MJ Important Candlestick Patterns + Smart Trend — Indicator by TheInvestingCloud

candlestick bullishengulfing bearishengulfing piercingline darkcloudcover bullishharami bearishharami

This script detects 6 important candlestick patterns defined by the author and puts chart labels on your chart for your attention. It also includes a smart trend checking algorithm to detect trends.

The six candlestick patterns covered are:

Bullish Engulfing
Bearish Engulfing
Piercing Line
Dark Cloud Cover
Bullish Harami
Bearish Harami

*** Smart feature of this indicator is that it can detect uptrends or downtrends before alerting you regarding the bullish or bearish reversal candlestick pattern. This is achieved by comparing the typical price (high+low+close divided by 3) of today's candle versus three days ago.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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