Bar

20. Dez. 2021

█ OVERVIEW

This indicator demonstrates how we can use Pine script for collecting data to study the market.

By building a statistical report based on the chart candlestick​ analysis, discover if there is an edge or not, when and where?

Compare it with a specific candlestick​ pattern and know how its behavior diverges. I have already covered some here.

I hope it can bring you ideas for researching new edges, testing, and trying new things.


█ FEATURES

Sections
The report organizes the data into the following sections: retracement, invalidation, continuation, breakout, and state. Each of them provides insights into the price behavior and answers to questions such as: How often does price retrace? Does the pattern often invalidate? If it does not, does it break in the pattern's direction? How far does the price go? What are the odds of a false breakout? What is the likelihood of the next bar being a down candle?

Highlighter
The indicator highlights flat bars (open and close at the same price). It also highlights bullish​ and bearish​ bars once a filter is applied.

Settings

• Filtering of bars closing beyond their prior bar’s high and low;
  
• Filtering of reversal bars (two modes available);
  
• Displaying distances relative to the bars length or Average True Range​;
  
• Collapsing/expanding each section;
  
• Changing the report’s coloring and positioning;
  

█ NOTES

Computation
The script computation occurs on bar close.

Distances in ATR
When using a period of 20, for example, the first 19 candles are ignored because the ATR is not defined yet.