles.
Usage :
This indicator is useful for traders looking to identify significant price movements and potential trading opportunities. By focusing on candles that show substantial changes from open to close, you can better understand market dynamics and make more informed trading decisions.
Add the Big Candle Marker to your charts to enhance your technical analysis and stay ahead of market trends.
Shadow Increase SignalThis indicator Calculates the average upper shadow of the previous 200 candles for issuing SELL signals.
And calculates the average lower shadow of the previous 200 candles for issuing BUY signals.
If the upper shadow of the new candle is %1000 greater than the average upper shadow of the previous 200 candles, a SELL signal is issued and a red arrow appears above the candle.
If the lower shadow of the new candle is %1000 greater than the average lower shadow of the previous 200 candles, a BUY signal is issued and a green arrow appears below the candle.
EngulfScanEngulf Scan
Introduction:
The Engulf Scan indicator helps users identify bullish and bearish engulfing candlestick patterns on their charts. These patterns are often used as signals for trend reversals and are important indicators for traders. Engulf Scan signals are generated when an engulfing pattern is swallowed by another candlestick of the opposite color.The signal of a candle engulfment formation is generated when the 1st candle is engulfed by the 2nd candle and the 2nd candle is engulfed by the 3rd candle.
Features:
Bullish Engulfing Pattern: Indicates the start of an upward trend and typically signals that the market is likely to move higher.
Bearish Engulfing Pattern: Indicates the start of a downward trend and typically signals that the market is likely to move lower.
Color Coding: Users can customize the background colors for bullish and bearish engulfing patterns.
Usage Guide:
Adding the Indicator: Add the "Engulf Scan" indicator to your TradingView chart.
Color Settings: Choose your preferred colors for bullish and bearish engulfing patterns from the indicator settings.
Pattern Detection: View the engulfing patterns on the chart with the specified colors and symbols. These patterns help identify potential trend reversal points.
Parameters and Settings:
Bullish Engulfing Color: Background color for the bullish engulfing pattern.( Green)
Bearish Engulfing Color: Background color for the bearish engulfing pattern. (Red)
Examples:
Bullish Engulfing Example: On the chart below, you can see bullish engulfing patterns highlighted with a green background. (Green)
Bearish Engulfing Example: On the chart below, you can see bearish engulfing patterns highlighted with a red background. (Red)
Frequently Asked Questions (FAQ):
How are engulfing patterns detected?
Engulfing patterns are formed when a candlestick completely engulfs the previous candlestick. For a bullish engulfing pattern, a bullish candlestick follows a bearish one. For a bearish engulfing pattern, a bearish candlestick follows a bullish one.
Which timeframes work best with this indicator?
Engulfing patterns are generally more reliable on daily and higher timeframes, but you can test the indicator on different timeframes to see if it fits your trading strategy.
Can I detect a reversal or trend?
As can be seen in the image, it sometimes appears as a return signal and sometimes as a harbinger of an ongoing trend.But it may be a mistake to use the indicator only for these purposes. However, this indicator may not be sufficient when used alone. It can be combined with different indicators from the Tradingview library.
Updates and Changelog:
v1.0: Initial release. Added detection and color coding for bullish and bearish engulfing patterns.
-Please feel free to write your valuable comments and opinions. I attach importance to your valuable opinions so that I can improve myself.
Candlestick Reversal and Trend Signals [AlgoAlpha]🚀 Unleash your charting capabilities with the Candlestick Reversal and Trend Signals indicator by AlgoAlpha, your go-to tool for spotting pivotal market movements! This script enhances your trading experience by identifying key candlestick patterns and trend changes, perfect for traders aiming for precision in their technical analysis.
🛠 Key Features:
- 🔄 Multi-Timeframe Analysis : Leverages a timeframe multiplier to analyze levels on higher timeframes, enhancing the depth and applicability of insights.
- 🧩 Diverse Pattern Detection : Capable of detecting a wide array of patterns including Bull/Bear Engulfings, Dojis, Haramis, Piercing Lines, Dark Cloud Covers, and Morning/Evening Stars, each contributing to a robust trading strategy.
- 🔍 Dynamic Trend Filters : Utilizes three exponential moving averages (EMAs) and volume filters to decisively confirm trend directions and strength, providing a clearer picture of market dynamics.
- ⚙️ Customizable Settings : Features adjustable settings for filter period, signal thresholds, and appearance, allowing for a tailored analysis experience to fit individual trading styles.
- 📉 Swing Levels Identification : Marks significant high and low swing points on the chart, highlighting potential pivot points and trend reversals for strategic trading decisions.
📈 Quick Guide to Using the Candlestick Reversal and Trend Signals Indicator
1. 🛠 Add the Indicator : Add the indicator to your favorites. Adjust the settings to match your analysis needs.
2. 📊 Analysis : Keep an eye out for the specific symbols plotted on your chart that indicate various candlestick patterns. Use these signals to enhance your market analysis.
3. 🔔 Set Alerts : Enable alerts for the patterns you are most interested in to get notified of potential trading opportunities without needing to monitor the charts constantly.
