Elephant Bars

2024年12月30日

The Elephant Bars indicator is designed to identify high-probability trading opportunities by detecting significant candlestick patterns, such as "Elephant Bars," pin bars, and engulfing patterns, alongside key moving average interactions. It provides insights into potential market momentum shifts and reversals by highlighting critical price action events.

Features

1. Elephant Bars Detection:
   - Identifies large candlesticks ("Elephant Bars") based on a customizable multiplier of the average body length over a lookback period.
   - Differentiates between green (bullish) and red (bearish) Elephant Bars.
   - Highlights Elephant Bars that interact with key moving averages (MA20 and MA200).
   
2. Bullish and Bearish Pin Bars:
   - Detects pin bars based on wick-to-body ratios near the MA20.
   - Customizable proximity threshold for wick interaction with the moving average.
   
3. Bullish and Bearish Pin Bars:
   - Bull/Bear 180 Patterns:
   - Combines body-only engulfing logic with moving average interactions.
   
4. Key Moving Averages (MA20 and MA200):
   - Includes two commonly used moving averages for trend direction and dynamic support/resistance levels.
   
5. Custom Alerts:
   - Alerts for Elephant Bars, pin bars, and Bull/Bear 180 patterns.
   - Alerts for interactions between Elephant Bars and moving averages (MA20 and MA200).
   - Alerts for simple red/green candle closes.
   
6. Visual Enhancements:
   - Plots moving averages and highlights key patterns on the chart.
   - Uses shapes and colors to easily identify critical price action events.
   

Inputs

• Elephant Bar Multiplier: Adjusts the sensitivity for detecting Elephant Bars.
  
• Lookback Period: Defines the range for calculating average candle body length.
  
• Pin Bar Parameters: Customizable wick-to-body ratio and proximity to MA20.
  

Use Case
This indicator is ideal for traders who rely on price action and candlestick patterns combined with moving averages to make informed trading decisions. It provides both visual and alert-based confirmations of key patterns, enabling traders to focus on high-quality setups.

Alerts

• Elephant Bars (green, red, or combined).
  
• Bullish/Bearish Pin Bars near MA20.
  
• Bull/Bear 180 patterns.
  
• Interactions between Elephant Bars and MAs.
  

This script is highly customizable and can be used across various markets and timeframes, helping traders identify potential momentum shifts, reversals, and continuation patterns efficiently.