Multiple Candlestick Patterns - Algomaxx

A comprehensive candlestick pattern detection indicator that identifies seven major Japanese candlestick patterns in real-time. This indicator helps traders identify potential reversal and continuation patterns with customizable visual alerts and labels.

Features
Detects 7 major candlestick patterns:

• Doji
  
• Hammer
  
• Shooting Star
  
• Bullish Engulfing
  
• Bearish Engulfing
  
• Morning Star
  
• Evening Star
  

• Color-coded candlesticks for easy pattern identification
  
• Customizable pattern indicators above/below candles
  
• Optional pattern labels with adjustable position
  
• Alert conditions for each pattern
  
• Grouped settings for easy customization
  

Settings
General Settings

• Lookback Period: Number of candles to analyze (default: 20)
  
• Body Size Threshold: Minimum relative size for candle body (default: 0.6)
  

Pattern Settings
Toggle visibility for each pattern type:

• Doji Pattern
  
• Hammer Pattern
  
• Shooting Star Pattern
  
• Bullish Engulfing Pattern
  
• Bearish Engulfing Pattern
  
• Morning Star Pattern
  
• Evening Star Pattern
  

Label Settings

• Show Labels: Toggle pattern labels on/off
  
• Label Text Color: Customize label color
  
• Label Position: Choose between Left/Center/Right alignment
  
• Label Offset: Adjust distance of labels from candles
  

Pattern Descriptions


Doji: Shows indecision when open and close prices are very close

1. Yellow color
   
2. Cross symbol below candle
   

Hammer: Potential bullish reversal with long lower shadow

1. Green color
   
2. Triangle up symbol below candle
   

Shooting Star: Potential bearish reversal with long upper shadow

• Red color
  
• Triangle down symbol above candle
  

Bullish Engulfing: Bullish reversal pattern where current green candle completely engulfs previous red candle

• Light green color
  
• Triangle up symbol below candle
  

Bearish Engulfing: Bearish reversal pattern where current red candle completely engulfs previous green candle

• Light red color
  
• Triangle down symbol above candle
  

Morning Star: Three-candle bullish reversal pattern

• Seafoam green color
  
• Triangle up symbol below candle
  

Evening Star: Three-candle bearish reversal pattern

• Pink red color
  
• Triangle down symbol above candle
  

How to Use

1. Add the indicator to your chart
   
2. Customize the settings based on your preferences:
   

• Enable/disable specific patterns you want to monitor
  
• Adjust label settings for better visibility
  
• Set up alerts for patterns you want to be notified about
  

Pattern Recognition:

• Watch for color changes in candlesticks indicating pattern formation
  
• Look for shape indicators above/below candles
  
• Read pattern labels for quick pattern identification
  

Trading Suggestions:

• Use in conjunction with other technical indicators
  
• Consider overall trend and support/resistance levels
  
• Confirm patterns with volume and price action
  
• Wait for pattern completion before making trading decisions
  

Tips

• Patterns work best when used with multiple timeframes
  
• Combine with trend lines and support/resistance levels
  
• Use volume to confirm pattern strength
  
• Consider market context and overall trend
  
• Larger timeframes typically produce more reliable signals
  
• Use alerts to avoid missing important pattern formations
  

Disclaimer
This indicator is for informational and educational purposes only. No guarantee is made regarding the accuracy of pattern detection or potential future price movements. Always use proper risk management and consider multiple factors before making trading decisions.