My script builds upon another user-submitted script by rebuilding the logic used to identify candlestick patterns. The logic in my script is a mix of strict and lax guidelines to mitigate false flags and present valid buy and sell signals.
-To use this indicator, simply add it to any chart. It will identify trends on any time frame although the lower you go, the more signals you'll see and the higher probability of those signals being false flags. You can also disable any candlestick patterns that you feel are not as useful.
- This indicator works best with Stocks and also with Forex markets to a lesser extent.
- This indicator works the best on the Daily chart and also works (with varying degrees of success) on any timeframe at or above 1 hour. I've found that this indicator works the best when used in tandem with the Daily and Hourly charts with the Hourly chart being used to determine an entry point while the Daily chart is used for long term trend analysis.
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- Included code for Bullish and Bearish Maribozu
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- Fixed code for Deliberation candlestick pattern.
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Removed unused variables for Open, Close, High, Low, Red Candles, and Green Candles
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18 new patterns have been added due to their high probability of success (66% or higher)
- Separating Lines (Bullish and Bearish) - Three Line Strike (Bullish and Bearish) - Belt Hold (Bullish and Bearish) - Abandoned Baby (Bullish and Bearish) - Rising and Falling Window - Three Outside Up and Down - Morning and Evening Doji Star - Above the Stomach - Takuri Line - Two Black Gapping - Identical Three Black Crows
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7 patterns have been removed due to ease of identification or low probability of success:
- Bullish and Bearish Maribozu - Tweezer Top and Bottom - Hammer - Hanging Man - Shooting Star
In total, there are now 25 candlestick patterns that I believe present the most reliable signals for Bull and Bear markets.
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Updated formulas for: Rising Window, Falling Window, Three Line Strike Bullish, Three Line Strike Bearish, Bullish Belt Hold, and Bearish Belt Hold.
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Updated code for Separating Lines Bullish, Separating Lines Bearish, Three Outside Up, and Three Outside Down
Temporarily removed Takuri Line and Inverted Hammer for further review.
Hi found an answer to the limiting use for alerts to be triggered by value. Need to use this line for the script code above line 266 plotshape(Abandoned_Baby_Bearish, title = "Abandoned Baby Bearish", text = "Abandoned\nBaby\nBearish\n·\n·\n·", You will need to do this for each candle stick pattern.
CompoundTraders
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Hello Candlestick identifier wonderful work and awesome script. Can alerts be set up only once with the Candlestick identifier? The alert is set on Candlestick Pattern Identifier Three White Soldiers Crossing the value of 11.11542. This condition cannot be met because the Three White Soldiers pattern cannot cross the value. I would like \to set the alert on this pattern itself to be notified when it appears. But the problem is in the Candlestick Pattern Identifier indicator because it doesn't allow setting this condition. Is there way to be able to have a candle stick pattern been identified endlessly - if so how would you structure this?
MUITO OBRIGADO!