Swing Highs/Lows & Candle Patterns [LuxAlgo]

This script labels swing highs and swing lows as well as the candle pattern that occurred at that precise point. The script can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star, and bearish engulfing.

This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past.

🔶 USAGE

It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.

The notations HH, HL, LH, and LL you can see on the labels are defined as follows:

HH : Higher high
HL : Higher low
LH : Lower high
LL : Lower low

🔶 SETTING

Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.

Release Notes

Minor Changes.

Release Notes

Update to script title.

Release Notes

Changed styling, switched to version 5, and minor changes.

Release Notes

Minor changes

LuxAlgo

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All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.

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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 publications is governed by House rules. You can favorite it to use it on a chart.

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LuxAlgo

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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.