OPEN-SOURCE SCRIPT
Price Action Candles R2.0 by JustUncleL
Updated
This is an updated version of my previous script, I have added a few extra Patterns and some patterns specs have chnaged over those specified by "Price Action Battle Station by theforexguy".
Because this script has diverted from the original specification of "theforexguy", I have decided to release it as a new version. Improvements have been made to some of the pattern finding calculations, for example Hammer and Shooting Stars are now special Pin Bars, they now must have preceding and succeeding confirm bars, so they do not occur very often.
NOTE: All the identification of PA candles is disabled by default.
Changes made in Version 2.0 :
Because this script has diverted from the original specification of "theforexguy", I have decided to release it as a new version. Improvements have been made to some of the pattern finding calculations, for example Hammer and Shooting Stars are now special Pin Bars, they now must have preceding and succeeding confirm bars, so they do not occur very often.
NOTE: All the identification of PA candles is disabled by default.
Changes made in Version 2.0 :
- Added Forex Morning and Evening Stars (the centre small candle is not a specific color).
- Abbreviated text names for less cluttered look.
- Change minimum/maximum bar sizes to be a % of current ATR, rather than pips, this makes relative sizing independent on Time Frame, and make the script work better with non-currency assets like stocks and commodities.
- Change definition of Hammer and shooting Star so the the previous candle is part of a trend and is followed by a confirm candle.
- Added some precendence test to reduce multiple action labels.
Release Notes
After some feedback from fellow traders I have made the following changes:- Definition for Outside Bar now does not require the previous bar to be opposite Colour (this the same as Inside Bars), but added a requirement for minimum size ratio compared to previous Bar (set to 1.1 by default). If you require previous Bar to be opposite colour, you could use Engulfing candles with Outside Bar option enabled.
- Added Maximum size ratio requirement for Inside Bars (set to 0.9 by default).
Release Notes
Minor Update.- Added OverSized candle Pattern, the pattern is labelled when candle is some ratio (default 5) bigger than current ATR of chart time frame.
- Added Option to Change ATR Length.
Release Notes
Patch- Correct Polarity of Oversize Bar labelling.
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.
Want to use this script on a chart?
JustUncleL
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.