Pattern and Percent Pro-2.0Candle Percentage Change with Patterns Overview Original, unique indicator that represents the missing link between pattern-based candlestick analysis, volatility percentage tracking, and trend detection. The combination of multifeature abilities in one single script eliminates the need for the trader to overflow their screen with multiple indicators in order to analyze market dynamics easily and intuitively.
Originality
This script is unique among the other indicators for its combination of features, which so far have not been found together in one tool:
Integrated Percentage and Pattern Analysis: Though most tools focus either on candlestick patterns or on percentage changes, this script marries them together, offering both granular insights and broader market context, such as trend and cumulative changes.
Dynamic Visual Features: The optional heatmap dynamically changes shades with the magnitude of the percent change, offering a more intuitive way to evaluate market volatility. Besides that, adjustable labels and thresholds ensure an unparalleled degree of adaptability.
Multi-Layered Customizable Approach: From data filtration through RSI, highlighting of considerable changes, up to following cumulative trends, a trader can adjust this tool for his approach, which hardly finds its analogy in such an extended manner.
Pattern Synergy: The advanced detection of candlestick patterns, combined with indicators of trend and percentage change, creates a synergy that is above the sum of its parts in terms of actionable insights for traders. Key Features and How They Work
Percentage Change Analysis:
To begin, there will be percentage change labels for each candle. The user will be able to set label placement so that it will include cumulative percentage tracking across a predefined number of candles for short- and long-term insight into the markets.
Candlestick Pattern Detection:
Automatically detects and labels major candlestick patterns including but not limited to:
Doji Variants (Dragonfly, Gravestone).
Hammer Variants (Standard, Inverted).
Marubozu Patterns (Bullish, Bearish).
These are important in the identification of potential reversals or continuation signals.
Trend Analysis with Moving Average(Optional):
Detects the general direction of the market using Weighted Moving Average. Arrows are used to visually indicate upward or downward trends.
Heatmap and Highlighting:
Heatmap - The background is dynamically colored based on percentage changes; this provides instant visual feedback on volatility.
Highlighting: Marks candles that exceed user-defined thresholds, helping traders identify significant market movements.
RSI Integration (Optional):
Filters displayed labels based on RSI overbought/oversold levels to reduce noise and refine insights.
Customizable Alerts:
Notifications of high or low percentage changes include visual and audio cues to keep traders informed in real time.
User-Friendly Customization:
Traders can customize label colors, positions, lifespan, and more to fit their needs.
Use Case and Application
This script is perfect for:
Day Traders and Scalpers: Immediate identification of high-volatility candles for quick reversals.
Swing Traders: Confirm entry and exit with cumulative percentage trends.
Education: This will help new traders learn in a very simplified manner how to use complex concepts like candlestick patterns and trend analysis.
How to Use:
Toggle Features On/Off: Heatmap, candlestick pattern, RSI filter, and/or trend arrow.
Threshold Settings: Percentage change threshold and label lifetime threshold set for actionable signals.
Visualize Volatility: Immediately understand the action in the market through the heat map and combine it with pattern detection for a more profound analysis.
This script is unique because it's the first multi-dimensional tool that brings together the best in class candlestick pattern recognition, % change tracking, and visualizations into one single, easy-to-use tool. It will be a must-have tool for any serious trader who wants to glean immediate insight into volatility, trend, and pattern information all from one place.
