PROTECTED SOURCE SCRIPT
Updated Candlestick Indicator by Crypto_Adhyeta
A script to identify possible trend reversal based on Candlesticks. The correct candlestick type is identified by the relative position to Exponential Moving Average.
It detects:
- Hammer - if emerges during a downtrend (close below EMA(5)), the downtrend should end.
- Hanging Man - if comes after a advance (close above EMA(5)), the uptrend should end.
Confirmation:
- for aHammer not required
- a Hanging Man should be confirmed by lower close by the next candle
It detects:
- Hammer - if emerges during a downtrend (close below EMA(5)), the downtrend should end.
- Hanging Man - if comes after a advance (close above EMA(5)), the uptrend should end.
Confirmation:
- for aHammer not required
- a Hanging Man should be confirmed by lower close by the next candle
Release Notes
Exponential moving average set to 4.Release Notes
revised script codeRelease Notes
"Doji" candlestick identification has been added. Tolerance of 0.01% between Open & Close is being used.Release Notes
revised codeRelease Notes
EMA changed back to 5.Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.