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Fshariar_Enhanced Pattern Indicator with RSI
The Fshariar Enhanced Pattern Indicator with RSI is a versatile tool designed to identify key candlestick patterns combined with RSI-based filters and optional trend filtering using moving averages. This indicator is ideal for traders looking to enhance their technical analysis and improve signal accuracy.
Features:
Candlestick Pattern Detection:
Supports multiple candlestick patterns:
Bullish/Bearish Engulfing
Morning Star/Evening Star
Piercing/Dark Cloud Cover
Bullish Hammer
Bearish Shooting Star
Each pattern can be toggled on or off based on your trading preferences.
RSI-Based Filtering:
Includes an RSI filter to improve the reliability of signals:
Buy signals are validated when RSI is in oversold territory.
Sell signals are validated when RSI is in overbought territory.
Customizable settings for RSI length, overbought, and oversold levels.
Optional Trend Filter:
Integrates a moving average (SMA or EMA) as a trend filter:
Buy signals are only generated when the price is above the moving average.
Sell signals are only generated when the price is below the moving average.
Fully customizable moving average type and length.
Signal Alerts:
Built-in alerts for Buy and Sell signals to notify you in real-time.
Visual Output:
Buy signals are displayed as green triangles below candles.
Sell signals are displayed as red triangles above candles.
Optional moving average is plotted on the chart for trend filtering.
How It Works:
The indicator scans for specific candlestick patterns based on price action.
Signals are filtered using RSI conditions to ensure they align with momentum shifts.
If enabled, a trend filter ensures that signals align with the broader market direction.
Example Use Case:
Enable your desired candlestick patterns (e.g., Engulfing, Morning Star).
Configure RSI settings (e.g., length = 14, overbought = 70, oversold = 30).
Optionally enable the trend filter (e.g., SMA with a length of 50).
Add the indicator to your chart and monitor Buy/Sell signals along with alerts.
Inputs & Customization Options:
RSI Settings:
Source: Default = Close
Length: Default = 14
Overbought Level: Default = 70
Oversold Level: Default = 30
Pattern Toggles:
Enable/Disable specific candlestick patterns based on your strategy.
Trend Filter Settings:
Moving Average Type: SMA or EMA
Moving Average Length: Default = 50
Alerts:
Alerts for Buy and Sell signals can be activated through TradingView's alert system.
Why Use This Indicator?
The Fshariar Enhanced Pattern Indicator with RSI combines price action analysis with momentum and trend filtering to provide high-quality trading signals. It simplifies decision-making by visually highlighting key opportunities while reducing noise from false signals.
Important Notes:
The indicator is designed for educational purposes and should be used as part of a broader trading strategy.
Always backtest and validate the indicator's performance before applying it to live trading.
This script does not guarantee profitability; it is intended to assist in technical analysis.
FShariar
Features:
Candlestick Pattern Detection:
Supports multiple candlestick patterns:
Bullish/Bearish Engulfing
Morning Star/Evening Star
Piercing/Dark Cloud Cover
Bullish Hammer
Bearish Shooting Star
Each pattern can be toggled on or off based on your trading preferences.
RSI-Based Filtering:
Includes an RSI filter to improve the reliability of signals:
Buy signals are validated when RSI is in oversold territory.
Sell signals are validated when RSI is in overbought territory.
Customizable settings for RSI length, overbought, and oversold levels.
Optional Trend Filter:
Integrates a moving average (SMA or EMA) as a trend filter:
Buy signals are only generated when the price is above the moving average.
Sell signals are only generated when the price is below the moving average.
Fully customizable moving average type and length.
Signal Alerts:
Built-in alerts for Buy and Sell signals to notify you in real-time.
Visual Output:
Buy signals are displayed as green triangles below candles.
Sell signals are displayed as red triangles above candles.
Optional moving average is plotted on the chart for trend filtering.
How It Works:
The indicator scans for specific candlestick patterns based on price action.
Signals are filtered using RSI conditions to ensure they align with momentum shifts.
If enabled, a trend filter ensures that signals align with the broader market direction.
Example Use Case:
Enable your desired candlestick patterns (e.g., Engulfing, Morning Star).
Configure RSI settings (e.g., length = 14, overbought = 70, oversold = 30).
Optionally enable the trend filter (e.g., SMA with a length of 50).
Add the indicator to your chart and monitor Buy/Sell signals along with alerts.
Inputs & Customization Options:
RSI Settings:
Source: Default = Close
Length: Default = 14
Overbought Level: Default = 70
Oversold Level: Default = 30
Pattern Toggles:
Enable/Disable specific candlestick patterns based on your strategy.
Trend Filter Settings:
Moving Average Type: SMA or EMA
Moving Average Length: Default = 50
Alerts:
Alerts for Buy and Sell signals can be activated through TradingView's alert system.
Why Use This Indicator?
The Fshariar Enhanced Pattern Indicator with RSI combines price action analysis with momentum and trend filtering to provide high-quality trading signals. It simplifies decision-making by visually highlighting key opportunities while reducing noise from false signals.
Important Notes:
The indicator is designed for educational purposes and should be used as part of a broader trading strategy.
Always backtest and validate the indicator's performance before applying it to live trading.
This script does not guarantee profitability; it is intended to assist in technical analysis.
FShariar
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