Identical Candles Detector [Premium]

12 giu

Identical Candles Detector [Premium]
Advanced pattern recognition for consecutive similar candles

Description
This professional-grade indicator detects sequences of nearly identical candles, a pattern often signaling consolidation before significant breakouts. Unlike basic similarity detectors, it employs a weighted comparison system evaluating both candle bodies and wicks with adjustable tolerance.

Key Features:

Smart Comparison Algorithm: Weighs body vs. wick importance (adjustable 0-100%)

Directional Filtering: Optional same-direction requirement for bullish/bearish consistency

Statistical Backtesting: Tracks historical pattern success rates in real-time

Future Projection: Analyzes post-pattern performance with customizable lookahead

Visual Highlighting: Clear pattern marking with optional performance statistics

How It Works:

Calculates weighted candle size (body + wicks)

Compares consecutive candles within user-defined tolerance

Verifies directional consistency when enabled

Evaluates future price action for statistical significance

Usage Guidelines:

Best used on 15m-4h timeframes for swing trading

Combine with volume confirmation for higher probability signals

Tighten tolerance (3-5%) for more precise patterns

Use minimum pattern distance to avoid over-crowding

Technical Notes:

Safe historical access prevents lookback errors

Comprehensive input validation ensures stable operation

Memory-efficient implementation supports long backtests

Why This Stands Out:
While simple candle patterns are common, this tool adds:

Quantitative similarity measurement

Configurable component weighting

Built-in performance analytics

Professional-grade alert conditions

Note: This is not a standalone trading system. Always use with proper risk management and confirmation from other indicators.

13 giu

Note di rilascio

Identical Candles Detector [Premium]
Advanced pattern recognition for consecutive similar candles

Description
This professional-grade indicator detects sequences of nearly identical candles, a pattern often signaling consolidation before significant breakouts. Unlike basic similarity detectors, it employs a weighted comparison system evaluating both candle bodies and wicks with adjustable tolerance.

Key Features:

Smart Comparison Algorithm: Weighs body vs. wick importance (adjustable 0-100%)

Directional Filtering: Optional same-direction requirement for bullish/bearish consistency

Statistical Backtesting: Tracks historical pattern success rates in real-time

Future Projection: Analyzes post-pattern performance with customizable lookahead

Visual Highlighting: Clear pattern marking with optional performance statistics

How It Works:

Calculates weighted candle size (body + wicks)

Compares consecutive candles within user-defined tolerance

Verifies directional consistency when enabled

Evaluates future price action for statistical significance

Usage Guidelines:

Best used on 15m-4h timeframes for swing trading

Combine with volume confirmation for higher probability signals

Tighten tolerance (3-5%) for more precise patterns

Use minimum pattern distance to avoid over-crowding

Technical Notes:

Safe historical access prevents lookback errors

Comprehensive input validation ensures stable operation

Memory-efficient implementation supports long backtests

Why This Stands Out:
While simple candle patterns are common, this tool adds:

Quantitative similarity measurement

Configurable component weighting

Built-in performance analytics

Professional-grade alert conditions

Note: This is not a standalone trading system. Always use with proper risk management and confirmation from other indicators.

19 giu

Note di rilascio

Summary
The "Identical Candles Detector" is an advanced analytical tool designed to uncover a unique market phenomenon: the formation of statistically significant patterns of nearly identical, consecutive candles. Instead of relying on traditional lagging indicators, this tool identifies these price "footprints" or "echoes," performs an instant historical backtest on the pattern, and presents you with a data-driven success rate right on your chart.

How It Works: The Core Logic
This indicator is built on the principle that the market often leaves clues in the form of repeating, fractal price action before making a significant move. The engine works in three stages:

Pattern Detection: The algorithm scans the chart history (up to 500 bars) for a sequence of consecutive candles (e.g., 3 candles) that are nearly identical. The definition of "identical" is based on a weighted calculation of the candle's body and wicks, which you can adjust using the "Size Tolerance %" and "Body Weight %" inputs.

Instant Statistical Analysis: This is the indicator's most powerful feature. When a pattern is found on your live chart, the tool immediately looks back through history to find every past occurrence of that same pattern. It then calculates the historical success rate based on whether the price made a significant move (defined by you) in the desired direction within the next few bars.

On-Chart Data Dashboard: All of this complex analysis is presented in a simple, easy-to-read table on your chart. You can instantly see the total number of patterns found, the success rate for bullish and bearish setups, and a "Confidence" score derived from this historical data.

How to Use This Tool
When a pattern of identical candles is detected, a box will highlight them on your chart.
Immediately look at the Statistics Table. A high historical "Success Rate" (e.g., >70%) for a bullish pattern suggests that, in the past, this specific setup has often led to an upward move.
This tool is not a standalone signal generator. It is designed to be a powerful confluence and validation tool. Use it alongside your existing strategy to confirm entry points and increase your confidence in a trade. For example, if you see a bullish setup near a key support level, and this indicator detects a pattern with a high historical success rate, it adds significant weight to your trade idea.
Features & Customization
Unique Pattern Recognition: Finds an edge that is invisible to 99% of other indicators.
Built-in Backtesting Engine: Get instant, data-driven feedback on every pattern's historical performance.
Fully Customizable: Control every aspect of pattern detection, from the number of candles to the tolerance for similarity.
Complete Statistical Dashboard: All the data you need in one clean on-chart table.
Full Alert System: Create alerts to be notified whenever a new pattern is detected.
DISCLAIMER
This tool is provided for educational and analytical purposes only. The statistical data, including "Success Rate" and "Confidence," is based purely on historical price action and does not in any way guarantee future results. Trading involves a high risk of capital loss. Always perform your own analysis and use proper risk management. This is not financial advice.