Candlestick Structure [LuxAlgo]The Candlestick Structure indicator detects major market trends and displays various candlestick patterns aligning with the detected trend, filtering out potentially unwanted patterns as a result. Multiple trend detection methods are included and can be selected by the users.
A dashboard showing the alignment percentage of each individual pattern is also provided.
🔶 USAGE
By distinguishing major and minor trend detection, we can still detect patterns based on minor trends, yet filter out the patterns that do not align with the major trend.
By detecting candlestick patterns that align with a major trend, we can effectively detect the ending points of retracements, potentially providing various entry points of interest within a trend.
Users are able to track the alignment of each candlestick pattern in the dashboard to reveal which patterns typically align with the trend and which may not.
Note: Alignment % only checks if the pattern's direction is the same as the current trend direction. These are only raw readings and not any type of confidence score.
🔶 DETAILS
In this indicator, we are identifying and tracking 16 different Candlestick Patterns.
🔹 Bullish Patterns
Hammer: Identified by a small upper wick (or no upper wick) with a small body, and an elongated lower wick whose length is 2X greater than the candle body’s width.
Inverted Hammer: Identified by a small lower wick (or no lower wick) with a small body, and an elongated upper wick whose length is 2X greater than the candle body’s width.
Bullish Engulfing: A 2 bar pattern identified by a large bullish candle body fully encapsulating (opening lower and closing higher) the previous small (bearish) candle body.
Rising 3: A 5 bar pattern identified by an initial full-bodied bullish candle, followed by 3 bearish candles that trade within the high and low of the initial candle, followed by another full-bodied bullish candle closing above the high of the initial candle.
3 White Soldiers: Identified by 3 full-bodied bullish candles, each opening within the body and closing below the high, of the previous candle.
Morning Star: A 3 bar pattern identified by a full-bodied bearish candle, followed by a small-bodied bearish candle, followed by a full-bodied bullish candle that closes above the halfway point of the first candle.
Bullish Harami: A 2 bar pattern, identified by an initial bearish candle, followed by a small bullish candle whose range is entirely contained within the body of the initial candle.
Tweezer Bottom: A 2 bar pattern identified by an initial bearish candle, followed by a bullish candle, both having equal lows.
🔹 Bearish Patterns
Hanging Man: Identified by a small upper wick (or no upper wick) with a small body, and an elongated lower wick whose length is 2X greater than the candle body’s width.
Shooting Star: Identified by a small lower wick (or no lower wick) with a small body, and an elongated upper wick whose length is 2X greater than the candle body’s width.
Bearish Engulfing: A 2 bar pattern identified by a large bearish candle body fully encapsulating (opening higher and closing lower) the previous small (bullish) candle body.
Falling 3: A 5 bar pattern identified by an initial full-bodied bearish candle, followed by 3 bullish candles that trade within the high and low of the initial candle, followed by another full-bodied bearish candle closing below the low of the initial candle.
3 Black Crows: Identified by 3 full-bodied bearish candles, each open within the body and closing below the low, of the previous candle.
Evening Star: A 3 bar pattern identified by a full-bodied bullish candle, followed by a small-bodied bullish candle, followed by a full-bodied bearish candle that closes below the halfway point of the first candle.
Bearish Harami: A 2 bar pattern, identified by an initial bullish candle, followed by a small bearish candle whose range is entirely contained within the body of the initial candle.
Tweezer Top: A 2 bar pattern identified by an initial bullish candle, followed by a bearish candle, both having equal highs.
🔹 Trend Types
Major trend is displayed at all times, the display will change depending on the trend method selected.
The minor trend can also be visualized; to avoid confusion, the minor trend can optionally be displayed through the candle colors.
Supertrend: Displays Upper and Lower SuperTrend, When we break above the upper, it is considered an Uptrend. When we break below the lower, it is considered a Downtrend.
EMAs: Displays Fast and Slow EMAs, When Fast>Slow, it is considered an Uptrend. When Fast<Slow, it is considered a Downtrend.
ChoCh: Displays ChoCh Lines and Labels, When a Bullish ChoCh occurs, it is now considered as an Uptrend. When a Bearish ChoCh occurs, it is now considered a Downtrend.
Donchian Channel: Displays the Highest and Lowest Values, When we break above the Highest, it is considered an Uptrend. When we break below the Lowest, it is considered a Downtrend.
Below is an example of the Change of Character (ChoCh) method of trend detection.
Note: In this description, each screenshot has a different trend method in use, scroll through if you are looking for a specific one.
🔶 SETTINGS
Candlestick Patterns: Choose which candlestick patterns to include in calculations.
