This script labels swing highs and swing lows as well as the candle pattern that occurred at that precise point. The script can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star, and bearish engulfing.
This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past.
🔶 USAGE
It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.
The notations HH, HL, LH, and LL you can see on the labels are defined as follows:
HH : Higher high
HL : Higher low
LH : Lower high
LL : Lower low
🔶 SETTING
Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.
Информация о релизе
⋅
Copyright update & default "length" input value set to 20.
Информация о релизе
⋅
Minor Changes.
Информация о релизе
⋅
Update to script title.
Информация о релизе
⋅
Changed styling, switched to version 5, and minor changes.
@alexgrover, after the particular bar close that, will it show the HH,HL,LL signal or two three bar later
sweetynxtlvl
⋅
@hirupamg, iT IS GIVING AFTER 20 BARS. WHICH WILL NOT HELP IN REALTIME TRADING
LuxAlgo
⋅
@sweetynxtlvl, Hi, labels appear after "length" bars - you can adjust this via the settings. As per the description, this is not meant to detect tops & bottoms in real time.
navyreal7
⋅
@LuxAlgo, and what is it for then? to mislead and collect hate?
Junmadayag
⋅
@navyreal7, seriously dude. That guy is creating scripts and u rant. Use it for whateversuits u. Or try and make your own.
foster70
⋅
@Junmadayag, he obviously has no idea how to trade, not to mention how indicators should be used.