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Candle Pattern ProbabilityThe "Candle Pattern Probability" indicator is a technical analysis tool designed specifically for traders who want to assess the probability of success for different candlestick patterns in the financial markets. Japanese candlesticks, also known as candlesticks, provide valuable information about price action within a specific time period. These candlestick patterns can help identify potential trend reversals as well as signal entry and exit points in the market. The "Candle Pattern Probability" indicator uses a data-driven approach to calculate the likelihood of a specific candlestick pattern resulting in a successful price movement. It operates on the premise that certain candlestick patterns tend to repeat and have a higher probability of leading to predictable market movements. The indicator analyzes a wide variety of candlestick patterns such as the hammer, shooting star, bullish/bearish engulfing, doji, hanging man, among others. It employs specific statistics and algorithms to evaluate the frequency and effectiveness of these patterns in the past, thereby estimating the probability of their repetition in the future. The indicator's output is visually presented as a percentage value or a color scale, facilitating interpretation by traders. The higher the percentage value or the more intensified the color, the greater the estimated probability of success for the analyzed candlestick pattern. It is important to note that the "Candle Pattern Probability" indicator is a supplementary tool and should not be considered as a definitive signal for trading decisions. It is recommended to use it in conjunction with other technical indicators, fundamental analysis, and a sound understanding of the market before making trades. Please remember that the analysis of candlestick patterns and the use of this indicator require practice, experience, and trading knowledge. It is always advisable to conduct additional testing and validation before basing decisions solely on the results provided by this indicator.
Pine Script® indicator
by omararturo
Candlestick Strength and Weakness with RSI and OBVThe "Candlestick Strength and Weakness with RSI and OBV" indicator, denoted as CSW, is a tool designed to assist traders in identifying potential trend reversals in financial markets. The CSW indicator combines the analysis of candlestick patterns, relative strength index (RSI), and on-balance volume (OBV) to provide traders with valuable insights into market dynamics. The CSW indicator calculates the strength and weakness of each candlestick based on its open, close, high, and low prices. It considers the body range, upper shadow range, and lower shadow range of the candlestick to determine the distribution of strength and weakness within it. By quantifying the candlestick's strength and weakness, the indicator provides a visual representation of the balance between bullish and bearish forces in the market. In addition to candlestick analysis, the CSW indicator incorporates RSI and OBV calculations to further validate potential trend reversals. The RSI is a widely-used momentum oscillator that measures the speed and change of price movements. The OBV, on the other hand, tracks the cumulative volume flow and helps identify periods of accumulation or distribution. By considering these indicators alongside candlestick strength and weakness, the CSW indicator enhances the accuracy of its signals. To interpret the CSW indicator effectively, traders should consider the following: Candlestick Strength and Weakness: The indicator plots two lines, "Candle Strength" and "Candle Weakness," representing the strength and weakness of each candlestick. The strength line indicates the bullish pressure, while the weakness line represents the bearish pressure. Potential Reversal Signals: The CSW indicator identifies potential trend reversals based on the balance between candlestick strength and weakness, RSI readings, and OBV values. A bullish reversal signal occurs when the strength is higher than weakness, the RSI is below 30 (indicating oversold conditions), and the OBV is below its 20-period simple moving average (SMA). Conversely, a bearish reversal signal occurs when the weakness is higher than strength, the RSI is above 70 (indicating overbought conditions), and the OBV is above its 20-period SMA. Trend Confirmation: The CSW indicator provides additional confirmation by comparing the closing price with the 20-period exponential moving average (EMA). If the closing price is above the EMA, it suggests an uptrend, while a closing price below the EMA indicates a downtrend. Traders can add the indicator to their charts and customize its parameters based on their preferences. By monitoring the indicator's plots and observing the occurrence of potential reversal signals in alignment with the trend confirmation, traders can make informed decisions regarding entry or exit points in their trading strategies.