Embark on your enhanced trading journey with this powerful tool! 🚀✨ Happy trading!
🧐 How It Works:
The Candlestick Reversal and Trend Signals indicator operates by integrating several candlestick patterns and trend analysis features to assist in making informed trading decisions. Initially, it gathers user-defined settings like the period for filtering, signal thresholds, and the desired patterns to detect. It analyzes candlestick formations such as Bull/Bear Engulfings, Dojis, Haramis, and more, by comparing the current candlestick's attributes (such as body length and direction) with previous data to identify potential market reversals or confirmations. The indicator enhances its accuracy through additional filters like volume ratios and exponential moving averages (EMAs) that help validate the strength and direction of trends. By marking these patterns and trends visually on the chart, it provides clear signals that aid traders in identifying significant market movements efficiently. The script is then complemented with the 3 EMA indicator for trend detection and swing levels for added confluence.
Candlestick Trend Strength [AlgoAlpha]🚀🎉 Introducing the Candlestick Trend Strength by AlgoAlpha, a dynamic TradingView indicator designed to visually communicate the strength and direction of market trends right on your charts! 🕯️💪
Key Features:
🌈 Visual gauge for trend strength, color-coded for intuitive insights.
⏳ Customizable trend detection and normalization periods to match your trading strategy.
🎨 Flexible color settings for both uptrend (green) and downtrend (red).
🔔 Real-time alerts for trend reversals, helping you stay ahead of market moves.
How to Use:
🛠 Add the Indicator: Add the indicator to favorites and customize it to suit your needs.
🔍 Analyze the Trends: Monitor the color changes in the gauge and bar color to identify strengthening or weakening trends.
🔔 Set Alerts: Configure alerts to notify you of trend changes, allowing you to react swiftly to trading opportunities without constant monitoring.
Basic Logic Explained:
The "Candlestick Trend Strength" indicator calculates the trend strength score by analyzing the ratio of the candle's wick to its body, alongside the direction of the candle (up or down). It uses a normalization period to adjust the sum of the trend score into a scale from -1 to 1, which is then plotted as a color gradient gauge from red (downtrend) to green (uptrend) on the chart. This representation helps traders quickly assess whether a trend is gaining or losing strength, and it updates in real-time with each new bar, providing a highly responsive tool for technical analysis.
Embrace the power of visual trend analysis with the "Candlestick Trend Strength" by AlgoAlpha and transform your trading experience today! 🌟📈
Bullish Candlestick Patterns With Filters [TradeDots]The "Bullish Candlestick Patterns With Filters" is a trading indicator that identifies 6 core bullish candlestick patterns. This is further enhanced by applying channel indicator as filters, designed to further increase the accuracy of the recognized patterns.
6 CANDLESTICK PATTERNS
Hammer
Inverted Hammer
Bullish Engulfing
The Piercing Line
The Morning Star
The 3 White Soldiers
SIGNAL FILTERING
The indicator incorporates with 2 primary methodologies aimed at filtering out lower accuracy signals.
Firstly, it comes with a "Lowest period" parameter that examines whether the trough of the bullish candlestick configuration signifies the lowest point within a specified retrospective bar length. The longer the period, the higher the probability that the price will rebound.
Secondly, the channel indicators, the Keltner Channels or Bollinger Bands. This indicator examines whether the lowest point of the bullish candlestick pattern breaches the lower band, indicating an oversold signal. Users have the flexibility to modify the length and band multiplier, enabling them to custom-tune signal sensitivity.
Without Filtering:
With Filtering
RISK DISCLAIMER
Trading entails substantial risk, and most day traders incur losses. All content, tools, scripts, articles, and education provided by TradeDots serve purely informational and educational purposes. Past performances are not definitive predictors of future results.
Morning & Evening Star [TradingFinder] Stock Indices Gap Candle🔵 Introduction
In "technical analysis", there are certain reversal patterns that alert us to a potential reversal of a stock's previous trajectory.
Two significant patterns in this regard are the "Morning Star" pattern and the "Evening Star" pattern, which are formed by a combination of three different candlesticks and are considered as reversal patterns.
Here, we will examine how to identify these patterns and how to respond to them.
🟣 Morning Star Pattern
This pattern forms at the end of a downtrend and indicates the beginning of an uptrend.
The pattern consists of three candlesticks in the following order :
1.A large bearish candlestick
2.A candlestick with a short body
3.A bullish candlestick
With the formation of the morning star pattern, it is expected that the stock price will change direction and continue to rise. Therefore, in such situations, it is advisable to enter a long position and follow the uptrend.
Signs of the morning star pattern :
•The first sign of this pattern is the presence of a small-bodied candlestick at the end of the trend, accompanied by a gap from the previous candlestick (a bearish candlestick with a large body). Therefore, the bodies of the first and second candlesticks do not overlap.
•The second candlestick indicates market confusion and uncertainty. The color of the middle candlestick is not significant.
•The third candlestick must be positive and have a higher price than the previous candlestick (i.e., the small-bodied candlestick).
•The closing price of the third candlestick must be higher than half of the first candlestick.