Minor Trend Length: Determines the Donchian Channel length to use for minor trend identification.
Major Trend Method: Determines which trend method to use for identifying Major Trend.
Major Trend Parameters: Various inputs for controlling Major trends, depending on the specific method you have selected.
Color Candles: Colors the chart candles based on minor trend.
Dashboard: Control display size and location of Alignment Dashboard.
Harami
Japanese Candle Patterns Detector in Potential Price ZoneThis script would find the 8 famous "Japanese Candle Stick Patterns" in your chart.
Please be aware it find patterns in "Potential price zones" only, which help you to avoid none-important patterns during a price trend.
I used RSI and ATR in my codes to find best candle forms and price conditions.
*** This indicator shared before but without source code. According to follow requests, I publish it again with source codes. I hope it helps you in trading journey...
Bellow patterns are detecting:
Hammer | ShootingStar | Engulfing Candle | Doji | Tweezers Top/Buttom | Three White Soldiers/Three Black Crows | Marubozu | Harami
* You can select your preferred patterns from indicator setting.
* Pattern names are abbreviated for better view on chart.
* Separate alerts for different type of candles for whom looking for a specific candle pattern
* Main alert which notify about every kind of candle patterns detect in a chart
Pivot Point CandlesIndicator that highlights Hammer, Inverted Hammer, Engulfing, and Harami candlestick patterns. Great for those looking for a quick way to show the most popular reversal patterns on the charts.
Options will allow you to select to show Hammers, Engulfing or Harami patterns only. You choose the combinations that you want. Great tool to learn and training your eyes to the patterns.
You also have an option to select "Super" versions of the Engulfing and the Harami patterns, the Supers only shows if the pattern engulfs the body and the wick of the smaller candle in the pattern.
The indicator will show Bullish opportunities and Bearish opportunities on the chart for each of the patterns. The inverted hammer will show at the top indicating a Bear move, and the Hammer will show below price indicating a Bullish move.
Use this indicator in conjunction with other Support & Resistance such as the simple moving averages, trend lines, flat lines, or even Bollinger bands. When these patterns show at or around these points on the chart they will indicate a reversal is pending. Wait for the next candle as confirmation that the move will actually take place in the direction indicated and you will have your pivot point on the chart and create a higher probability of success. Leverage Stochastic, RSI, or CCI indicators to help confirm the reversal as well. Look out for resistance above or support below to determine your targets for the reversal.
Happy trading!
quantized pin bar indicator with ATRAbstract
This script computes the strength of pin bars.
This script uses the corrent and the previous two bars to compute the strength of pin bars.
The strength of pin bars can be also comared with average true range, so we can evaluate those pin bars are strong or weak.
Introduction
Pin bar is a popular price action trading strategy.
It is based on quick price rejection.
Most of existing pin bar scripts only determine if a bar is a pin bar or not.
However, evaluating the strength of pin bars is important.
If price rejection is too weak, it is difficult to trigger trend reversal.
If a pin bar is too strong, we may enter the trade too late and cannot have good profit.
In this script, it provides a method to compute to strength of pin bars.
After the strength of pin bars are quantized, they can compare with average true range, price range and trend strength, which can help us to determine where are worthy for us to open trades.
Computation
Bullish hammer : current low is lower than ( previous high or current open ) and current close.
Bearish gravestone : current high is higher than ( previous low or current open ) and current close.
Bullish engulfing and harami : ( current low or previous low ) is lower than ( previous 2nd high or previous open ) and current close.
Bearish engulfing and harami : ( current high or previous high ) is higher than ( previous 2nd low or previous open ) and current close.
Parameters
Smoothing : the type of computing average.
Length of ATR : determines the number of true ranges for computing average true range.
ATR multiplier line : the threshould that a pin bar is strong enough. For example, if this value is 0.5, it means a pin bar with 0.5*atr or more is considered a strong pin bar.
one direction pinbar : set to 1 if you want the strength of bullish pin bars and bearish pin bars are cancelled. Set to 0 if you want to keep both strength of bullish pin bars and bearish pin bars; in this case, you may need to change the plot style to make both strength visible.
Trading Suggestions
Evaluate the strength of trend against pin bars. After all, a single reverse pin bar may be too weak to reverse the trend.
Timeframe : if atr is higher than 4*spread, the timeframe is high enough. However, if strong pin bars appear too frequent or price range is too small, going to higher fimeframe may be more safe.
Entry and exit : according to personal flavors.
Conclusion
The strength of pin bars can be quantized.
With this indicator, we can find more potential pin bars which human eyes and binary pattern detectors were leaked.
In my opinion, 0.5*atr is the most suitable streng of a pin bar for my trade entry but I still need to consider the direction of the trend.
