This indicator is uses volume and common candlestick patterns to suggest potential trend reversals. It is not quite meant to be used as a buy/sell signal. Instead, it should be used to evaluate market psychology based on when the buyers or sellers fully dominated the price action.
In the current version, the indicators looks for engulfing and pin-bar patterns. Optionally, it also considers rising volume as further confirmation to the signal. In future, I plan on allowing it to track more candlestick patterns.
Please let me know if you have any suggestions, concerns, or comments!
In the current version, the indicators looks for engulfing and pin-bar patterns. Optionally, it also considers rising volume as further confirmation to the signal. In future, I plan on allowing it to track more candlestick patterns.
Please let me know if you have any suggestions, concerns, or comments!