CandlestickUtilities

19. Apr.

This library provides essential functions for candlestick chart analysis and pattern recognition in Pine Script®.
It includes:
• Candle structure analysis (bodies, shadows, lengths)
• Trend detection using EMAs
• Common candlestick pattern recognition

This library is under construction.
Designed to support strategy development and improve signal accuracy for traders.
Created by xprophetx — under MPL-2.0 license.

22. Apr.

Versionshinweise

v2

Updated:
isBullishEngulfing(bodyAllowance, fullEngulfing, checkTrend)
  : isBullishEngulfing
description:
Detects a Bullish Engulfing candlestick pattern.
A bullish candle fully (or partially) engulfs the previous bearish candle's body,
potentially signaling a reversal in a downtrend.

Parameters:
- bodyAllowance (float): Minimum body size to exclude weak signals. Default is na (uses syminfo.mintick * 2).
- emaLength (int): EMA length to identify downtrend. Default is 9.
- fullEngulfing (bool): If true, the current candle must fully engulf the previous body. If false, partial engulfing is allowed.

return:
Returns true if a Bullish Engulfing pattern is detected, otherwise false.
  Parameters:
    bodyAllowance (float)
    fullEngulfing (bool)
    checkTrend (bool)

isBearishEngulfing(bodyAllowance, fullEngulfing, checkTrend)
  : isBearishEngulfing
description:
Detects a Bearish Engulfing candlestick pattern.
A bearish candle fully (or partially) engulfs the previous bullish candle's body,
potentially signaling a reversal in an uptrend.

Parameters:
- bodyAllowance (float): Minimum body size to exclude weak signals. Default is na (uses syminfo.mintick * 2).
- fullEngulfing (bool): If true, the current candle must fully engulf the previous body. If false, partial engulfing is allowed.

return:
Returns true if a Bearish Engulfing pattern is detected, otherwise false.
  Parameters:
    bodyAllowance (float)
    fullEngulfing (bool)
    checkTrend (bool)