OPEN-SOURCE SCRIPT
Updated LLHC/HHLC - Simple Arrows
A simple script for analyzing two types of reversal candles. HHLC and LLHC reversal candles.
HHLC
LLHC
The script's first iteration helps identify candles that MIGHT be reversal candles.
Remember to check:
1. What market cycle the price action for a stock is in.
2. Which reversal you're looking for as a result of that market cycle.
I'm not a pro, so hopefully, the stuff to remember is correct. Please examine the candles to determine if they fit your parameters for a reversal candle.
Shout out to TJ for teaching about these reversal candles! He's a freaking boss!!
HHLC
- If a candle has a higher high and a lower close than the previous candle, it is marked with a red HHLC downward pointing arrow.
LLHC
- If a candle has a lower low and a higher close than the previous candle, it is marked with a green LLHC upward pointing arrow.
The script's first iteration helps identify candles that MIGHT be reversal candles.
Remember to check:
1. What market cycle the price action for a stock is in.
2. Which reversal you're looking for as a result of that market cycle.
I'm not a pro, so hopefully, the stuff to remember is correct. Please examine the candles to determine if they fit your parameters for a reversal candle.
Shout out to TJ for teaching about these reversal candles! He's a freaking boss!!
Release Notes
Changes 7/26These changes were put in to make the chart less busy when the indicator is applied.
- The text above the arrows has been removed.
- Arrow shapes have been changed to triangle shapes.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.