Swing Highs/Lows & Candle Patterns [LuxAlgo]

17. Sept. 2020

This script labels swing highs and swing lows as well as the candle pattern that occurred at that precise point. The script can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star, and bearish engulfing.

This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past.

🔶 USAGE

It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.

The notations HH, HL, LH, and LL you can see on the labels are defined as follows:

• HH : Higher high
  
• HL : Higher low
  
• LH : Lower high
  
• LL : Lower low
  

🔶 SETTING

Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.

28. Okt. 2020

Versionshinweise

Copyright update & default "length" input value set to 20.

15. Feb. 2021

Versionshinweise

Minor Changes.

4. Okt. 2022

Versionshinweise

Update to script title.

19. Juli 2023

Versionshinweise

Changed styling, switched to version 5, and minor changes.

19. Juli 2023

Versionshinweise

Minor changes