This indicator identifies instances where a doji candlestick pattern is followed by either a bullish or bearish candle, indicating potential reversal or continuation signals in the market.
Features:
Doji Detection: Utilizes the concept of doji candlesticks, where the difference between the open and close prices is minimal compared to the candle's overall range. Candlestick Identification: Determines whether the following candle is bullish (close > open) or bearish (close < open). Customizable Threshold: Allows users to adjust the sensitivity of the doji detection by modifying the doji body factor parameter. Alerts: Generates alerts when a doji candle is followed by a bullish or bearish candle, signaling potential trading opportunities. How to Use:
When a blue triangle appears below a candle, it indicates that a doji candle was followed by a bullish or bearish candle. Traders can interpret these signals as potential entry or exit points in their trading strategies. Note: This indicator should be used in conjunction with other technical analysis tools and indicators for comprehensive market analysis.