Candlesticks are graphical representations of price movements for a given period of time. They are commonly formed by the opening, high, low, and closing prices of a financial instrument. They have their origins in the centuries-old Japanese rice trade and have made their way into modern day price charting. It’s important to note that candlestick patterns aren’t necessarily a buy or sell signal by themselves. They are instead a way to look at market structure and a potential indication of an upcoming opportunity. It is always useful to look at candlestick patterns in context like any other market analysis tool and candlestick patterns are most useful when used in combination with other techniques. There are countless candlestick patterns that traders can use to identify areas of interest on a chart, where some candlestick patterns may provide insights into the balance between buyers and sellers, others may indicate a reversal, continuation, or indecision. Reversal patterns are quite useful when used in context. Reversal patterns should form at the bottom of a downtrend or at the top of an uptrend. Otherwise, they are not a reversal patterns, but continuation patterns. Most reversal patterns require confirmation such as price move in the direction of reversal accompanied by appropriate trading volume. The reversal patterns can further be confirmed through other means of traditional technical analysis—like trend lines, momentum, oscillators, or volume indicators—to reaffirm buying or selling pressure. The patterns themselves do not guarantee that the trend will reverse. Investors should always confirm reversal by the subsequent price action before initiating a trade. This study implements some of the most commonly used candlestick patterns in a context with directional movement indicator. On request users can adjust the strong trend threshold from dialog box, eighter can disabled correlation with directional movement indicator. To add additional sight to analysis the simple moving averages of 20, 50, 100 and 200 periods are added (configurable) You may add additional indicators of your choice. Colored DMI, BB Cloud or Price Distance to its MAs may help Enjoy it!
Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd tradingview user liable for any possible claim for damages arising from any decision you make based on use of the script
リリースノート
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small correction
リリースノート
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update * higher timeframe support added besides chart timeframe now the script can detect candlestick patterns from higher timeframes * alerts functionality both confirmed (non-repaint) and early warning alerts can be configured. disabling early warning alerts can be done from the input selection * trend context extended besides Directional Movement Index (DMI), now includes Fast and Slow SMA options * candlestick patterns extended candlestick patterns and formulas are replaced with the TradingView's latest updated version
The candlestick patterns (reversal, countinuation or indecition) can further be confirmed through other means of technical analysis — like support and resistance levels, momentum, oscillators, volume indicators, fear and greed, etc — to reaffirm buying or selling pressure. Some examples are HTF-Candles-and-Mini-Charts, Technical-Analyst, and many Other-Scripts
thanks for updating this old script! this script is great! thanks to the "functionized" script, i was able to add htf( 15min 1h 4h 1d 1w) all into 1 script so i can see all the patterns in one timeframe. this is awesome and i believe you can make huge edge by using strat and etc with this candle stick pattern script
wolfeskate
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@inter_good, Da Nang that is awesome, I will try to figure that out too.. Did you go to the source and copy, repaste it back in and change it a bit?
malik617
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Total repaint
dgtrd
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@malik617, are you sure? let me know the case you think experienced