OPEN-SOURCE SCRIPT
Candlestick Reversal and Trend Signals [AlgoAlpha]
Updated
🚀 Unleash your charting capabilities with the Candlestick Reversal and Trend Signals indicator by AlgoAlpha, your go-to tool for spotting pivotal market movements! This script enhances your trading experience by identifying key candlestick patterns and trend changes, perfect for traders aiming for precision in their technical analysis.
🛠 Key Features:
- 🔄 Multi-Timeframe Analysis: Leverages a timeframe multiplier to analyze levels on higher timeframes, enhancing the depth and applicability of insights.
- 🧩 Diverse Pattern Detection: Capable of detecting a wide array of patterns including Bull/Bear Engulfings, Dojis, Haramis, Piercing Lines, Dark Cloud Covers, and Morning/Evening Stars, each contributing to a robust trading strategy.
- 🔍 Dynamic Trend Filters: Utilizes three exponential moving averages (EMAs) and volume filters to decisively confirm trend directions and strength, providing a clearer picture of market dynamics.
- ⚙️ Customizable Settings: Features adjustable settings for filter period, signal thresholds, and appearance, allowing for a tailored analysis experience to fit individual trading styles.
- 📉 Swing Levels Identification: Marks significant high and low swing points on the chart, highlighting potential pivot points and trend reversals for strategic trading decisions.
📈 Quick Guide to Using the Candlestick Reversal and Trend Signals Indicator
1. 🛠 Add the Indicator: Add the indicator to your favorites. Adjust the settings to match your analysis needs.
2. 📊 Analysis: Keep an eye out for the specific symbols plotted on your chart that indicate various candlestick patterns. Use these signals to enhance your market analysis.
3. 🔔 Set Alerts: Enable alerts for the patterns you are most interested in to get notified of potential trading opportunities without needing to monitor the charts constantly.
Embark on your enhanced trading journey with this powerful tool! 🚀✨ Happy trading!
🧐 How It Works:
The Candlestick Reversal and Trend Signals indicator operates by integrating several candlestick patterns and trend analysis features to assist in making informed trading decisions. Initially, it gathers user-defined settings like the period for filtering, signal thresholds, and the desired patterns to detect. It analyzes candlestick formations such as Bull/Bear Engulfings, Dojis, Haramis, and more, by comparing the current candlestick's attributes (such as body length and direction) with previous data to identify potential market reversals or confirmations. The indicator enhances its accuracy through additional filters like volume ratios and exponential moving averages (EMAs) that help validate the strength and direction of trends. By marking these patterns and trends visually on the chart, it provides clear signals that aid traders in identifying significant market movements efficiently. The script is then complemented with the 3 EMA indicator for trend detection and swing levels for added confluence.
🛠 Key Features:
- 🔄 Multi-Timeframe Analysis: Leverages a timeframe multiplier to analyze levels on higher timeframes, enhancing the depth and applicability of insights.
- 🧩 Diverse Pattern Detection: Capable of detecting a wide array of patterns including Bull/Bear Engulfings, Dojis, Haramis, Piercing Lines, Dark Cloud Covers, and Morning/Evening Stars, each contributing to a robust trading strategy.
- 🔍 Dynamic Trend Filters: Utilizes three exponential moving averages (EMAs) and volume filters to decisively confirm trend directions and strength, providing a clearer picture of market dynamics.
- ⚙️ Customizable Settings: Features adjustable settings for filter period, signal thresholds, and appearance, allowing for a tailored analysis experience to fit individual trading styles.
- 📉 Swing Levels Identification: Marks significant high and low swing points on the chart, highlighting potential pivot points and trend reversals for strategic trading decisions.
📈 Quick Guide to Using the Candlestick Reversal and Trend Signals Indicator
1. 🛠 Add the Indicator: Add the indicator to your favorites. Adjust the settings to match your analysis needs.
2. 📊 Analysis: Keep an eye out for the specific symbols plotted on your chart that indicate various candlestick patterns. Use these signals to enhance your market analysis.
3. 🔔 Set Alerts: Enable alerts for the patterns you are most interested in to get notified of potential trading opportunities without needing to monitor the charts constantly.
Embark on your enhanced trading journey with this powerful tool! 🚀✨ Happy trading!
🧐 How It Works:
The Candlestick Reversal and Trend Signals indicator operates by integrating several candlestick patterns and trend analysis features to assist in making informed trading decisions. Initially, it gathers user-defined settings like the period for filtering, signal thresholds, and the desired patterns to detect. It analyzes candlestick formations such as Bull/Bear Engulfings, Dojis, Haramis, and more, by comparing the current candlestick's attributes (such as body length and direction) with previous data to identify potential market reversals or confirmations. The indicator enhances its accuracy through additional filters like volume ratios and exponential moving averages (EMAs) that help validate the strength and direction of trends. By marking these patterns and trends visually on the chart, it provides clear signals that aid traders in identifying significant market movements efficiently. The script is then complemented with the 3 EMA indicator for trend detection and swing levels for added confluence.
Release Notes
Added option to customize 3EMAAdded option to disable 3EMA visual
Fixed Display on swing levels when disabled
Release Notes
Fixed Alerts bug for Swing LevelsOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
🔶15% OFF CODE FOR VIP BUNDLE: 'ALPH4' 🔶(ends soon.)
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.