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Updated

Sweep Candle [odnac]

890

  • ATR Imbalance Detection
    This feature highlights candles that have a significantly larger range compared to the average true range (ATR).

    How it works: A candle is considered imbalanced if its range (high - low) exceeds a specified multiple of the ATR (default multiplier is 1.5, with an ATR length of 5).

    Visualization: Such candles are highlighted in yellow.


  • Engulfing Candle Detection
    This feature detects bullish and bearish engulfing candles.

    Types
    Standard: Traditional engulfing pattern where the current candle fully "engulfs" the previous one.
    Sweep: A variation where the candle engulfs the previous one and sweeps the previous low (for bullish) or high (for bearish).

    Visualization:
    Bullish engulfing patterns are marked with a green triangle below the candle.
    Bearish engulfing patterns are marked with a red triangle above the candle.


  • Momentum Candle Detection
    This feature identifies candles with strong upward or downward momentum compared to the previous candle.

    Types
    Standard: A basic momentum pattern where the current candle continues the price direction with strong momentum.
    Sweep: A variation where the candle sweeps the previous low (for bullish) or high (for bearish).

    Visualization:
    Bullish momentum candles are marked with a green circle below the candle.
    Bearish momentum candles are marked with a red circle above the candle.



  • Summary
    This indicator helps traders identify significant market conditions such as imbalances, engulfing candles, and momentum patterns, making it a valuable tool for technical analysis and trend-following strategies.
    The customizable settings provide flexibility to adapt the tool to different trading styles.


Release Notes
Update: Alert Function Added
This update introduces alert functionality for Sweep and Standard candle patterns.

  1. All-Candles : Alerts for all detected patterns (Sweep & Standard)
  2. All-Sweep Candles : Alerts for all Sweep candles (Engulfing & Momentum)
  3. All-Standard Candles : Alerts for all Standard candles (Engulfing & Momentum)
  4. Sweep-Engulfing : Alerts for Sweep Engulfing patterns
  5. Sweep-Momentum : Alerts for Sweep Momentum patterns
  6. Standard-Engulfing : Alerts for Standard Engulfing patterns
  7. Standard-Momentum : Alerts for Standard Momentum patterns







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