OPEN-SOURCE SCRIPT
Reversal Candlestick Pattern With Trend Indentifier
This script help to identified popular candlestick pattern combined with trend identifier.
Most script only focus on criteria of the pattern. Such as how much the length of the body compared to previous candle etc.
Besides criteria of the candle, this script also considered the trend into the logic.
For example bullish engulfing is a bullish reversal signal, which is only valid in a down trend.
To identified trend, I'm using RSI. Normally, RSI less than 50 is considered a down trend, and RSI greater than 50 is considered up trend. In this script, you can customize the criteria of how much RSI is up trend and down trend.
Default value RSI >= 55 is up trend, RSI <= 45 is down trend.
Your feedback and suggestion is welcome.
Supported pattern:
Reference:
babypips.com
Most script only focus on criteria of the pattern. Such as how much the length of the body compared to previous candle etc.
Besides criteria of the candle, this script also considered the trend into the logic.
For example bullish engulfing is a bullish reversal signal, which is only valid in a down trend.
To identified trend, I'm using RSI. Normally, RSI less than 50 is considered a down trend, and RSI greater than 50 is considered up trend. In this script, you can customize the criteria of how much RSI is up trend and down trend.
Default value RSI >= 55 is up trend, RSI <= 45 is down trend.
Your feedback and suggestion is welcome.
Supported pattern:
- White Marubozu (wm)
- Black Marubozu (bm)
- Hammer (h)
- Hanging Man (hm)
- Inverted Hammer (ih)
- Shooting Star (ss)
- Bullish Engulfing (e)
- Bearish Engulfing (e)
- Tweezer Bottom (tb)
- Tweezer Top (tt)
- Three White Soldiers (tws)
- Three Black Crows (tbc)
- Morning Star (ms)
- Evening Star (es)
- Three Inside Up (tiu)
- Three Inside Down (tid)
Reference:
babypips.com
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
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