Noteworthy Candlesticks

9 gen

This indicator identifies noteworthy candlestick formations by analyzing the proportions of a candlestick’s body, wicks, and shadows in relation to its total range. It highlights specific patterns to assist in analyzing potential market activity.

Key Features

• Lower Wick Candles: It identifies candlesticks with long lower wicks, which may indicate price rejection at lower levels.
  
• Upper Wick Candles: It detects candlesticks with long upper wicks, which may indicate price rejection at higher levels.
  
• Doji Candles: It recognizes candlesticks with small bodies relative to their range, often associated with market indecision.
  

Definitions of Wicks and Shadows
In traditional candlestick charting, the terms wick and shadow are interchangeable, referring to the thin lines extending above and below the candlestick's body. However, this indicator uses distinct definitions:

• Wicks represent the distance from the edges of the candlestick body (the open and close prices) to the high or low.
  
• Shadows measure the distance from the closing price to the high or low of the candlestick.
  

By distinguishing between wicks and shadows, the indicator provides separate insights into price extremes (wicks) and price behavior around the close (shadows).

How It Works
The indicator evaluates each candlestick against user-defined thresholds for wick and shadow length. It compares the overall range of the candlestick to the ATR (Average True Range) to ensure patterns are relevant in the context of recent volatility.

• Candlesticks with noteworthy lower wicks are marked with a symbol below the bar.
  
• Candlesticks with noteworthy upper wicks are marked with a symbol above the bar.
  
• Doji candles are marked with symbols both above and below the bar.
  

Applications
This indicator can assist traders in identifying potential areas of price reversal, rejection, or indecision. It can also provide additional context when used alongside other technical tools like volume analysis, trendlines, or support and resistance levels.

Acknowledgment
This description was written by ChatGPT to facilitate the understanding of the indicator's features and functionality.

30 gen

Note di rilascio

This indicator identifies noteworthy candlestick formations by analyzing the proportions of a candlestick’s body, wicks, and shadows in relation to its total range. The latest version includes enhanced pattern detection, customization options, and real-time alerts.

Key Changes and New Features

• ID/NR4 Pattern Detection: Identifies Inside-Day (ID) and Narrow-Range 4 (NR4) patterns, highlighting consolidation zones and potential breakout opportunities.
  
• Pattern Levels: Detects and labels multiple levels of ID/NR4 patterns (ID1/NR4, ID2/NR4, ID3/NR4) with clear chart symbols.
  
• Configurable Display Options:
  Σ: Long wick patterns
  Δ: Doji patterns
  λ: ID/NR4 patterns
  
• Custom Label Color: Enables users to customize the text color for better visual distinction.
  
• Volatility Filtering: Validates patterns using ATR-based thresholds over a lookback period to ensure contextual significance.
  

Alerts for Key Patterns
Traders can now receive real-time alerts when specific patterns appear, helping them stay informed without constant chart monitoring.

Custom Alert Triggers:

• Long lower and upper wick candles
  
• Doji candles
  
• ID/NR4 pattern formations
  

Pattern Definitions

• Wick and Shadow Refinement: Retains clear distinctions for deeper insights into price action.
  
• Inside-Day (ID) and Narrow-Range (NR4): Detects patterns essential for spotting consolidation phases and potential breakouts.
  

Applications
This updated version not only aids in visually identifying market patterns but also keeps traders proactive with timely alerts, making it a powerful tool for technical analysis when paired with volume studies and other market indicators.

Acknowledgment
This description was written by ChatGPT.

6 feb

Note di rilascio

The code now distinguishes between normal and high-volume patterns.