PDHL Sweep + C123 (by Veronica)

16 Agu

The "PDHL Sweep + C123" is an indicator to identify potential reversal or continuation patterns in the market by combining key price levels from the previous day with a custom three-candle pattern analysis.

Key Features:
1. Previous Day High/Low Sweep:
The indicator automatically plots horizontal lines marking the previous day's high and low prices.
If the price crosses these key levels, the lines will change from solid to dashed, indicating a potential sweep or breakout.

2. Three-Candle Pattern Analysis:
The indicator identifies specific three-candle patterns that could signal a bullish or bearish setup. The pattern is validated if certain conditions are met, including the relationship between candle bodies and whether the price has crossed the previous day's high or low.

3. Marubozu Condition (Optional):
Users can enable a condition that checks if the Candle 1 and 3 in the pattern is a Marubozu, with a customizable body size percentage.This adds an extra layer of confirmation to the pattern. Default is switch on for both candle 1 and 3.

4. Customizable Alerts:

Users can set alerts for when a "Buy" or "Sell" signal is triggered, allowing them to stay informed of potential trading opportunities without constantly monitoring the charts.
Callout Signals:

When a valid bullish or bearish pattern is identified, the indicator places a "Buy" or "Sell" callout on the chart for clear visual signaling.

5. Customizable colour and text:
Users can customize the color and text of these callouts to suit their preferences.

How to Use:
Bullish Signal: A "Buy" callout will appear when a valid three-candle bullish pattern is detected and the price has crossed below the previous day's low.

Bearish Signal: A "Sell" callout will appear when a valid three-candle bearish pattern is detected and the price has crossed above the previous day's high.

Customize the appearance of the indicator, including line colors, callout colors, and text colors, to match your charting style.

This indicator is ideal for traders who rely on price action and key levels for their trading decisions. It provides clear signals and alerts, helping you stay on top of potential market reversals or continuations.