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.
🔶 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
🔶 SETTING
Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.
Nota Keluaran
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Copyright update & default "length" input value set to 20.
Nota Keluaran
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Minor Changes.
Nota Keluaran
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Update to script title.
Nota Keluaran
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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.