You are welcome to share your settings and related trading strategy.
References
Most of related knowledge can be searched from the internet.
I cannot say the exact references because they may violate the rules of Tradingview.
Bullish and Bearish by NicolErazoFThis indicator changes the color of the candlesticks when there’s a change in the trend to the rising or falling trend.
BEARISH ENGULFING: Yellow candlestick. It is an engulfing falling trend reversal; you must make a sell decision.
BEARISH HARAMI: White candlestick. Indicates a possible falling trend change, you must be alert for a possible sale.
BULLISH ENGULFING: Black candlestick. It is a change in the engulfing rising trend, you must make a purchase decision.
BULLISH HARAMI: Blue candlestick. Indicates a possible rising trend change, you should be alert for a possible purchase.
On the chart, you can see the 4 candles, on September 11 the black candle appears indicating a change in the uptrend. But today, the white candle is seen, which appears on September 8, indicating a rebound with a possible change in trend to bearish.
Previous days, on August 26, you see the blue candle with a possible change in the upward trend, which then, on August 28, a yellow candle appears with a change in the downward trend.
The Engulfing indicator (yellow and black) says that the candle has an engulfing change that is radical.
On the other hand, the Harami (blue and white) indicates a possible change in trend that must be previously analyzed.
Harami candles are smaller than Engulfing candles, since Harami in a Japanese term that means pregnancy, where the previous candle is the woman and the next candle is the baby.
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ESPAÑOL
Este indicador cambia las velas de color cuando ocurre un cambio de tendencia ALCISTA o BAJISTA
BEARISH ENGULFING: Vela de color amarillo. Es una cambio de tendencia bajista envolvente, debes tomar una decisión de venta.
BEARISH HARAMI: Vela de color blanco. Indica un posible cambio de tendencia bajista, debes estar alerta para una posible venta.
BULLISH ENGULFING: Vela de color negro. Es un cambio de tendencia alcista envolvente, debes tomar una decisión de compra.
BULLISH HARAMI: Vela de color azul. Indica un posible cambio de tendencia alcista, debes estar alerta para una posible compra.
En el gráfico, se pueden ver las 4 velas, el 11 de Septiembre aparece la vela negra que indica un cambio de tendencia alcista. Pero hoy, se ve la vela blanca, que aparece el 8 de septiembre, indicando un rebote con un posible cambio de tendencia a bajista.
Días anteriores, el 26 de Agosto, se ve la vela azul con un posible cambio de tendencia alcista, que luego, el 28 de agosto aparece una vela amarilla con cambio de tendencia bajista.
El indicador Engulfing (amarillo y negro) dice que la vela tiene un cambio envolvente que es radical.
En cambio, el Harami (azul y blanco) indica un posible cambio de tendencia que debe ser previamente analizado.
Las velas Harami son más pequeñas que las Engulfing , ya que Harami en un término japonés que significa embarazo, en donde la vela anterior es la mujer y la vela siguiente es el bebé.
Binary Options Arrows (example)An example of Binary Option Arrows (BOA) for candlestick patterns bearish and bullish harami.
With results as coloured background and an option to choose your expiration (one candle by default).
It's just an example for those who has their own strategy and wants to make nice arrows in their chart.
All you need to do is rewrite piece of script in lines 9:13 - feel free to ask me for any help.
Disclaimer: It's just an example how to script arrows for binary option trading, Poshtrader is not responsible for any loss of money by using this particular strategy.
Happy Trading
Bullish Harami Backtest This is a bullish reversal pattern formed by two candlesticks in which a small
real body is contained within the prior session's unusually large real body.
Usually the second real body is the opposite color of the first real body.
The Harami pattern is the reverse of the Engulfing pattern.
WARNING:
- For purpose educate only
- This script to change bars colors.
Bullish Harami Strategy This is a bullish reversal pattern formed by two candlesticks in which a small
real body is contained within the prior session's unusually large real body.
Usually the second real body is the opposite color of the first real body.
The Harami pattern is the reverse of the Engulfing pattern.
WARNING:
- This script to change bars colors.
Bearish Harami Backtest This is a bearish reversal pattern formed by two candlesticks in which a short
real body is contained within the prior session's long real body. Usually the
second real body is the opposite color of the first real body. The Harami pattern
is the reverse of the Engulfing pattern.
WARNING:
- For purpose educate only
- This script to change bars colors.
Bearish Harami Copyright by HPotter 15/01/2019
This is a bearish reversal pattern formed by two candlesticks in which a short
real body is contained within the prior session's long real body. Usually the
second real body is the opposite color of the first real body. The Harami pattern
is the reverse of the Engulfing pattern.
