Weekly Bullish Pattern Detector

30. Nov.

This script is a TradingView Pine Script designed to detect a specific bullish candlestick pattern on the weekly chart. Below is a detailed breakdown of its components:

1. Purpose
The script identifies a four-candle bullish pattern where:

The first candle is a long green (bullish) candlestick.
The second and third candles are small-bodied candles, signifying consolidation or indecision.
The fourth candle is another long green (bullish) candlestick.
When this pattern is detected, the script:

Marks the chart with a visual label.
Optionally triggers an alert to notify the trader.
2. Key Features
Overlay on Chart:

indicator("Weekly Bullish Pattern Detector", overlay=true) ensures the indicator draws directly on the price chart.
Customizable Inputs:

length (Body Size Threshold):
Defines the minimum percentage of the total range that qualifies as a "long" candle body (default: 14%).
smallCandleThreshold (Small Candle Body Threshold):
Defines the maximum percentage of the total range that qualifies as a "small" candle body (default: 10%).
Candlestick Property Calculations:

bodySize: Measures the absolute size of the candle body (close - open).
totalRange: Measures the total high-to-low range of the candle.
bodyPercentage: Calculates the proportion of the body size relative to the total range ((bodySize / totalRange) * 100).
isGreen and isRed: Identify bullish (green) or bearish (red) candles based on their open and close prices.
Pattern Conditions:

longGreenCandle:
Checks if the candle is bullish (isGreen) and its body percentage exceeds the defined length threshold.
smallCandle:
Identifies small-bodied candles where the body percentage is below the smallCandleThreshold.
consolidation:
Confirms the second and third candles are both small-bodied (smallCandle[1] and smallCandle[2]).
Bullish Pattern Detection:

bullishPattern:
Detects the full four-candle sequence:
The first candle (longGreenCandle[3]) is a long green candle.
The second and third candles (consolidation) are small-bodied.
The fourth candle (longGreenCandle) is another long green candle.
Visualization:

plotshape(bullishPattern):
Draws a green label ("Pattern") below the price chart whenever the pattern is detected.
Alert Notification:

alertcondition(bullishPattern):
Sends an alert with the message "Bullish Pattern Detected on Weekly Chart" whenever the pattern is found.
3. How It Works
Evaluates Candle Properties:

For each weekly candle, the script calculates its size, range, and body percentage.
Identifies Each Component of the Pattern:

Checks for a long green candle (first and fourth).
Verifies the presence of two small-bodied candles (second and third).
Detects and Marks the Pattern:

Confirms the sequence and marks the chart with a label if the pattern is complete.
Sends Alerts:

Notifies the trader when the pattern is detected.
4. Use Cases
This script is ideal for:

Swing Traders:
Spotting weekly patterns that indicate potential bullish continuations.
Breakout Traders:
Identifying consolidation zones followed by upward momentum.
Pattern Recognition:
Automatically detecting a commonly used bullish formation.
5. Key Considerations
Timeframe: Works best on weekly charts.
Customization: The thresholds for "long" and "small" candles can be adjusted to suit different markets or volatility levels.
Limitations:
It doesn't confirm the pattern's success; further analysis (e.g., volume, support/resistance levels) may be required for validation