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
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Exponential moving average set to 4.
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revised script code
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"Doji" candlestick identification has been added. Tolerance of 0.01% between Open & Close is being used.