Pine Script® indicator
by melvinmoron
2
Candle Body Percentages TableThis script is designed as an analysis tool to visually represent the relative strength of bullish and bearish market sentiments over a specified number of candles. It calculates and displays the percentages of bullish and bearish "candle bodies" as part of the total price range observed in the chosen period. Here's a breakdown of its functionalities: User-Defined Period Analysis: Users can specify the number of candles they wish to analyze, allowing for flexible and dynamic examination of market trends over different time frames. Bullish Body Percentage: The script calculates the combined length of all bullish candle bodies (where the closing price is higher than the opening price) within the selected range and expresses this total as a percentage of the combined price range of all candles analyzed. Bearish Body Percentage: Similarly, it computes the aggregate length of all bearish candle bodies (where the closing price is lower than the opening price) and presents this sum as a percentage of the total price range. Visual Representation: The results are displayed in a table format on the chart, providing an immediate visual summary of the prevailing market dynamics. The table shows the percentages of price movement dominated by bullish or bearish sentiment. Market Sentiment Indicator: This tool can be particularly useful for traders and analysts looking to gauge market sentiment. High bullish body percentages might indicate strong buying pressure, while high bearish body percentages could suggest significant selling pressure. Strategic Decision Making: By providing a clearer picture of market sentiment over a user-defined period, the script aids in making informed trading decisions, potentially enhancing trading strategies that are sensitive to trends and market momentum.
Pine Script® indicator
by MHermes
1
Candle Scale ComparisonCompares the scale of bullish and bearish candles and shows which side is currently dominant. Works in any symbol. 1. Input Parameters: - LookbackPeriod: Allows you to set how many bars to look back for calculating averages (default: 20) - showLabels: Toggle to show/hide dominance labels on the chart 2. Calculations: - Calculates the scale of bullish candles (close - open) Calculates the scale of bearish candles (open - close) - Computes moving averages for both scales using the specified lookback period - Determines which type of candles are dominating based on the averages 3. Visual Elements: - Plots two lines showing the average scales: - Green line for bullish candle scales - Red line for bearish candle scales - Adds a background color that changes based on dominance: - Light green when bullish candles dominate - Light red when bearish candles dominate - Shows labels above the chart indicating current dominance - Displays a table in the top-right corner showing: - The current scale ratio (bullish/bearish) - The current dominance status 4. Features: - The indicator is plotted in a separate pane below the main chart - Uses color coding for easy visual interpretation - Provides both visual and numerical representation of the dominance - Updates in real-time as new candles form
Pine Script® indicator
by gajdosmarian13
1
Candle Based Trend Reversal (Multi-Timeframe)Candle-Based Trend Reversal (Multi-Timeframe) Description: This indicator is designed to help traders identify potential trend reversals by analyzing candle patterns across multiple timeframes. The script uses two sets of conditions to determine bullish and bearish trends: 1. Short-Term Lookback: A shorter lookback period is used to detect initial signs of a trend reversal. The indicator checks for a specific number of bullish or bearish candles within this period. The lookback period for this set can be adjusted according to your preferences. 2. Long-Term Lookback: A longer lookback period is used to confirm the strength of the trend reversal. This additional check ensures that the trend change is significant and not just a short-term fluctuation. The lookback period for this set is also customizable to fit different trading strategies. When both conditions are met, the script will color the candles accordingly and display a label on the chart to indicate a potential trend reversal. The colors and symbols for bullish and bearish signals are fully customizable in the settings. How It Works: * The script examines the closing prices of candles within the specified lookback periods. * If the conditions for both lookback periods are met, it triggers a signal by changing the color of the candles and displaying a label. * Once a signal is triggered, the trend (bullish or bearish) will remain active until a new opposing signal is generated. * The lookback periods for both the short-term and long-term conditions can be modified, allowing you to tailor the indicator to different market conditions and timeframes. * This helps traders visually identify when a trend reversal might be occurring based on recent price action. Usage: * This indicator is particularly effective on monthly, weekly, daily, and hourly charts. * Simply switch the timeframe, and the indicator will do the rest. * Look for colored candles and labels to spot potential reversal points. * The last signal (bullish or bearish) will stay in effect until a contrary signal is given, allowing you to maintain a clear view of the prevailing trend. * Customize the lookback periods to match your trading style and market conditions. * This indicator is most effective when used in conjunction with other technical analysis tools.
