OPEN-SOURCE SCRIPT
Candlestick Trend Indicator v0.5 by JustUncleL
Requested Update to this Indicator alert project. In this update I have added the option to be able select which Price Action candles you want included in the display and the generated alarm Alert. Other changes also included in this update:
Description:
This is a trend following indicator and alert for Binary Options based on Candlestick patterns and trend line -
NOTE: original system was a forex trading system.
This code combines a number of indicators to create an overall trading strategy.
The indicator recognises and displays some useful candle named defined patterns that are used to support trend continuation:
Also recognises main Price Action candles from ChrisMoody (CM), the four(4) price action patterns are colored coded bars:
The highlighted candles (maroon and darker green) represent the defined PA patterns that have been confirmed following the current trend direction that is indicated by the Hull MA(20) line (can select a different type of MA, or even disable) and confirmed by MACD direction (can be disabled). The confirmed Alerts are indication by green (buy) and red (sell) dots at the bottom of the chart. An alert is generated from this selection for the alert condition of the alarming system.
The fractal upper/lower break lines are also draw, if the (optional) last fractal break line is broken by a highlighted bar then this indicates a stronger trend conformation.
The MACD indicator MACD DEUTER 2 colour(12,26,9) you can visually see the MACD histogram colours with MACD direction - needs "MACD DEUTER 2 colour" indicator.
This multi-indicator set up is suitable for 1hr, 4hr and daily charts with 1-4 candle expiry.
References and Inspiration from:
- Also added a Price Action candle for "Last Fractal S/R Break", this also a good continuation indication.
- Added option to select a different moving average types for directional MA line.
- Modified some default settings, using HullMA instead of Zero Lag EMA and standard MACD settings(12,26,9).
Description:
This is a trend following indicator and alert for Binary Options based on Candlestick patterns and trend line -
NOTE: original system was a forex trading system.
This code combines a number of indicators to create an overall trading strategy.
The indicator recognises and displays some useful candle named defined patterns that are used to support trend continuation:
- Bearish + Bullish PinBars
- Dark Cloud Cover
- Piecing Line
- Bullish + Bearish Harami
- Bullish + Bearish Engulfing Candle
- Bullish + Bearish Last Fractal S/R break
Also recognises main Price Action candles from ChrisMoody (CM), the four(4) price action patterns are colored coded bars:
- Yellow = Inside Bar - breakout/continuance
- Orange = Outside Bar - breakout/continuance
- Aqua/Fuschia = Up/Down Shaved Bars - Buying/Selling pressure
- Red/Green = Possible reversal PinBars - Reverse Down / reverse Up
The highlighted candles (maroon and darker green) represent the defined PA patterns that have been confirmed following the current trend direction that is indicated by the Hull MA(20) line (can select a different type of MA, or even disable) and confirmed by MACD direction (can be disabled). The confirmed Alerts are indication by green (buy) and red (sell) dots at the bottom of the chart. An alert is generated from this selection for the alert condition of the alarming system.
The fractal upper/lower break lines are also draw, if the (optional) last fractal break line is broken by a highlighted bar then this indicates a stronger trend conformation.
The MACD indicator MACD DEUTER 2 colour(12,26,9) you can visually see the MACD histogram colours with MACD direction - needs "MACD DEUTER 2 colour" indicator.
This multi-indicator set up is suitable for 1hr, 4hr and daily charts with 1-4 candle expiry.
References and Inspiration from:
- [RS]Fractal Levels by RicardoSantos
- Almost Zero Lag EMA [LazyBear]
- Candlestick Patterns With EMA by rmwaddelljr
- CM_Price-Action-Bars by ChrisMoody
- forexstrategiesresources.com/candlestick-forex-strategies/1-candlestick-trend/
- "Scalp Jockey - MTF MA Cross Visual Strategizer by JayRogers"
Open-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.
JustUncleL
Disclaimer
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