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Tweezer Bottoms

Tweezer PatternsTweezer top and bottom, also known as tweezers, are reversal candlestick patterns that signal a potential change in the price direction. Both formations consist of two candles that occur at the end of a trend, which is in its dying stages. The tweezer bottom candlestick pattern is a bullish reversal pattern that can be spotted at the bottom of a downtrend. It consists of two candles, where the first candle is in line with the bearish trend, while the second candle reflects more bullish market sentiment as the price bursts higher, in the opposite trend. The tweezer top candlestick pattern is of the same structure as the tweezer bottom, except for the fact that it happens at the end of an uptrend, and therefore, it is a bearish reversal pattern. The first candle is bullish, and it continues in the same direction, while the second bearish candle indicates that the trend may be changing soon. Both the bottom and top tweezers are only valid when they occur during uptrends and downtrends. Their appearance during choppy trading conditions is practically meaningless, and it signals the market indecision to move in either direction. WARNING: - For purpose educate only - This script to change bars colors.
Pine Script™ indicator
by HPotter
8
Tweezer Pro IndicatorTweezer Pro Indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos. The standard Tweezer is a two bar pattern. Our enhanced version is a multi-bar pattern. We filter the patterns for you so that you only get the best and most effective patterns and ignore the noise. The Tweezer pattern is a simple and effective pattern to trade. The strategy that comes with the Tweezer is based on price action. The indicator was developed with the expertise of Justin Mueller. The indicator uses same rules as Justin who is an expert trader using the Tweezer pattern for a while now. You can visit Justin Youtube channel, like and subscribe. The indicator does what he was designed for: displaying Tweezer patterns. Don't expect to follow the up and down arrows and make money. Trading is not that simple. The Tweezer pattern is a starting point. The arrow is not a confirmed BUY and SELL signal in itself. The Tweezer indicator alerts you that the market might be at a turning point now. Then you must use other elements of your strategy (trend, momentum, support/resistance, volatility, daily bias, and other indicators) to confirm the signal and place a trade. The Tweezer Pro version let users define their own pattern definition. This version is meant for expert traders who want to use their own optimized settings. Inputs of the indicator are: MaxBars: maximum number of bars back to calculate searching for signals Settings (automatic/manual): you can either use the defaults settings optimized by Justin Mueller (automatic) or use your own settings (manual). TrendPeriod (20 as default): number of candles the indicator should look back to determine current trend direction. CandleSize (0.5 as default): minimum size for candles to consider pattern as valid (0.0:no filter, 0.5:middle size candle, 1.0:big candle only). SameTailsSize (0.9 as default): check accuracy of same candle wicks size to validate pattern (0.0:ignore wick size criterion, 0.8:strict same size, 0.9:very strict same size). SameOpenClose (0.9 as default): check accuracy of same open and close for the candles (0.0:ignore criterion, 0.8:strict same open/close, 0.9:very strict same open/close). UseEngulfingFilter (true/false): if set to true then ignore patterns that do not include engulfing pattern. UseEngulfingEvenAfter (true/false): if set to true then will also consider engulfing pattern with the next candle after the Tweezer formation. Trading rules: For BUY: wait for a bullish Tweezer (Tweezer bottom) to print on a support zone after a down trend. Wait for price to break high of the Tweezer pattern (5 pips above the high for H1 and higher time frames). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled. For SELL: wait for a bearish Tweezer (Tweezer top) to print on resistance zone after an up trend. Wait for price to break the low of the Tweezer pattern (5 pips below the low for H1 and higher time frames). Immediately enter in the trade once low is broken. You also can use a SELL STOP order place 5 pips below the low of the candle. Stop Loss should be placed above the high of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled. The Tweezer indicator can be used with any time frame. The Tweezer indicator can be used with any class of asset: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
Pine Script™ indicator
by renaudcandel
5
Tweezer Top & Tweezer Bottom Pattern (Expo)Tweezer Top/Bottom Pattern (Expo) indicator identifies real-time Tweezer Top and Tweezer Bottom in any market and in any timeframe. This is an enhanced version of the pattern which enables higher accuracy, and noise filtering. In addition to that, Tweezer Levels can be displayed which can be used in many different ways, for instance, as a stop loss level, or to confirm the signal. The ideal Tweezer pattern includes that the wicks should be 100% the same length. However, that rarely happens. So in this enhanced version, the user can set the maximum change that is allowed between the wicks. To enhance the signal accuracy a Bullish engulfing and Bearish engulfing filter can be toggled on. So a signal will only be displayed if an engulfing candle is in play. HOW TO USE Tweezer Top/Bottom should be used together with KEY market levels or with KEY supply/demand zones. Enter Long: if a Tweezer Bottom signal occurs at a KEY Level or on a KEY supply/demand zone. Target: The first target should be the nearest resistance level or supply zone. The second target should be the next resistance level or supply zone, and so on. Enter Short: if a Tweezer Top signal occurs at a KEY Level or on a KEY supply/demand zone. Target: The first target should be the nearest support level or demand zone. The second target should be the next support level or demand zone, and so on. Stop Loss: The Tweezer levels can be used as a stop loss. Remember: Use the indicator together with KEY levels or KEY Supply/Demand Zones. INDICATOR IN ACTION 4 Hour chart I hope you find this indicator useful , and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks! I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments! ----------------- Disclaimer Copyright by Zeiierman. The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. My scripts/indicators/ideas are only for educational purposes! ----------------- ACCESS THE INDICATOR • Contact me on TradingView or use the links below
Pine Script™ indicator
by Zeiierman
25