Bullish Candlestick Patterns With Filters [TradeDots]

22 apr

The "Bullish Candlestick Patterns With Filters" is a trading indicator that identifies 6 core bullish candlestick patterns. This is further enhanced by applying channel indicator as filters, designed to further increase the accuracy of the recognized patterns.

6 CANDLESTICK PATTERNS

1. Hammer
   
2. Inverted Hammer
   
3. Bullish Engulfing
   
4. The Piercing Line
   
5. The Morning Star
   
6. The 3 White Soldiers
   

SIGNAL FILTERING

The indicator incorporates with 2 primary methodologies aimed at filtering out lower accuracy signals.

Firstly, it comes with a "Lowest period" parameter that examines whether the trough of the bullish candlestick configuration signifies the lowest point within a specified retrospective bar length. The longer the period, the higher the probability that the price will rebound.

Secondly, the channel indicators, the Keltner Channels or Bollinger Bands. This indicator examines whether the lowest point of the bullish candlestick pattern breaches the lower band, indicating an oversold signal. Users have the flexibility to modify the length and band multiplier, enabling them to custom-tune signal sensitivity.

Without Filtering:


With Filtering


RISK DISCLAIMER

Trading entails substantial risk, and most day traders incur losses. All content, tools, scripts, articles, and education provided by TradeDots serve purely informational and educational purposes. Past performances are not definitive predictors of future results.

22 apr

Note di rilascio

• Update displayed chart
  

17 dic

Note di rilascio

• Includes an alert feature that allows users to track bullish candlestick patterns when the asset is within the specified lower and upper bounds.