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:
🔶 SETTING
Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.
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.
Versionshinweise:
Copyright update & default "length" input value set to 20.
Versionshinweise:
Minor Changes.
Versionshinweise:
Update to script title.
Versionshinweise:
Changed styling, switched to version 5, and minor changes.
Versionshinweise:
Minor changes
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All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.
Join our 100k+ community: discord.gg/lux
All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.