Tweezer PatternsTweezer top and bottom, also known as tweezers, are reversal candlestick patterns
that signal a potential change in the price direction. Both formations consist of
two candles that occur at the end of a trend, which is in its dying stages.
The tweezer bottom candlestick pattern is a bullish reversal pattern that can be
spotted at the bottom of a downtrend. It consists of two candles, where the first
candle is in line with the bearish trend, while the second candle reflects more
bullish market sentiment as the price bursts higher, in the opposite trend.
The tweezer top candlestick pattern is of the same structure as the tweezer bottom,
except for the fact that it happens at the end of an uptrend, and therefore, it is a
bearish reversal pattern. The first candle is bullish, and it continues in the same
direction, while the second bearish candle indicates that the trend may be changing soon.
Both the bottom and top tweezers are only valid when they occur during uptrends and downtrends.
Their appearance during choppy trading conditions is practically meaningless, and it signals
the market indecision to move in either direction.
WARNING:
- For purpose educate only
- This script to change bars colors.
Tweezer
Tweezers and Kangaroo TailHello Traders,
Here Tweezers and Kangaroo Tail script is in your service. The script searches for Tweezer / Kangaroo Tail candlestick patterns and shows them as T (Tweezer) and K (Kangaroo Tail). Thanks to RorschachT who game me the idea and some details while working on this script.
What are these candlestick patterns?
Tweezers :
- A tweezers pattern occurs when the highs/Lows of two candlesticks occur at almost exactly the same level
- Both candles must have wicks
- Bigger Wick / Smaller Wick rate should not be greater than 150% ( 150% by default and you have option to change it)
- First Candle must be highest/lowest for last 5 candles (5 by default and you have option to change it)
- The level of High for Top, Low for Bottom must be almost lower than 20% of the bigger wick of tweezer candles (20% by default and you have option to change it)
- The Candles can be right next to each other or apart but not more than 12 candles apart (12 by default and you have option to change it)
- You will see that Tweezers pattern occurs frequently
Kangaroo Tail:
- Looks almost like a Hammer or Inverted Hammer candle
- They have both its open and close in the top or bottom third of the candle
- There must be some space/room on the left of the kangaroo tail
- The open and close of the Kangaroo Tail candle must be inside the range of the previous candlestick
- The next candle should create a new high or new low
- You have several options to set details about the "Room" that should be on the left and also options for Wick/Body rates
- You can see example below
You have option to enable/disable any of these patterns.
as far as I have tested they are strong reversal patterns but none of the indicators or patterns may not be enough alone. so you should confirm the signals using other indicators or tools
If you need more information you can find a lot of info on the net ;)
Example: Tweezers - Aparted
Example: Kangaroo Tail - Bullish
Enjoy!
Tweezer Scanner v1Some code for detecting tweezer candles, which are reversal patterns. You'll need to tweak the settings to be either less strict (more detections) or more strict (less detections). I found that if you follow the documentation for tweezers exactly, you will get very few detections. It is possible that this candlestick has become overused, so the original pattern itself has been lost to the noise of the market.
Settings:
1. Tweezer Max Body Height (Pips) - How tall can the body of the tweezer be, in pips (increase this pips to increase detections)
2. Tweezer Body Similarity (>%) - How similar should the body heights be, higher percentage is more similar (reduce this % to increase detections)
3. Tweezer Tail Similarity (>%) - How similar should the tail heights be, higher percentage is more similar (reduce this % to increase detections)
4. Tweezer Tail Proportion (<%) - How short should the opposite tail heights be, lower percentage is shorter and more similar to the documentation (increase this % to increase detections)
Basic candle patternsBasic candle patterns marker marks:
- Doji stars
- Doji graves
- Doji dragonflies
- Hammers
- Reversed hammers
- Hanging mans
- Falling stars
- Absorption up/down
- Tweezers up/down
- Three inside ups/downs
