OPEN-SOURCE SCRIPT
KING
Updated
This indicator generates buy and sell signals based on specific candle patterns involving the size of the candle's body and wicks. A buy signal is triggered when a large bearish candle (body twice the size of its wicks) is followed by a bullish candle with a long lower wick (twice the size of its body and upper wick), and the close is above the low of the bearish candle, while the low of the current candle is lower. A sell signal occurs when a large bullish candle is followed by a candle with a long upper wick, and the close is below the high of the bullish candle, while the high of the current candle is higher. The indicator includes a reset mechanism to avoid premature signals when large candles with contradicting patterns appear.
Release Notes
How To Use: M1 - D1
D1 - H1
H4 - M15
H1 - M5
M15 - M1
Mark the wick of the bigger timeframe and compare it with the lower timeframe.
Release Notes
How To Use:M1 - D1
D1 - H1
H4 - M15
H1 - M5
M15 - M1
Mark the wick of the bigger timeframe and compare it with the lower timeframe.
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.
Disclaimer
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