It’s important to note that patterns aren’t necessarily a buy or sell signal by themselves. They are instead a way to look at market structure and a potential indication of an upcoming opportunity. It is always useful to look at patterns in context like any other market analysis tool and patterns are most useful when used in combination with other techniques. There are countless patterns that traders can use to identify areas of interest on a chart, where some patterns may provide insights into the balance between buyers and sellers, others may indicate a reversal, continuation, or indecision.
Reversal patterns are quite useful when used in context. Reversal patterns should form at the bottom of a downtrend or at the top of an uptrend. Otherwise, they are not a reversal patterns, but continuation patterns. Most reversal patterns require confirmation such as price move in the direction of reversal accompanied by appropriate trading . The reversal patterns can further be confirmed through other means of traditional technical analysis—like , momentum, oscillators, or indicators—to reaffirm buying or selling pressure. The patterns themselves do not guarantee that the trend will reverse. Investors should always confirm reversal by the subsequent price action before initiating a trade.
This study implements some of the most commonly used patterns in a context with indicator. On request users can adjust the strong trend threshold from dialog box, eighter can disabled correlation with indicator. To add additional sight to analysis the simple moving averages of 20, 50, 100 and 200 periods are added (configurable)
You may add additional indicators of your choice. Colored DMI, BB Cloud or Price Distance to its MAs may help
Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd tradingview user liable for any possible claim for damages arising from any decision you make based on use of the script
* higher timeframe support added
besides chart timeframe now the script can detect candlestick patterns from higher timeframes
* alerts functionality
both confirmed (non-repaint) and early warning alerts can be configured. disabling early warning alerts can be done from the input selection
* trend context extended
besides Directional Movement Index (DMI), now includes Fast and Slow SMA options
* candlestick patterns extended
candlestick patterns and formulas are replaced with the TradingView's latest updated version
The candlestick patterns (reversal, countinuation or indecition) can further be confirmed through other means of technical analysis — like support and resistance levels, momentum, oscillators, volume indicators, fear and greed, etc — to reaffirm buying or selling pressure. Some examples are HTF-Candles-and-Mini-Charts, Technical-Analyst, and many Other-Scripts
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