OPEN-SOURCE SCRIPT
9th and 5th Candle Pattern - High/Low Break Logic
I implemented a Pine-Script (TradingView, v5) indicator that looks at a 9-candle window and marks the two patterns you described, with a clear, tweakable interpretation so it’s useful immediately on your chart.
My interpretation (keeps things deterministic & chart-friendly):
We treat the current bar as the 9th candle and look back 8 bars (so the 5th candle is close[4] / open[4]).
Pattern A (5th green):
If candle #5 is bullish (close[4] > open[4]) AND none of the next 4 candles (6,7,8,9 → offsets [3,2,1,0]) have a low below candle #5 low (i.e. that low was not broken), AND the 6th candle (offset 3) made a higher high than candle #5, then the script places a label/arrow on the 6th candle saying a bullish continuation / "up possible" signal.
Pattern B (5th red):
If candle #5 is bearish (close[4] < open[4]) AND within the next 4 candles the high moved above candle #5 high (i.e. price attempted to reverse), then the script places a label/arrow on the 9th (current) candle indicating a possible high / reversal by the 9th.
You can tweak the number of look-ahead candles or the strictness easily in the code comments.
My interpretation (keeps things deterministic & chart-friendly):
We treat the current bar as the 9th candle and look back 8 bars (so the 5th candle is close[4] / open[4]).
Pattern A (5th green):
If candle #5 is bullish (close[4] > open[4]) AND none of the next 4 candles (6,7,8,9 → offsets [3,2,1,0]) have a low below candle #5 low (i.e. that low was not broken), AND the 6th candle (offset 3) made a higher high than candle #5, then the script places a label/arrow on the 6th candle saying a bullish continuation / "up possible" signal.
Pattern B (5th red):
If candle #5 is bearish (close[4] < open[4]) AND within the next 4 candles the high moved above candle #5 high (i.e. price attempted to reverse), then the script places a label/arrow on the 9th (current) candle indicating a possible high / reversal by the 9th.
You can tweak the number of look-ahead candles or the strictness easily in the code comments.
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.