Big Shadow by Walter Peters v1.1

Version 1.1 is here!

This is an indicator for the Big Shadow ( engulfing candle) that Walter Peters teaches in his course ( and book "Naked Forex". I have really been diving into this one and back testing it like crazy. The results have been great and I will be publishing them on the forum soon since it probably isn't appropriate to do it here.

If you like it, please reach out to me @fredferrell on the forum. I would love to discuss back testing results with other traders.
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//Based on Big Shadow Strategy by Walter Peters ( and
//Coded by Fred Ferrell
//Updates for 1.1: Adding alerting, fixed two errors (1. candle pattern recognition 2. wrong direction calulation for roomToTheLeftPeriod)
study(title = "Big Shadow by Walter Peters v1.1", overlay = true)

PercentageFromClose = input(15, minval=0, maxval=99, title="Percentage of candle measured from high to close on bullish setups and low to close on bearish setups")
PercentageFromCloseFormula = PercentageFromClose * .01
roomToTheLeftPeriod = input(7, minval=0, maxval=100, title="Room to the left interval check")

range = high - low
higherHigh = high > high[1]
lowerLow = low < low[1]
//Largest candle range within last 10 days. Need to find cleaner code.
largestCandle = high-low > high[1]-low[1] and high-low > high[2]-low[2] and high-low > high[3]-low[3] and high-low > high[4]-low[4] and high-low > high[5]-low[5] and high-low > high[6]-low[6] and high-low > high[7]-low[7] and high-low > high[8]-low[8] and high-low > high[9]-low[9] and high-low > high[10]-low[10]

//Bullish Big Shadow
bullishEngulfing = open[1] > close[1] and close > open and close > open[1] and close - open > open[1] - close[1] 
percentageFromCloseUp = close >= (high - (range * PercentageFromCloseFormula))
roomToLeftUpHigh = falling(low,roomToTheLeftPeriod)

bullishNote = largestCandle and higherHigh and lowerLow and  bullishEngulfing  and percentageFromCloseUp and roomToLeftUpHigh
barcolor(bullishNote? green : na)
plotshape(bullishNote, title="Bullish Engulfing Candle", location=location.belowbar, color=lime, style=shape.arrowup, text="Bullish\nBig\nShadow")
alertcondition(bullishNote, title="Bullish Big Shadow Alert", message="Bullish Big Shadow")

//Bearish Big Shadow
bearishEngulfing = close[1] > open[1] and open > close and close < open[1] and open - close > close[1] - open[1]
percentageFromCloseDown = close <= (low + (range * PercentageFromCloseFormula))
roomToLeftDownLow = rising(high,roomToTheLeftPeriod)

bearishNote = largestCandle and higherHigh and lowerLow and bearishEngulfing and percentageFromCloseDown and roomToLeftDownLow
barcolor(bearishNote? red : na)
plotshape(bearishNote,  title="Bearish Engulfing Candle", location=location.abovebar, color=red, style=shape.arrowdown, text="Bearish\nBig\nShadow")
alertcondition(bearishNote, title="Bearish Big Shadow Alert", message="Bearish Big Shadow")
What have been your results using this algorithm?
Or you can use Price Action Tracker Software and get alerted as soon as a Big Shadow pattern is formed ( on all markets and time frames).
No coding or MT4 needed
Hi Fred
Thank you very much.
Can I use it also on the mt4 platform?
Best wishes
FredFerrell ReikosvenPahl
Reiko, no you will not be able to copy and paste this code for MT4. I don't have this coded to MT4 yet either, but I am hoping I don't have to if TV gets some brokers on this platform.
N FredFerrell
Hello :)

Are you planning on making more indicators which work with Walter Peters Strategies?
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