🟣 Evening Star Pattern
This pattern forms at the end of an uptrend and indicates the beginning of a downtrend.
The pattern consists of three candlesticks in the following order :
1.A large bullish candlestick
2.A candlestick with a short body
3.A bearish candlestick
With the formation of the evening star pattern, it is expected that the stock price will change direction and continue to fall. Therefore, in such situations where this pattern is identified, it is advisable to refrain from entering a long position.
If the stock is traded in a two-way market, it is possible to profit by taking a short position after the formation of the evening star pattern.
Signs of the evening star pattern :
•The first sign of this pattern is the presence of a small-bodied candlestick at the end of the trend, accompanied by a gap from the previous candlestick (a bullish candlestick with a large body). Therefore, the bodies of the first and second candlesticks do not overlap.
•The second candlestick indicates market confusion and uncertainty. The color of the middle candlestick is not significant.
•The third candlestick must be negative and have a lower price than the previous candlestick (i.e., the small-bodied candlestick).
•The closing price of the third candlestick must be lower than half of the first candlestick.
🔵 How to Use
The "Filter" and "Market" features are available in the settings section, allowing you to customize the output of the indicator according to your needs.
With the "Filter" feature, you can filter the "Morning Star" and "Evening Star" patterns as "strong" or "weak." The difference between strong and weak patterns lies in their "Candle Body."
In strong patterns, the candle bodies account for more than 80% of the total candle range, while in weak patterns, the bodies comprise between 60% to 80% of the candle range.
If the "Filter" feature is set to "On," only strong patterns will be displayed. If it's set to "Off," all patterns will be displayed. By default, it's set to "Off."
The "Market" feature allows you to include "gaps" in your pattern identification calculations. You can choose between "Forex" and "Stock" modes. In the Forex pattern, calculations are performed without considering gaps since there are fewer gaps in the Forex market.
If gap calculations were to be part of the pattern identification conditions, only a very small number of patterns would be identified. However, in the "Stock" mode, gaps are considered as part of the identification conditions.
Three Inside [TradingFinder] 3 Inside Up & Down Chart Patterns🔵 Introduction
"3 inside up" and "3 inside down" denote a duo of candlestick reversal patterns, each comprising three individual candles, commonly observed on candlestick charts.
These patterns manifest as a sequence of three candles, signaling a potential loss of momentum in the current trend and a potential reversal in direction.
This pattern consists of 3 consecutive candles and can be either "bullish" or "bearish".
In the bullish pattern, known as "Inside Up," emerging at the conclusion of a downtrend, the final candle must exhibit bullish characteristics, while the third candle from the end must display bearish traits.
Conversely, in the bearish pattern, termed "Inside Down," occurring at the culmination of an uptrend, the last candle must demonstrate bearish behavior, with the third candle from the end reflecting bullish attributes.
🔵 How to Use
Using this indicator is very simple. Filtering "Strong 3 Inside Bar" and "Weak 3 Inside Bar" is a feature available in the settings section. You can turn the filter "On" or "Off." By default, the "Filter" is set to "On."
" Filter: On ":
" Filter: Off ":
🔵 How to Display
For better display and differentiation of "Strong 3 Inside Bar" and "Weak 3 Inside Bar," when the "Filter: On" is active, the 3 Inside Bars are displayed in green and red colors. When the "Filter: Off" is active, the 3 Inside Bars are displayed in blue and black colors.
Dark Cloud [TradingFinder] Piercing Line Reversal chart Pattern
🔵 Introduction
"Reversal candlestick patterns" are among the Japanese candlestick patterns considered as alerts for a potential change in the current price trend. It is often assumed that by identifying reversal candlestick patterns, the price trend will definitely change, either from bullish to bearish or from bearish to bullish. However, this claim is not entirely accurate, and a change in price trend does not always mean a reversal.
Nonetheless, the importance of reversal candlestick patterns remains significant. By recognizing these patterns, you can better predict changes in the trend with higher probability and make better trading decisions.
🔵 Dark Cloud
The "Dark Cloud" pattern occurs when, after an upward trend, buyers continue to drive the price up in the first candle. However, in the next candle, with sellers entering and increasing selling pressure, the price starts to decrease compared to the close of the previous candle.
This price decrease is significant enough that in the last candle, the price goes lower than the open of the previous candle, serving as a warning sign for a potential change in price trend.
The fundamental principles for the formation of the "Dark Cloud" pattern include :
1.Two candles consisting of a positive candle (first candle) and a negative candle (second candle) whose main body should be above the halfway point of the first candle's main body but does not completely cover it.
2.The color of the main body of the second candle should be opposite to the color of the main body of the first candle.
Factors affecting the strength of the "Dark Cloud" pattern include :
1.The length of the bodies of both candles, especially the second candle, which increases the strength of the pattern.
2.The gap between the two bodies can also indicate the strength of the pattern.
3.The absence of a lower shadow in the second candle also indicates the strength of the pattern.
4.If the pattern forms in a price resistance range, it has more strength.
🔵 Piercing Line
The "Piercing Line" pattern occurs when, after a downward trend, sellers decrease the price by offering their shares on the first day. However, on the next day, with buyers entering and increasing demand, the price starts to increase compared to the close of the previous day.
