OPEN-SOURCE SCRIPT
Bald Candle Detector Indicator
This indicator provides several features:
1. Pattern Detection:
- Identifies both bullish and bearish bald candles
- Uses ATR for dynamic size measurements
- Checks for minimal wicks and proper candle body size
2. Visualization:
- Colors the bald candles (green for bullish, red for bearish)
- Adds triangular markers above/below the candles
- Places labels with pattern information
3. Customization Options:
- Adjustable wick size threshold
- Configurable minimum and maximum candle sizes
- All measurements are relative to ATR for adaptability
4. Alerts:
- Built-in alert conditions for both patterns
- Can be used to set up custom alerts in TradingView
To use this indicator:
1. Apply it to your chart
2. Adjust the input parameters to fine-tune the detection:
- Increase `wickThreshold` to allow for slightly larger wicks
- Modify `minCandleSize` and `maxCandleSize` to catch different sized candles
3. Set up alerts if desired
1. Pattern Detection:
- Identifies both bullish and bearish bald candles
- Uses ATR for dynamic size measurements
- Checks for minimal wicks and proper candle body size
2. Visualization:
- Colors the bald candles (green for bullish, red for bearish)
- Adds triangular markers above/below the candles
- Places labels with pattern information
3. Customization Options:
- Adjustable wick size threshold
- Configurable minimum and maximum candle sizes
- All measurements are relative to ATR for adaptability
4. Alerts:
- Built-in alert conditions for both patterns
- Can be used to set up custom alerts in TradingView
To use this indicator:
1. Apply it to your chart
2. Adjust the input parameters to fine-tune the detection:
- Increase `wickThreshold` to allow for slightly larger wicks
- Modify `minCandleSize` and `maxCandleSize` to catch different sized candles
3. Set up alerts if desired
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 publication is governed by House rules. You can favorite it to use it on a chart.
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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.