Support Board
Date/Time: Sun, 24 Nov 2024 07:53:29 +0000
Post From: Color Bar Alert For Pin Bar
| [2024-06-18 17:52:57] |
| Mercrastius - Posts: 44 |
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Forget the "Candlestick Patterns Finder" IMO. Just use the color bar based on alert condition study - you'll probably need two. This is from the SC documentation page of formula examples: Study/Chart Alerts And Scanning: Alert Formula Examples You probably want to write a formula using some combination of numbers 35 & 36: Alert when Close Within 25 Percent of Bottom of Chart Bar: Enter the following Alert Condition Formula on a Color Bar Based on Alert Condition study: AND(C >= L, C <= ((H - L) * .25 + L) ). Note: The first part of the example formula isn't necessary as it's redundant. C >= L means the close is equal to or above the low, which will always be true. Alert for where Body of Candlestick Bar is Less Than 50 Percent of the High to Low Range of the Bar: (ABS(O - C) / (H - L) < .50). This formula can either be entered on the main price graph or on a study. So for a bullish pin bar try this: The bar needs to close equal or above the bar open (this part is optional I guess), close within 25 percent of the bar high, and have a candle body less than 50 percent of the range of the bar (so that the tail is at least the same size or larger than the bar body), the formula would look like this: =AND(C>O,C>=((H-L)*.75+L),ABS(O-C)/(H-L)<.50) Now that will probably paint lots of bars all over the chart. You might also want to make sure the bar low is lower than the previous couple of bars, so that the "pin bar" you're highlighting represents a lowest low turning point, rather than just be in the middle of nowhere. You'd want to add something like this to the formula: L<L[-1],L<=L[-2] This would look for bars where the low is lower than the prior bar, and also lower than or equal to the low of the bar before that (2 bars prior). So here's the entire formula: =AND(C>O,C>=((H-L)*.75+L),ABS(O-C)/(H-L)<.50,L<L[-1],L<=L[-2]) You can adjust the formula for a bearish bar and make whatever tweaks you want. Larger/smaller tail, close closer/farther from the high, low is lower than more/fewer prior bars, etc... Date Time Of Last Edit: 2024-06-18 17:58:05
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