WARNING:
- This script to change bars colors.
Price Action Doji Harami v0.2 by JustUncleLThis is an updated and final version of this indicator. This version distinguishes between the true Harami and the other Doji candlestick patterns as used with the Heikin Ashi candle charts. These candle patterns indicate a potential trend reversal or pullback.
The patterns identified are:
- Bearish Harami (Red Highlight above Bar):
One to three (default 3) large body Bull (green) candles followed by a small (red)
or no body candle (less than 0.5pip) with wicks top and bottom that are at least 60% of candle.
- Bullish Harami (Green Highlight below Bar):
One to three (default 3) large body Bear (red) candles followed by a small (green)
or no body candle (less than 0.5pip) with wicks top and bottom that are at least 60% of candle.
- Bearish Doji (Fuchsia Highlight above Bar):
One to three (default 3) large body Bull (green) candles followed by a small (green)
with wicks top and bottom that are at least 60% of candle.
- Bullish Doji (Aqua Highlight below Bar):
One to three (default 3) large body Bear (red) candles followed by a small (red)
with wicks top and bottom that are at least 60% of candle.
You can optionally specify how large the candles prior to Harami/Doji are in pips, default is 0 pip.
If you set this to zero then it will have no candle size consideration. You can also specify how many look back candles (1-3) are used in Harami/Doji calculations (default 3).
Included option to perform Calculations purely on Heikin Ashi candles, this helps when you want to see the HA Doji/Harami bars with the normal candle stick chart.
Also can optionally set an alert condition for when Harami/Doji found, this also displays a circle on the bottom of the screen when alert is triggered.
Candlestick Patterns Identified (updated 3/11/15)I decided to republish this one without the trend filter and with all the major symbols active. This will allow for all the patterns to show up.
Due to 15 different candlestick formations in this one script, it will be difficult to turn off the last few due to screen size. You can turn off individual patterns on the settings screen.
I have everything spelled out except the hammer and inverted hammer. They are "H" and "IH" respectively on the charts. They show up so often that they cluttered the charts.
The default script has: Doji, Evening Star, Morning Star, Shooting Star, Hammer, Inverted Hammer, Bearish Harami, Bullish Harami, Bearish Engulfing, Bullish Engulfing, Piercing Line, Bullish Belt, Bullish Kicker, Bearish Kicker, Hanging man, and Dark Cloud Cover. You can turn off what you don't like. The Piercing Line, Bullish Belt, and the Kickers will usually show up better in the daily charts.
I recommend watching videos with Stephen Bigalow to get a feel for how to trade these. You will want to add an 8 EMA to your chart with his setups. Enjoy.
If you want the old version: Take a look at the related ideas below.
Candlesticks Patterns IdentifiedI was using another script that colored the bars to show the different candle patterns. Thanks to HPotter (www.tradingview.com). Unfortunately, I can't think that fast when looking across a screen of charts with different color bars. Fortunately, Tradingview came up with symbols and names on 2/26/15. I decided to take my favorite symbols and attach them to a name. This makes it easier to see what is going on and where your entry would be if it confirms. Works beautifully for me. Decided to share. I also added the ability to alter what shows up based upon a look back. A bullish engulfing at the top of a trend, or a bearish harami at the bottom of the trend, is nearly useless and clutters the chart. I have the default set for the open of the current bar to be higher or lower than the open from 5 bars back. You can adjust in the settings to what you like. This trend setting is on all the patterns except doji. If you want to see all the candle patterns, set it to "1".
The doji can be adjusted as well. I left some other patterns at the bottom of the script, but they are turned off. They became too much of a clutter for me. I prefer DovCaspi's pattern finder for hammers and stars: I use his due to the clean appearance.
The default script has: Doji, Bearish Harami, Bullish Harami, Bearish Engulfing, Bullish Engulfing, Piercing Line, Bullish Belt, Bullish Kicker, and Bearish Kicker. You can turn off what you don't like. The Piercing Line, Bullish Belt, and the Kickers will usually show up better in the daily charts.
If you would like the updated version, see the Related Ideas below:
ET/CandleStick-2website: www.ersoytoptas.com
Newspaper : tr.investing.com
Bullishharami , Bearishharami , hangingman
Analysis First, you are building your own, then use Indicator ..
Thank you
Bullish Harami automatic finding script Hi
Let me introduce my Bullish Harami automatic finding script.
This is a bullish reversal pattern formed by two candlesticks in which a small
real body is contained within the prior session's unusually large real body.
Usually the second real body is the opposite color of the first real body.
The Harami pattern is the reverse of the Engulfing pattern.
This pattern marked as yellow.
