OPEN-SOURCE SCRIPT
Candle type identifier VP
The Candle type identifier is designed to identify the top 5 types of candle it formed on a 5 mins chart specifically, it can't be used for trading but it can be used additionally to confirm your trade before trading it.
It identifies the top 5 patterns:
-Engulfing
-Hammer
-Morning Star
-Piercing Line
-Three White Soldiers
Tips for Using These Patterns in Day Trading
Confirm with Volume
Look for higher volume on the reversal candle (engulfing candle, the third candle in a three-candle pattern, etc.). Strong volume increases the validity of the signal.
Combine with Other Indicators
Use moving averages, RSI, or support/resistance levels to confirm the strength of a pattern. Candlestick patterns alone can produce false signals in fast-moving markets.
Practice Risk Management
Always define your stop loss before entering a trade based on your strategy (e.g., below the wick of a hammer or above the wick of a shooting star). This helps manage risk if the market moves against you.
Look for Clear Context
Patterns that form near key support/resistance or pivot areas are typically more meaningful than those that appear in “no man’s land.”
Evaluate Multiple Time Frames
Although our focus on the 5-minute chart, briefly check higher time frames (e.g., 15-minute, hourly) to see if the overall trend supports the direction of your trade.
It identifies the top 5 patterns:
-Engulfing
-Hammer
-Morning Star
-Piercing Line
-Three White Soldiers
Tips for Using These Patterns in Day Trading
Confirm with Volume
Look for higher volume on the reversal candle (engulfing candle, the third candle in a three-candle pattern, etc.). Strong volume increases the validity of the signal.
Combine with Other Indicators
Use moving averages, RSI, or support/resistance levels to confirm the strength of a pattern. Candlestick patterns alone can produce false signals in fast-moving markets.
Practice Risk Management
Always define your stop loss before entering a trade based on your strategy (e.g., below the wick of a hammer or above the wick of a shooting star). This helps manage risk if the market moves against you.
Look for Clear Context
Patterns that form near key support/resistance or pivot areas are typically more meaningful than those that appear in “no man’s land.”
Evaluate Multiple Time Frames
Although our focus on the 5-minute chart, briefly check higher time frames (e.g., 15-minute, hourly) to see if the overall trend supports the direction of your trade.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart
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