AP_CandlePatterns_V2
Created by : Andrew Palladino
Date: 1/29/2017
This indicator displays a message above/below a bar when certain candle patterns appear. The indicator currently supports two candle patterns.
Consecutive Up/Down Bars:
The indicator searches for instances where there are more than n number of consecutive up bars or down bars on a given time frame. For example, the user can specify the minimum number of consecutive up/down bars, default is set to 8. When the number of consecutive up/down bars is greater or equal to 8, a label will be displayed above the high, for up bars, and below the low for down bars. The color of the next candle will turn red when the criteria is met.
Bearish/Bullish Pin Bar Reversal Signals:
The indicator will alert the trader when there is a Pin bar formation on the current time frame.
The Pin bar trend period is currently set to 20 bars, which translates to the following:
In an uptrend, the high of the Pin bar must be the highest of the last 20 bars.
In a downtrend, the low of the Pin bar must be the lowest of the last 20 bars. The trend bar period acts as a filter which ignores any pin bar formation during a trend continuation move. A trend continuation move is subjective and must be quantified by the user by setting the trend period value accordingly.
The trader has the ability to enable or disable individual candle formations.
Additional patterns will be added in the future.
Date: 1/29/2017
This indicator displays a message above/below a bar when certain candle patterns appear. The indicator currently supports two candle patterns.
Consecutive Up/Down Bars:
The indicator searches for instances where there are more than n number of consecutive up bars or down bars on a given time frame. For example, the user can specify the minimum number of consecutive up/down bars, default is set to 8. When the number of consecutive up/down bars is greater or equal to 8, a label will be displayed above the high, for up bars, and below the low for down bars. The color of the next candle will turn red when the criteria is met.
Bearish/Bullish Pin Bar Reversal Signals:
The indicator will alert the trader when there is a Pin bar formation on the current time frame.
The Pin bar trend period is currently set to 20 bars, which translates to the following:
In an uptrend, the high of the Pin bar must be the highest of the last 20 bars.
In a downtrend, the low of the Pin bar must be the lowest of the last 20 bars. The trend bar period acts as a filter which ignores any pin bar formation during a trend continuation move. A trend continuation move is subjective and must be quantified by the user by setting the trend period value accordingly.
The trader has the ability to enable or disable individual candle formations.
Additional patterns will be added in the future.