This indicator allows you to specify price zones in which to detect basic candlestick patterns.
In the example above, I have specified the most immediate support and resistance zones on GBP/USD and set the script to detect engulfing candles. If a bearish engulfing candle occurs within the resistance zone a signal will be generated; likewise for bullish engulfing candles within the support zone .
The purpose of this indicator is to generate trading alerts when these patterns occur in order to reduce the screen-time required to monitor setups. This indicator is intended for structure traders primarily, although it could be used by anyone who uses zones and candlestick patterns to enter trades.
If you leave either zone set to 0 then that zone will not be used, meaning that you can use this to detect both support and resistance signals, or only signals at support, or only signals at resistance.
Settings: R1: First Resistance Price R2: Second Resistance Price S1: First Support Price S2: Second Support Price
Draw Signals: Enable/Disable Visual Signals How Far To Look Back: Used For Detecting Fractal Highs/Lows Doji Size (in pips): This Changes the Size of Detected Doji Candles Hammer Wick Size: This Changes the Size of Detected Hammers/Shooting Stars Engulf Wick: If Enabled, Only Engulfing Candles That Engulf the Wick Will Be Valid
Show Engulfing Candles: Enable/Disable Visual Signals For Engulfing Candles Show Doji Candles: Enable/Disable Visual Signals For Doji Candles Show Hammer Candles: Enable/Disable Visual Signals For Hammer/Shooting Star Candles
Need a help mate. I have applied your indicator to the chart but I can not see any any levels on the chart. Can you please help to solve this issue?
Thanks in advance. Cheers !
Also, Would be great if you can share the source code so I can upgrade my knowledge on the S/R levels.
mvsousa_sjp
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Hi, Can we get the source code of study? Maybe can you please add more levels? I'm using your tool. It's very useful. It will became amazing with two or more levels for supports and resistances.
ZenAndTheArtOfTrading
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@mvsousa_sjp, Hi! Thanks for the suggestion, that's a great idea. When I get time I'll add some more levels to it. In the meantime if you want the source code it's available at my website, I'm not allowed to link it here due to the TradingView terms and conditions but you can find the URL in my signature beneath the script description. Take care and best of luck with your trading :)
leehughes21
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Hey mate, I've been playing around with this and can't get it to work .I've read the instructions twice but not sure what i'm doing wrong or if some chrome extention is blocking is or soemthing Any tips?
ZenAndTheArtOfTrading
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@leehughes21, Hi Lee! Sorry for the extremely late reply, I get a lot of comments and can rarely respond to them all. You need to input the zones manually. So if a market has a resistance zone between 1.00 and 1.10 you need to put those numbers into R1 and R2, and then set your alerts :)
Can i get the source code for the study .. unable to find the same on your website
As mentioned script is not working on version 4