This increase is significant enough that in the last candle, the price goes higher than the open of the previous day, serving as a warning sign for a reversal in the price trend. Overall, this pattern is the opposite of the "Dark Cloud" pattern and occurs under a bearish trend.
The fundamental principles for the formation of the "Piercing Line" pattern include :
1.Two candles consisting of a negative candle (first candle) and a positive candle (second candle) whose main body should be above the halfway point of the first candle's main body but does not completely cover it.
2.The color of the main body of the second candle should be opposite to the color of the main body of the first candle.
Factors affecting the strength of the "Piercing Line" pattern include :
1.The length of the bodies of both candles, especially the second candle, which increases the strength of the pattern.
2.The gap between the two bodies can also indicate the strength of the pattern.
3.The absence of an upper shadow in the second candle also indicates the strength of the pattern.
4.If the pattern forms in a price support range, it has more strength.
🔵 How to Use
The "green circle" symbol corresponds to the "Strong Piercing Line" signal, the "blue triangle" symbol corresponds to the "Weak Piercing Line" signal, the "red circle" symbol corresponds to the "Strong Dark Cloud" signal, and the "red triangle" symbol corresponds to the "Weak Dark Cloud" signal.
🔵 Setting
Using the "Show Dark Cloud" and "Show Piercing Line" buttons, you can enable or disable the display of Dark Cloud and Piercing Line.
CandleStick [TradingFinder] - All Reversal & Trend Patterns🔵 Introduction
"Candlesticks" patterns are used to predict price movements. We have included 5 of the best candlestick patterns that are common and very useful in "technical analysis" in this script to identify them automatically. The most important advantage of this indicator for users is saving time and high precision in identifying patterns.
These patterns are "Pin Bar," "Dark Cloud," "Piercing Line," "3 Inside Bar," and "Engulfing." By using these patterns, you can predict price movements more accurately and therefore make better decisions in your trades.
🔵 How to Use
Pin Bar : This pattern consists of a Candle where "Open Price," "Close Price," "High Price," and "Low Price" form the "Candle Body," and it also has "Long Shadow" and "Short Shadow." In the visual appearance of the Pin Bar pattern, we have a candle body and a pin bar shadow, where the candle body is smaller relative to the shadow.
Just as the candle body plays an important role in analysis, the pin bar shadow can also be influential. The larger the pin bar shadow, the stronger the expectation of a trend reversal.
When a "bearish pin bar" occurs at resistance or the chart ceiling, it can be predicted that the price trend will be downward. Similarly, at support points and the chart floor, a "bullish pin bar" can indicate an upward price movement.
Additionally, patterns like "Hammer," "Shooting Star," "Hanging Man," and "Inverted Hammer" are types of pin bars. Pin bars are formed in two ways: bullish pin bars have a long lower shadow, and bearish pin bars have a long upper shadow. Important: Displaying "Bullish Pin Bar" is labeled "BuPB," and "Bearish Pin Bar" is labeled "BePB."
Dark Cloud : The Dark Cloud pattern is one type of two-candle patterns that occurs at the end of an uptrend. The 2-candle pattern indicates the shape of this pattern, which actually consists of 2 candles, one bullish and one bearish. This pattern indicates a trend reversal and is quite powerful.
The Dark Cloud pattern is seen when, after a bullish candle at the end of an uptrend, a bearish candle opens at a higher level (weakly, equal, or higher) than the closing point of the bullish candle and finally closes at a point approximately in the middle of the previous candle. In this indicator, the Dark Cloud pattern is identified as "Wick" and "Strong" .
The difference between these two lies in the strictness of their conditions. Important: Strong Dark Cloud is labeled "SDC," and Weak Dark Cloud is labeled "WDC."
Piercing Line : The Piercing candlestick pattern consists of 2 candles, the first being bearish and consistent with the previous trend, and the second being bullish. The conditions of the pattern are such that the first candle is bearish and a price gap is created between the two candles upon the opening of the next candle because its opening price is below (weakly equal to or less than) the closing price of the previous candle.
Additionally, its closing price must be at least 50% above the red candle.
This means that the second candle must penetrate at least 50% into the first candle. Important: Strong Piercing Line is labeled "SPL," and Weak Piercing Line is labeled "WPL."
3 Inside Bar (3 Bar Reversal) : The 3 Inside Bar pattern is a reversal pattern. This pattern consists of 3 consecutive candles and can be either bullish or bearish. In the bullish pattern (Inside Up) formed at the end of a downtrend, the last candle must be bullish, and the third candle from the end must be bearish.
Additionally, the close price must be more than 50% of the third candle from the end. In the bearish pattern (Inside Down) formed at the end of an uptrend, the last candle must be bearish, and the third candle from the end must be bullish. Additionally, the close price must be less than 50% of the third candle from the end. Important: Bullish 3 Inside Bar is labeled "Bu3IB," and Bearish 3 Inside Bar is labeled "Be3IB."
Engulfing : The Engulfing candlestick pattern is a reversal pattern and consists of at least two candles, where one of them completely engulfs the body of the previous or following candle due to high volatility.
