Finding candle patterns, hanging man as an example
When doing technical analysis, I often find myself looking for candle patterns: shooting star, doji, hanging man...
For example, when I tried to use following parameter to find hanging man on daily candles:
Range (High - Low) >= 10%
Body < 50%
UpWick < 10%
LowWick >= 45%
Price direction: both
I find it quite useful in marking top of 2017 and 2021 bull markets. And according to this info, there is no warning sign of current bull run. But please noticed that, no single tool/pattern/indicator can provide 100% correct prediction of price movement. It's just another piece of info to help us doing TA.
I would like to share my script (candle pattern finder) with public, BUT I find I can't do that nowadays on trading view (there are rules I don't have time to comply...). So I'd just post source code here, for anyone who find it useful. Do whatever you want with it (modify, share, or even publish as your indicator).
For example, when I tried to use following parameter to find hanging man on daily candles:
Range (High - Low) >= 10%
Body < 50%
UpWick < 10%
LowWick >= 45%
Price direction: both
I find it quite useful in marking top of 2017 and 2021 bull markets. And according to this info, there is no warning sign of current bull run. But please noticed that, no single tool/pattern/indicator can provide 100% correct prediction of price movement. It's just another piece of info to help us doing TA.
I would like to share my script (candle pattern finder) with public, BUT I find I can't do that nowadays on trading view (there are rules I don't have time to comply...). So I'd just post source code here, for anyone who find it useful. Do whatever you want with it (modify, share, or even publish as your indicator).
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