Equal-High, Equal-Low, and Mirror-Level Candlestick Patterns
Summary
This indicator marks repeated candle extremes that may help traders identify potential support or resistance retests. It flags consecutive bars with equal lows or highs, highlights a third matching extreme with a separate marker, and identifies mirror levels where a bar’s high matches an earlier low or its low matches an earlier high. Large-range candles are colored when their range exceeds twice the selected ATR.
The author presents the patterns as possible clues to strong levels and suggests that abnormal candles may increase the chance of a retest, with higher chart timeframes said to improve results. These are hypotheses rather than demonstrated findings: the document includes no backtest, sample, or quantified results. The script only marks chart conditions and does not define entries, exits, or position sizing, so traders must supply their own rules and validate the patterns before relying on them.
Key ideas
- Equal highs and lows across adjacent candles are marked as possible support or resistance references.
- A third consecutive matching extreme receives a distinct marker.
- Mirror setups mark when a candle high matches an earlier low or a candle low matches an earlier high.
- Ranges greater than twice the selected ATR are highlighted as abnormal candles.
- The proposed retest interpretation is not backed by performance data in the document.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.