For this reason, the term "engulfing" is used for this pattern. This pattern occurs when the price body of a candle encompasses one or more candles before it. Engulfing candles can be bullish or bearish. Bullish Engulfing forms as a reversal candle at the end of a downtrend.
Bullish Engulfing indicates strong buying power and signals the beginning of an uptrend. This pattern is a bullish candle with a long upward body that completely covers the downward body before it. Bearish Engulfing, as a reversal pattern, is a long bearish candle that engulfs the upward candle before it.
Bearish Engulfing forms at the end of an uptrend and indicates the pressure of new sellers and their strong power. Additionally, forming this pattern at resistance levels and the absence of a lower shadow increases its credibility. Important: Bullish Engulfing is labeled "BuE," and Bearish Engulfing is labeled "BeE."
🔵 Settings
This section, you can use the buttons "Show Pin Bar," "Show Dark Cloud," "Show Piercing Line," "Show 3 Inside Bar," and "Show Engulfing" to enable or disable the display of each of these candlestick patterns.
Enhanced Candle Sticks [AlgoAlpha]🚀🌟 Introducing the Enhanced Candle Sticks by AlgoAlpha, a Pine Script tool designed to provide traders with an enhanced view of market dynamics through candlestick analysis. This script aims to visualise if price has hit the high or low of the candle first, aiding in back-testing, and to identify smaller trends using market structure.📊🔍
Key Features:
Timeframe Flexibility: Users can select their desired timeframe for analysis, offering a range of options from M15 to H12. This flexibility allows for detailed and specific timeframe analysis.
Micro Trend Identification: The script includes an option to enable 'MicroTrends', giving traders insights into smaller movements and trends within the larger market context.
Customizable Visuals: Traders can customize the colors of bullish and bearish candlesticks, enhancing visual clarity and personalizing the chart to their preferences.
State Tracking: The script tracks the 'state' of the market on lower timeframes to detect if the high or the low was formed first.
Warning System: When the selected timeframe does not match the chart timeframe, the script generates a warning, ensuring accurate analysis and preventing potential misinterpretations.
Usages:
Enhanced Back-testing: Users can now get a more accurate interpretation of the candlesticks by know if the high or the low came first (denoted with ⩚ or ⩛), especially in scenarios where the high and the low of the larger timeframe candle is touching both the take-profit and stop-loss levels.
Squeeze Analysis: Users can identify squeezes in price when the microtrend shows both an uptrend and a downtrend, possibly giving more insight into the market.
Lower Timeframe Market Structure Analysis: Microtrends form when the low of the candle is consecutively increasing and the high is consecutively falling, which means on a lower timeframe, price is forming higher lows or lower highs.
Basic Logic Explanation:
- The script starts by setting up the necessary parameters and importing the required library. Users can customize the timeframe, colors, and whether to enable micro trends and candlestick plotting.
- It then calculates the lower timeframe (1/12th of the current timeframe) for more detailed analysis. The `minutes` function helps in converting the selected timeframe into minutes.
- The script tracks new bars and calculates the highest and lowest values within an hour, using `ta.highestSince` and `ta.lowestSince`.
- It determines the market 'state' by checking if the current high is breaking the previous high and if the current low is breaking the previous low on lower timeframes to determine if the high or the low was formed first.
- The script uses the `plotchar` and `plotcandle` functions to visually represent these trends and states on the chart. This visual representation is key for quick and effective analysis.
Alerts:
Alerts can be set for microtrend formations:
This script is a valuable tool for traders looking to deepen their market analysis with enhanced candlestick visualization and micro trend tracking. 📈🔶💡
Flat Combo DetectorFlat Combo Detector (FCD)
Introduction:
The Flat Combo Detector is a unique tool crafted to aid traders in identifying potential trend reversals. Unlike standard indicators that primarily focus on moving averages or oscillators, the FCD bases its signals on specific candlestick patterns that manifest at crucial trend pivot points.
I use it mostly on OANDA:XAUUSD Gold
How It Works:
The logic of the Flat Combo Detector revolves around the formation of consecutive bearish and bullish candles with particular attributes:
Bearish to Bullish Transition:
Primary Candle : A bearish candle where the close is lower than the open and its close is equal to its low.
Following Candle: A bullish candle where the close is higher than the open, and the open approximates its low (within a user-defined tolerance).
Signal : A green triangle plotted below the price bar, indicating a potential shift from a bearish to bullish trend.
Bullish to Bearish Transition:
Primary Candle: A bullish candle where the close is higher than the open and equals its high.
Following Candle : A bearish candle where the close is lower than the open, and the open approximates its high (within a user-defined tolerance).
Signal : A red triangle plotted above the price bar, indicating a potential transition from a bullish to bearish trend.
Usage Guidance:
For traders unfamiliar with Pine Script, using this indicator is straightforward. Once added to the chart, look for the green and red triangle signals. A green triangle below a price bar suggests a possible bullish reversal, while a red triangle above a price bar hints at a potential bearish reversal. Always consider these signals in conjunction with other technical analysis tools and the broader market context to optimize decision-making.
