This script labels swing highs and swing lows as well as the candle pattern that occurred at that precise point. The script can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star, and bearish engulfing.
This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past.
đŸ”¶ USAGE
It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.
The notations HH, HL, LH, and LL you can see on the labels are defined as follows:
HH : Higher high
HL : Higher low
LH : Lower high
LL : Lower low
đŸ”¶ SETTING
Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.
Notas de Lançamento
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Copyright update & default "length" input value set to 20.
Notas de Lançamento
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Minor Changes.
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Update to script title.
Notas de Lançamento
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Changed styling, switched to version 5, and minor changes.
@alexgrover, after the particular bar close that, will it show the HH,HL,LL signal or two three bar later
sweetynxtlvl
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@hirupamg, iT IS GIVING AFTER 20 BARS. WHICH WILL NOT HELP IN REALTIME TRADING
LuxAlgo
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@sweetynxtlvl, Hi, labels appear after "length" bars - you can adjust this via the settings. As per the description, this is not meant to detect tops & bottoms in real time.
navyreal7
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@LuxAlgo, and what is it for then? to mislead and collect hate?
Junmadayag
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@navyreal7, seriously dude. That guy is creating scripts and u rant. Use it for whateversuits u. Or try and make your own.
foster70
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@Junmadayag, he obviously has no idea how to trade, not to mention how indicators should be used.