Candlestick Pattern Indicator with Configurable Trend Filters
Summary
This indicator identifies and labels a broad set of bullish and bearish candlestick formations on a price chart, placing colored arrows near detected patterns. Examples include doji, hammer, engulfing, morning and evening stars, three-candle formations, gaps, and tweezers. The logic derives candle bodies and shadows from open, high, low, and close values, and uses a configurable trend filter to contextualize signals.
Trend direction can be checked with MACD, parabolic SAR, directional movement, moving-average crossings, or stochastic comparisons, or the filter can be disabled. The indicator is a charting aid: the document supplies pattern detection rules but no evidence that the signals predict returns, and it gives no backtest, execution plan, or risk controls. Candlestick patterns depend on the chosen definitions, market, and time frame; adding a trend condition does not by itself validate a trading edge. The source also contains extensive implementation detail and unrelated privacy text.
Key ideas
- The indicator labels dozens of bullish and bearish candlestick patterns on a chart.
- Pattern detection uses candle body and shadow relationships derived from OHLC data.
- Users can contextualize patterns with several trend filters or disable trend checking.
- The document offers signal definitions but no evidence of predictive performance or profitability.
- Pattern interpretation remains dependent on market context and the selected trend method.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.