Associated Strategy:
I've also developed a trading strategy that utilizes these specific entry points identified by the FCD. If you find the signals from this indicator helpful, you might also be interested in exploring the strategy for a comprehensive trading approach. Always remember to backtest and validate any strategy before live trading.
Chart Presentation:
The published chart associated with this script has been kept clean to ensure clarity. Users will only observe the main price bars/candles along with the green and red triangle signals generated by the FCD.
Conclusion:
The Flat Combo Detector provides traders with a fresh perspective on trend reversal points. Its focus on specific candlestick patterns makes it a valuable tool, especially when used in combination with other technical indicators. Always ensure to practice prudent risk management and consult multiple analysis methods before making trading decisions.
Bullish vs. Bearish Candle CounterFollowing an exhaustive analysis of the most recent 50,000 candles within a given currency pair, a notable equilibrium between bearish and bullish candles has emerged as a persistent market phenomenon. This equilibrium, indicative of the market's continuous endeavor to establish parity, has spurred the development of the following indicator.
The indicator meticulously scrutinizes the preceding 100 candles, promptly triggering an on-chart marker when either bullish or bearish candle counts surpass the threshold of 60%. This marker serves as an invaluable tool, providing traders with a potential signal for the initiation of a trend reversal.
As such, this indicator serves as a valuable asset in a trader's toolkit, offering insights into shifts in market sentiment and the prospect of emerging trends.
Key Features:
- Customizable Candle Count: Traders can set the number of candlesticks to be analyzed in the input parameters, allowing flexibility in their analysis.
- Bullish and Bearish Percentage: Users can define their desired percentage for both bullish and bearish candles in the indicator's settings. The indicator calculates the percentage of each candle type within the specified range.
- Arrow Signals: The indicator plots arrows above or below the current candle, indicating bullish or bearish conditions based on the defined percentage thresholds. A green arrow signifies bullish sentiment, while a red arrow denotes bearish sentiment.
How to Use:
- Adjust Parameters: In the indicator settings, users can customize the number of candlesticks to be analyzed, as well as set their preferred percentages for both bullish and bearish conditions.
- Interpret Arrows: The indicator generates arrows above or below the current candle, reflecting the prevailing market sentiment. A green arrow suggests a bullish bias, while a red arrow indicates a bearish bias.
- Trade with Confidence: Traders can use this indicator as a tool to gauge market sentiment and make informed trading decisions. It helps identify potential entry and exit points based on the chosen percentage thresholds.
TrendLine CrossThis indicator "TrendLine Cross", is designed to plot trend lines so you can spot potential trend reversal points on the charts. The main function is to draw several lines on the chart and identify the crossings between these lines, which can be significant indicators for trading. The lines are based on different periods which can be changed in the settings tabs.
Let's see the characteristics of the trend lines:
_Low Line Color(Green Line): This line connects the lowest point of low prices in the "low_time" period with the lowest point of low prices in the "high_time" period. Indicates a possible short-term support level on the chart.
_Liquidity Up Line Color (Golden Line): This line connects the lowest point of low prices in the "low_time" period with the highest point of low prices in the same period. It represents a liquidity zone and an important resistance in the chart.
_Lower Line Color (Blue Line): This horizontal line connects the lowest point of low prices in the "LowerLine_period" with the lowest point of low prices in the "high_time" period. Indicates a possible long-term support level.
_Upper Line Colorr: This line represents a connection between the highest points of the "high_time" period and the lowest point of the "LowerLine_period". Indicates a possible long-term resistance level.
_Up Line Color (Red Line): This line connects the highest point of high prices in the "high_time" period with the highest point of high prices in the "LowerLine_period". It represents a possible long-term resistance level.
_Liquidity Down Line Color(Golden Line): This line connects the highest point of high prices in the "high_time" period with the highest point of low prices in the "low_time" period. It represents a liquidity point and an important support zone.
The indicator becomes particularly interesting when the lines make crossings. These crossovers could suggest a potential trend change in the market. For example:
Change from Bearish to Bullish: If the "long-term" line (black) crosses the "short- or long-term" line (green or blue) from top to bottom, it could indicate a shift from a bearish to a bullish market , suggesting the opportunity for long positions.
_Changing from Bullish to Bearish: If the "long-term" line (blue) crosses the "short-term" line (red or black) from bottom to top, it could indicate a shift from a bullish to a bearish market, suggesting the opportunity for short positions.
Generally speaking, crossings between these lines can be key points of interest for traders, as they can signal significant changes in price direction.
Range Breakout Signals (Intrabar) [LuxAlgo]The Range Breakout Signals (Intrabar) is a novel indicator highlighting trending/ranging intrabar candles and providing signals when the price breaks the extremities of a ranging intrabar candles.
🔶 USAGE
The indicator highlights candles with trending intrabar prices, with uptrending candles being highlighted in green, and down-trending candles being highlighted in red.
This highlighting is affected by the selected intrabar timeframe, with a lower timeframe returning a more precise estimation of a candle trending/ranging state.
