Swing Highs/Lows & Candle Patterns [LuxAlgo]

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.

Notas de prensa:

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

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Minor Changes.

Notas de prensa:

Update to script title.

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

Notas de prensa:

Minor changes