Pine Script® indicator
by STEVE_BUSSE
Candle Size TableLast 3 Candle Stats – High, Low, Volume & Size Description: This intraday trading tool displays the High, Low, Volume, and Size (range) of the last 3 candles on your chart, providing a quick and clear reference for short-term momentum, volatility, and potential trade decisions. Designed for scalpers and day traders, this indicator helps you: Gauge momentum shifts by tracking how candle size and volume evolve. Identify exhaustion or continuation patterns by comparing recent candle ranges. Define entries and exits with more precision based on real-time market activity. The candle size is calculated as the absolute difference between the high and low of each candle, making it easy to spot expanding or contracting price action. Use this as a complementary tool with your price action strategy to enhance timing and confidence in fast-moving markets.
Pine Script® indicator
by twknowles
Candlestick PatternsShort Description: Identify and visualize 16 key candlestick patterns in real-time. Long Description: The Candlestick Pattern Detector is a powerful indicator designed to help traders identify and visualize 16 key candlestick patterns in real-time. This indicator overlays the identified patterns on the chart, making it easy for traders to spot potential trend reversals, continuations, or significant price movements. The indicator detects the following candlestick patterns: Bullish Engulfing Bearish Engulfing Bullish Harami Bearish Harami Bullish Piercing Dark Cloud Cover Hammer Hanging Man Inverted Hammer Shooting Star Morning Star Evening Star Three White Soldiers Three Black Crows Bullish Marubozu Bearish Marubozu Each pattern is labeled on the chart with its respective name and color-coded to indicate whether it's a bullish (green) or bearish (red) signal. This makes it easy for traders to quickly spot patterns and make informed decisions based on the detected signals. To use the Candlestick Pattern Detector, simply add it to your TradingView chart, and it will automatically highlight the identified patterns on the price chart. The patterns are identified based on well-established candlestick pattern recognition techniques, giving traders a reliable tool to aid their technical analysis. Whether you're a seasoned trader or just starting, the Candlestick Pattern Detector can be a valuable addition to your trading toolkit, helping you to identify potential trading opportunities based on classic candlestick patterns.
Pine Script® indicator
by Angelo1998
2
Candle count, with simple numberWhat it does Counts the length of same-color candle streaks (consecutive bullish or bearish bars) and prints the running number above each bar: e.g., “1, 2, 3…”; when color flips, it restarts at “1”. Prime numbers (2, 3, 5, 7, 11, 13) are emphasized by rendering one size step larger and with a user-selected color. Labels are pinned to each bar (anchored by bar index and price), so they do not drift when you pan or zoom the chart. How it works Determines candle direction: bullish if close > open, bearish if close < open. If the current bar has the same direction as the previous bar, the counter increments; otherwise it resets to 1. For values 2, 3, 5, 7, 11, 13 the number is highlighted (bigger + custom color). Each number is drawn just above the bar’s High with a configurable offset. The script does not repaint on history. During the live bar, the number updates in real time (as expected). Settings Digits size — Base text size (Tiny / Small / Normal / Large / Huge). Prime numbers are automatically shown one step larger than the base size. Offset above bar (ticks) — Vertical offset from the bar’s High, in instrument ticks. Prime numbers color — Text color used specifically for prime numbers (non-prime digits are white). How to read & use it Rising momentum. Long streaks (e.g., 5–7+) suggest strong directional moves with few pullbacks. Early pause/mean-reversion hints. After a long streak, the appearance of the opposite color (counter resets to “1”) often coincides with a pause or minor retrace. Research & statistics. Quickly see which streak lengths are common on your market/timeframe (e.g., “How often do 3–5 bar runs occur?”). Trade management. You can tie partial exits to specific streak lengths (2, 3, 5…) or reduce risk when the counter flips back to “1”. Why it’s useful Provides a clean, numeric view of momentum with zero smoothing or lag. Works on any symbol and timeframe. Prime-number emphasis makes important counts pop at a glance. Pinned labels stay exactly above their bars, ensuring stable, readable visuals at any zoom level. Notes Doji bars (close == open) are treated as no direction and reset the streak. This is a context tool, not a standalone buy/sell signal. Combine it with your entry/exit framework. Very dense charts may hit platform label limits; the script raises the limit, but extremely long histories on very low timeframes can still be heavy.
Pine Script® indicator
by Buyhim