When a candle intrabar prices are ranging the body of the candle is hidden from the chart, and one upper & lower extremities are displayed, the upper extremity is equal to the candle high and the lower extremity to the candle low. Price breaking one of these extremities generates a signal.
The indicator comes with two modes, "Trend Following" and "Reversal", these modes determine the extremities that need to be broken in order to return a signal. The "Trend Following" mode as its name suggests will provide trend-following signals, while "Reversal" will aim at providing early signals suggesting a potential reversal.
🔶 DETAILS
To determine if intrabar prices are trending or ranging we calculate the r-squared of the intrabar data, if the r-squared is above 0.5 it would suggest that lower time frame prices are trending, else ranging.
This approach allows almost obtaining a "settings" free indicator, which is uncommon. The intrabar timeframe setting only controls the intrabar precision, with a timeframe significantly lower than the chart timeframe returning more intrabar data as a result, this however might not necessarily affect the displayed information by the indicator.
🔶 SETTINGS
Intrabar Timeframe: Timeframe used to retrieve the intrabar data within a chart candle. Must be lower than the user chart timeframe.
Auto: Select the intrabar timeframe automatically. This setting is more adapted to intraday charts.
Mode: Signal generation mode.
Filter Out Successive Signals: Allows removing successive signals of the same type, returning a more easily readable chart.
Price Percentage Shaded CandlesDescription:
The Price Percentage Shaded Candles indicator (P%SC) is a technical analysis tool designed to represent price candles on a chart with shading intensity based on the percentage change between the open and close prices. This overlay indicator enhances visual analysis by providing a visual representation of price movement intensity.
How it Works:
The P%SC indicator calculates the percentage change between the open and close prices of each candle. It then determines the shading intensity of the price candles based on this percentage change. Higher percentage changes result in darker shading, while lower percentage changes result in lighter shading.
Usage:
To effectively utilize the Price Percentage Shaded Candles indicator, follow these steps:
1. Apply the Price Percentage Shaded Candles indicator to your chart by adding it from the available indicators.
2. Configure the indicator's inputs:
- Specify the color for bullish candles using the "Bullish Color" input.
- Specify the color for bearish candles using the "Bearish Color" input.
3. Observe the shaded candles on the chart:
- Bullish candles are colored with the specified bullish color and shaded according to the percentage change.
- Bearish candles are colored with the specified bearish color and shaded according to the percentage change.
4. Interpret the shaded candles:
- Darker shading indicates a higher percentage change and stronger price movement during the corresponding candle.
- Lighter shading indicates a lower percentage change and weaker price movement during the corresponding candle.
5. Combine the analysis of shaded candles with other technical analysis tools, such as trend lines, support and resistance levels, or candlestick patterns, to identify potential trade setups.
6. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
Note: The Price Percentage Shaded Candles indicator provides insights into the shading intensity of price candles based on percentage changes. However, it is recommended to use this indicator in conjunction with other technical analysis tools and perform thorough analysis before making trading decisions.
ADX Momentum Shaded CandlesDescription:
The "ADX Momentum Shaded Candles" indicator (ADXMSC) is an overlay indicator that enhances candlestick charts by adding shading based on the momentum derived from the Average Directional Index (ADX). This indicator provides visual cues about the strength of bullish and bearish momentum by adjusting the transparency of the candlesticks.
How it Works:
The indicator utilizes the ADX indicator to calculate the values of +DI (Directional Indicator Plus) and -DI (Directional Indicator Minus) based on user-defined parameters. It then determines the transparency levels for the bullish and bearish candlesticks based on the calculated values of +DI and -DI. Higher values of +DI or -DI result in lower transparency levels, while lower values increase transparency.
Transparency Calculation:
The transparency of the bullish and bearish candlesticks is adjusted based on the values of +DI and -DI, which reflect the momentum of the price movement. Transparency is inversely proportional to these values, with higher values resulting in lower transparency. To calculate transparency, the indicator uses the formula 100 minus the value of +DI or -DI multiplied by 2. This ensures that higher values of +DI or -DI produce more opaque candlesticks.
Usage:
To effectively use the "ADX Momentum Shaded Candles" indicator (ADXMSC), follow these steps:
1. Apply the indicator to your chart by adding it from the available indicators.
2. Observe the candlesticks on the chart:
- Bullish candlesticks are represented by the original bullish color with adjusted transparency.
- Bearish candlesticks are represented by the original bearish color with adjusted transparency.
3. Analyze the transparency levels of the candlesticks to assess the strength of bullish and bearish momentum. Less transparent candlesticks indicate stronger momentum, while more transparent ones suggest weaker momentum.
4. Combine the visual information from the shaded candlesticks with other technical analysis tools, such as support and resistance levels, trend lines, or oscillators, to confirm potential trade opportunities.
5. Customize the indicator's parameters, such as the ADX length and smoothing, to suit your trading preferences.
6. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
The Golden Candlestick PatternThe Golden pattern is a three-candlestick configuration based on a variation of the golden ratio (2.618) from the Fibonacci sequence.
