Candlestick Indicator by Crypto_Adhyeta
A script to identify possible trend reversal based on Candlesticks. The correct candlestick type is identified by the relative position to Exponential Moving Average.
It detects:
- Hammer - if emerges during a downtrend (close below EMA(5)), the downtrend should end.
- Hanging Man - if comes after a advance (close above EMA(5)), the uptrend should end.
Confirmation:
- for aHammer not required
- a Hanging Man should be confirmed by lower close by the next candle
It detects:
- Hammer - if emerges during a downtrend (close below EMA(5)), the downtrend should end.
- Hanging Man - if comes after a advance (close above EMA(5)), the uptrend should end.
Confirmation:
- for aHammer not required
- a Hanging Man should be confirmed by lower close by the next candle
Versionshinweise:
Exponential moving average set to 4.
Versionshinweise:
revised script code
Versionshinweise:
"Doji" candlestick identification has been added. Tolerance of 0.01% between Open & Close is being used.
Versionshinweise:
revised code
Versionshinweise:
EMA changed back to 5.