1-3-1 Setup Detector

This TradingView indicator is designed to identify the "1-3-1" candlestick pattern, a potential market reversal setup. The script classifies each candle based on its relationship with the previous candle’s high and low values, searching specifically for a sequence of a lower-high & higher-low candle (denoted as "1"), followed by a higher-high & lower-low candle ("3"), and ending with another lower-high & higher-low candle ("1"). When this pattern is detected on the latest bar, a signal is generated. This tool is useful for traders looking to capitalize on potential reversals signaled by the 1-3-1 setup. The indicator plots a midpoint for additional analysis and does not overlay on the main chart, ensuring clarity in visualization. Ideal for use in various markets and timeframes as part of a comprehensive trading strategy.