The bullish Golden pattern is composed of a normal bullish candlestick with any type of body, followed by a bigger bullish candlestick with a close price that is at least 2.618 times the size of the first candlestick (high to low). Finally, there must be an important condition that is, a third candlestick that comes back to test the open of the second candlestick from where the entry is given.
The bearish Golden pattern is composed of a normal bearish candlestick with any type of body, followed by a bigger bearish candlestick with a close price that is at least 2.618 times the size of the first candlestick (high to low). Finally, there must be an important condition that is, a third candlestick that comes back to test the open of the second candlestick from where the entry is given.
High Volume Candles by Time PeriodDescription:
The High Volume Candles indicator (HVC) is a technical analysis tool designed to identify candles with high trading volume. It allows traders to quickly spot periods of significant market activity based on volume.
How it Works:
The HVC indicator analyzes the volume of each candle in relation to the highest volume observed over a specified lookback period. The indicator compares the current volume with the highest volume within the defined lookback period and identifies candles that have volume equal to or greater than this threshold. It then distinguishes between bullish and bearish candles and assigns custom colors to highlight these high volume occurrences.
Usage:
To effectively utilize the High Volume Candles indicator, follow these steps:
1. Apply the HVC indicator to your chart by adding it from the available indicators.
2. Customize the lookback period according to your trading preferences. This parameter determines the number of previous candles to consider when calculating the highest volume.
3. Observe the candles on the chart:
- Bullish candles (blue by default) indicate periods of high volume when the closing price is higher than the opening price.
- Bearish candles (yellow by default) indicate periods of high volume when the closing price is lower than the opening price.
4. Pay attention to the color-coded volume indications within the candles, which highlight periods of high trading activity.
5. Analyze the volume patterns in conjunction with price action to identify potential trading opportunities. High volume candles often indicate increased market participation and can suggest significant price moves or reversals.
6. Combine the analysis of high volume candles with other technical analysis tools, such as trend lines, support and resistance levels, or indicators, to confirm potential trade setups.
7. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
Volume Shaded CandlesDescription:
The Volume Shaded Candles indicator (VSC) is a technical analysis tool designed to represent price candles on a chart with transparency based on the volume traded during each candle. This overlay indicator enhances visual analysis by providing a visual representation of volume intensity.
How it Works:
The VSC indicator calculates the volume-to-transparency ratio by dividing the current volume by the highest volume within the last 10 periods. The ratio is then used to determine the shading intensity of the price candles. Higher volume relative to the recent highest volume results in lower transparency, while lower volume results in higher transparency.
Usage:
To effectively utilize the Volume Shaded Candles indicator, follow these steps:
1. Apply the Volume Shaded Candles indicator to your chart by adding it from the available indicators.
2. Configure the indicator's inputs:
- Specify the color for bullish candles using the "Bullish Color" input.
- Specify the color for bearish candles using the "Bearish Color" input.
3. Observe the shaded candles on the chart:
- Bullish candles are colored with the specified bullish color and shaded according to the volume intensity.
- Bearish candles are colored with the specified bearish color and shaded according to the volume intensity.
4. Interpret the shaded candles:
- Darker shading indicates higher volume during the corresponding candle.
- Lighter shading indicates lower volume during the corresponding candle.
5. Combine the analysis of shaded candles with other technical analysis tools, such as trend lines, support and resistance levels, or candlestick patterns, to identify potential trade setups.
6. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
Crypto Uptrend Script + Pullback//Volume CandlesDescription: his is an adaption of my Pullback candle - This works on all timeframes and Markets (Forex//Stocks//)
Crypto Uptrend Script with Pullback Candle allows traders to get into a trend when the price is at end of a pullback and entering a balance phase in the market (works on all markets). The use of Moving averages to help identify a Trends and the use of Key levels to help traders be aware of where strong areas are in the market.
This script can work really well in Crypto Bull Runs when used on HTF and with confluences
The script has key support and resistance zones which are made up of quarterly data. Price reacts to these areas but patience is required as price will take time to come into these areas
I have updated the Pullback Candle with the use of Volume to filter out the weak Pullback Candles -
There are new candles to the script.
The First candle is the Bullish Volume Candle - This candle is set to a multiplier of 2x with a crossover of 50/100 on Volume - this then will paint a purple candle.
Uses of the Bullish Volume Candle:
Breakthrough of key areas // special chart patterns
Rejection of key areas
End of a impulse wave (Profit Takers)
The second candle is a Hammer - I prefer using the Hammers on Higher Timeframes however they do work on all timeframes. .
The third candle is a Exhaustion of impulse downward move.
Uses of this candle - can denote a new trend but has to be with confluence to a demand area // support area or with any use of technical analysis - using this alone is not advised
The fourth candle is a indecision candle in the shape of a Doji - this candle can help identify if the trend is in a continuation or a reversal
This script can work really well in Crypto Bull Runs
Disclaimer: There will be Pullbacks with High Volume (Breakouts) and not go the way as intended but this script is to allow traders to get into trends at good price levels. The script can paint signals in areas where price is too expensive so please do your own due diligence on the markets as this script is to help get into good areas of price
Please leave a thumbs up if you like this script and message me for information on how to use the script.
