Candlestick Patterns indicator V1

9 dic 2022

This indicator detects 4 candlestick patterns on the chart with confluences of EMA and market trend.

The indicator first considers the body percentages for candles and then checks the conditions for the formation of candlestick patterns.

This indicator detects the following patterns.

• Pinbar
  
• Morning & Evening Doji star
  
• Engulfing Pattern
  
• Tweezer Pattern
  

Let's talk about how the indicator detects these patterns.

Pinbar:
For Pinbar, the indicator takes the following inputs for body analysis.

• Body above or below %: Using this parameter, the indicator looks for pin bar formation in which the candle's body is at specifying distance form the high or low of the candles.
  
• Body Upper Limit: This specifies the maximum size for the body of pinbar relative to its total range.
  
• Body Lower Limit: This specifies the minimum size for the body of pinbar relative to its total range.
  Engulfing Candle:
  For Engulfing Candle, the indicator takes the following inputs for body analysis.
  
  • Body Percentage of Big Candle: This specifies the size of the body of a bigger candle or the latest candle
    
  • Body Percentage of Small Candle: This specifies the size of the body for small candle that is being engulfed.
    
    • Tweezer Candle:
      For Tweezer Candle, the indicator takes the following inputs for body analysis.
      
      • At what percentage should the second candle close: This specifies the close of the latest candle relative to the first candle
        
      • Body Percentage of First Candle: This specifies the size of the body of first or former candle
        
      • Body Percentage of Second Candle: This specifies the size of the body for the second or latest candle
        
        • Doji Star Candle:
          For Doji Star Candle, the indicator takes the following inputs for body analysis.
          
          • Body Percentage of First Candle: This specifies the size of the body of the first candle
            
          • Body Percentage of Second Candle: This specifies the size of the body of the Second or middle candle
            
          • Body Percentage of Third Candle: This specifies the size of the body for the Third or latest candle
            
          • At what percentage should the last candle close: This specifies the close of the latest candle relative to the first candle
            
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              Also, for each candlestick, there is an option to show or hide the label and change the colour of the labels