Swing Highs/Lows & Candle Patterns [LuxAlgo]

17 set 2020

This script labels swing highs and swing lows as well as the candle pattern that occurred at that precise point. The script can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star, and bearish engulfing.

This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past.

🔶 USAGE

It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.

The notations HH, HL, LH, and LL you can see on the labels are defined as follows:

• HH : Higher high
  
• HL : Higher low
  
• LH : Lower high
  
• LL : Lower low
  

🔶 SETTING

Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.

28 ott 2020

Note di rilascio

Copyright update & default "length" input value set to 20.

15 feb 2021

Note di rilascio

Minor Changes.

4 ott 2022

Note di rilascio

Update to script title.

19 lug 2023

Note di rilascio

Changed styling, switched to version 5, and minor changes.

19 lug 2023

Note di rilascio

Minor changes