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Candlestick Analysis

NR4 / NR7 + Inside BarIndicator Script for identifying Narrow Range 4 / 7 + Inside Bar It also helps to check whether NR4 / NR7 breakout trading has been profitable or not in the past in a particular instrument. It has helped me to select profitable scripts and avoid losing ones. Can be used for anytime frame. SIGNAL NR4 == Narrowest range of 4 periods + signal day is an inside bar NR4 & NR7 == Narrowest range of 7 periods + signal day is an inside bar SIGNAL "PROFIT" - Prior day was NR4 / NR7 and next day price broke out of prior day range in 1 direction and closed in the direction of breakout away from breakout price, resulting in a profit trade. SIGNAL "LOSS" - Prior day was NR4 / NR7 and next day price broke out of prior day range and returned back to close inside the narrow zone OR went in opposite direction after the initial breakout, resulting in a loss trade.
Pine Script™ indicator
by Atma_Sakshatkar
15
Pinbar (30-50 Rule)My first script to identify pin bars with a predefined rules, any feedbacks are welcome. Rules Bullish Candle 1. Body of the candle should be above the 50% of the day's price range AND 2. Either the open or the close should be above the 30% of the day's price range if both the above conditions are met then a bullish arrow is produced with "B". Bearish Candle 1. Body of the candle should be below the 50% of the day's price range AND 2. Either the open or the close should be below the 30% of the day's price range if both the above conditions are met then a bearish arrow is produced with "S". Thanks Hope this indicator helps you identify trading entries.
Pine Script™ indicator
by BeardedQuant
5
Experimental Entry Interface (Buy Arrows with TP & SL)This script provides high probability entry points and includes Take Profit and Stop Loss targets. It attempts to predict when the market conditions are set to move up, and prints long positions. In addition to Long Entry Arrows, it will print Take Profit / Stop Loss targets. This indicator is highly adjustable. Hence the name 'Experimental' in the title. Experiment with it to find the results you want. Designed for use on the 1H timeframe in Forex, but could possibly be useful elsewhere. Do your own testing. This indicator can repaint. It is best used with alerts set for once per bar close, so that your alerts do not repaint and your trades are solid. Not ever signal is a winner. Backtest thoroughly. Adjust accordingly. Arrows Four sets of colored arrows are included. 💵 💶 Green and Blue Entry Arrows are formed when the market is in an uptrend, and has a momentary pullback. 💴 💷 Yellow and Purple Entry Arrows are formed when the market is just starting to recover from being severely oversold. Backtest Mode Turn on Backtest Mode to easily see if an entry ended up as a winner or loser. A Take Profit and Stop Loss line will be drawn to show results. Take Profit & Stop Loss Targets You have two options for this. Price will show you where your TP/SL exits should be placed. These values will show up under the arrow, based on your Risk/Reward ratio. Pips are much more simple, and will only show you the market entry point and how many pips up/down to place your SL/TP. Warning: This is fixed at a 1:1 RRR . Risk/Reward Adjustment Each entry arrow color allows custom risk/reward ratio adjustment. Dollar Amounts Displayed Change your account value and leverage to see how much you would have won on each trade. How to trade with it? (Forex, 1H) Open the settings, and turn on all the arrow entries. Turn on Backtest mode to see how past trades would have played out. Turn on TakeProfit/StopLoss Targets to see where to set your targets, for each arrow. Set an alert to notify you once per candle close when there is an Entry. Trade happy! Bill Williams Alligators are also included, if you want. Not necessary though. Some of the calculations depend on them for trend direction analysis.
Pine Script™ indicator
by mattzab
8
Real Candles Heikin Ashi (HA) Candle functionsThis script plots both real and HA candles regardless or which are used on the chart in TV settings. (and has the functions for you to use.) Lots of people seem to misunderstand backtesting (or scam people) based on HA candles. Backtesting with HA candles leads to impossible trades. ALWAYS backtest with real candles. That doesn't mean you might not want to look at HA candle values to make trading decisions. Add the code below to calculate HA candles from real and use that in your HA trading algo, but test it on real charts.
Pine Script™ indicator
by yatrader2
6
Support and Resistance plotterThe script uses high/low/higher high/lower low for Support and Resistance identification but takes into account only pivots with wick making low/high opposite to candle body. Such candles point to hard market swings into during candle timeframe. Price usually come bake to such levels and make double top/bottom, divergences on different osc or starts a new trend if this level is broken. If Support lvl and Resistance lvl meets the movement of price in the direction from this combined lvl is much accelerated. examples
Pine Script™ indicator
by pmk07
3
Custom position sizerThis is a simple script to aid with determining position size. Inputs are the intended entry price, desired risk (expressed as % of account at risk), account value, and leverage factor. To use the script; 1. Identify and update the entry price (yellow line on the chart) 2. Update with desired risk 3. Update with account size 4. Adjust the leverage value until the stop loss (red line on chart for long positions, green line for short positions) reaches the desired value/location on the chart The label will then update to show the required position size for the trade.
Pine Script™ indicator
by NS91
1
Heiken Ashi BF Heiken Ashi candles help us to identify a trend. This strategy simply enters a long when the Heiken Ashi candles turn green and a short when they turn red. Because of the way BTC price moves in medium term trends, this simple strategy seems effective. There is a rate of change function applied to avoid some of the choppy sideways action (thanks again to kiasaki for the code) There is a 2% fixed stop loss applied and an optional take-profit setting. You can change both in the settings. As you can see from the code, this strategy does not enter trades based on the Heiken Ashi closes, rather the actual price close. This is an important distinction since the HA closes are based on an average of the OHLC values so attempting to enter at that price may not always be possible. There are some "strategies" that use this information to try and con people by appearing to have awesome entries that are actually not attainable in all cases. Green = Long Red = Short White = No trade
Pine Script™ strategy
by bennef
2
Chop FilterIt is common knowledge that most traders lose money by leaving trends too early and not letting profits run. Chop Filter attempts to paint over wrong-colored candles which might psychologically cause traders to bail off the trend. It also tries to detect potential trend reversals (experimental). How it works. Chop Filter highlights wicks with a shaded background based on close relative to a volume-weighted moving average (vwma). If it closes up, or if there are higher lows, it shades the background blue. If it closes down, or there are lower highs, it colors the background red. Finally, it shows a big arrow indicating the direction prices are headed, based on the vwma. The arrow helps me to consider where prices might go, and play out different scenarios, rather than being a true prediction. In fact, it is often wrong when there is a lot of volatility, which can also be a good thing. I find the shaded background has a calming effect that reduces stress. It also helps identify trends in the wicks that are otherwise difficult to see. There are some other options to play with, such as highlighting narrowing or widening price action in yellow or optionally showing the vwma . Have fun!
Pine Script™ indicator
by Hellork
5