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Candlestick Analysis

Price Action Candles v0.3 by JustUncleLThis requested release includes an Alert condition, so an alarm can be created on selected Price Action bars. Also this version modifies the Doji calculation to be similar to an Harami, so now the description of the Doji's are: - Bearish Doji (aka Bearish Harami) (Fuchsia Highlight above Bar): A large body Bull (green) candle followed by a small or no body candle with wicks top and bottom that are at least 60% of candle. - Bullish Doji (aka Bullish Harami) (Fuchsia Highlight below Bar): A large body Bear (red) candle followed by a small or no body candle with wicks top and bottom that are at least 60% of candle. The % wick size (default 60%) of the Doji and the size of previous candle (default 15 pips) can be modified in the script Format parameters. This modified Doji is particularly useful when combined with Heikin Ashi candles. When Alerts are selected, an alert dot is also displayed along the bottom of the chart.
Pine Script™ indicator
by JustUncleL
38
[NM] Reversal Candles v01Reversal candles are a very easy way to identify a turn in trend, this indicator has some specific additional conditions for the reversal candle. BUY Signal reversal candle Low of current candle exceeds low of previous candle Low of current candle is lowest for last 7 candles High of current candle exceeds high of previous candle Close of current candle is in the upper 50% of the range of this candle SELL Signal reversal candle High of current candle exceeds high of previous candle High of current candle is Highest for last 7 candles Low of current candle exceeds low of previous candle Close of current candle is in the lower 50% of the range of this candle How do I trade it ? (example buy signal) Wait for close of the candle and the BUY signal Put a buy stop entry 5 pips above the high of the candle Put a stop loss 5 pips below the low of the candle Calculate difference between entry and stop loss and set your target that number of pips above the entry for a 1:1 RR trade* Wait for your your target or stop loss to be triggered * Alternatively, you can take 50% of the profit at the 1st (1:1 RR) profit target, move your stop to break even and let the rest of the position run for a higher potential profit. Further advice on use Personally I always look for some additional confirmation like a support or resistance level, a bounce of the EMA or a fibonacci level, but please feel free to add additional filters to make the strategy even more effective. I would strongly advise to backtest your strategy first so you can fine tune it and have confidence in trading it. Forward testing on a demo account before going live, although it takes longer, can be a worthy alternative. Works better on higher time frames. How do you use it ? Please leave a note in the comment section below to let me know if you use the indicator and how. There's definitely not just one way to use the indicator so I'm curious about your feedback. To apply the script to your chart, just add it to your favourites so you can easily find it in the Indicators list. Kindly leave me a thumbs up if you like this indicator or support my work, and do not hesitate to visit my other indicators. Thanks for your visit
Pine Script™ indicator
by Nico.Muselle
19
Big Shadow by Walter Peters v1.1Version 1.1 is here! This is an indicator for the Big Shadow (engulfing candle) that Walter Peters teaches in his course (fxjake.com) and book "Naked Forex". I have really been diving into this one and back testing it like crazy. The results have been great and I will be publishing them on the nakedforexnow.com forum soon since it probably isn't appropriate to do it here. If you like it, please reach out to me @fredferrell on the forum. I would love to discuss back testing results with other traders.
Pine Script™ indicator
by FredFerrell
8
Reversal Candle Pattern SetUp An outside reversal candle set up script with buy/sell signals. Looks simple but it's pretty powerful especially if combined with your choice confirming indicator. The pattern psychology is this one (Frank Ochoa explanation): " The power behind this pattern lies in the psychology behind the traders involved in this setup. If you have ever participated in a breakout at support or resistance only to have the market reverse sharply against you, then you are familiar with the market dynamics of this setup. [Basically, market participants are testing the waters above resistance or below support to make sure there is no new business to be done at these levels. When no initiative buyers or sellers participate in range extension, responsive participants have all the information they need to reverse price back toward a new area of perceived value. As you look at a bullish outside reversal pattern, you will notice that the current bar's low is lower than the prior bar's low. Essentially, the market is testing the waters below recently established lows to see if a downside follow-through will occur. When no additional selling pressure enters the market, the result is a flood of buying pressure that causes a springboard effect, thereby shooting price above the prior bar's highs and creating the beginning of a bullish advance."
Pine Script™ indicator
by cristian.d
31
Binary option trading by two previous barsThis simple script uses the idea of inertia of the market. if 2 previous candles have the same color, current meant to have that too. Following this signal is equal to buying a binary option on the start of the bar (week here). Signals are shown as arrows on the series. The color of the bar shows the outcome of the current option: yellow is success, black is failure. The same outcomes are at the bottom of the chart. The blue line is the total revenue of all options so far. Can be used as template for strategy simulation.
Pine Script™ indicator
by radixvinni
9
TUX CandlesThis indicator has a lot of information. This is the first version so stay tuned for updates, and please let me know of any bugs. Candlestick Indicators: Doji Shooting Star Evening Star Hammer Hanging Man Candlestick Formations Tri-star Bearish Harami Bullish Harami Bearish Harami Cross Bullish Harami Cross Bullish Engulfing Bearish Engulfing Rising Three Falling Three Bearish Abandoned Baby Bullish Abandoned Baby Three Black Crows Three White Soldiers Technical Indicators: (You can set you MA periods) Moving Average Cross Move Average Crossover
Pine Script™ indicator
by tux
2
Candlestick Patterns With EMA and Stochastic6/11/15, Corrected barcolor errors. Candlestick patterns identified and color coded according to position above or below 8EMA(TLine). Special thanks to repo32, DavidR, and Chris Moody for coding ideas. Bullish candlestick buy signals have a greater probability of success when Stochastics are oversold. Bearish ones have a greater probability of success when overbought. Stack as many factors in your favor as possible. A candlestick signal by itself is of little value unless you apply additional information with it. An 8 EMA is coded also to help with buy/sell signals. Some of the videos by Steven Bigalow are on the Web to see how he uses it. www.youtube.com Regardless of systems and strategies used, make your second trade first: Know when you're going to exit. Risk management rules. Good luck and good trading.
Pine Script™ indicator
by rmwaddelljr
9
Naked Forex Trading StrategyBased on "How Naked Trading Works" video by Walter Peters: youtu.be I don't know this person and I am in no way affiliated with him. I just found his video interesting enough to make this into a script. Rules as described by Walter in his video: 1. if current candle makes a higher high than the previous one 2. and is a bearish engulfing candle 3. and has room to the left 4. and is the largest candle (high - low) compared to the last 7-10 previous ones Then open trade on the next candle once it breaks bearish engulfing candle's low and take profit close above previous support. Stop loss goes a few pips above bearish engulfing candle high Do the opposite on a bullish engulfing candle signal. Works best on 1H, 4H and 1D timeframes. I haven't done any extensive backtesting on this, but it looks like it gives pretty good signals:
Pine Script™ indicator
by AlistarElvis
21