Piano Candle Setup

2023년 8월 17일

Piano Candle Setup is a 3 and 4 Candle Combination Candle Setup.
It is a combination of the following 4 candle patterns:
1. The first set is a Green-Red-Green Setup
- Closing of the 3rd candle should be above the closing of the other 2 candles.
- The low of the first candle should not be breached by either candles
2. The second set is a Green-Red-Red-Green Setup
- Closing of the 4th candle should be above the closing of the other 3 candles
- 2nd and 3rd candles are red candles
- The low of the first candle should not be breached.
3. The third set is a Red-Green-Red Setup
- Closing of the 3rd candle should be below the closing of the other 2 candles
- The high of the first candle should not be breached by the other two candles
4. The fourth set is a Red-Green-Green-Red setup
- Closing of the 4th candle should be below the closing of the other 3 candles
- 2nd and 3rd candle are green candles
- The high of the first candle should not be breached.
The First two patterns help identify a strong bullish strength where the last candle indicates a strong buying bias by closing above it's previous candles. The Last two patterns help identify a strong bearish strength where the last candle indicates a strong selling bias by closing below it's previous candles. In live market the candlestick patterns tend to become white noise therefore this indicator helps overcome that problem.
The pattern works best in 5 minutes and above timeframes

2023년 8월 18일

릴리즈 노트

2 EMA's have been added to the existing candlestick pattern. A custom EMA threshold has been added to it to help identify potential sideways markets where the patterns MAY NOT WORK

2023년 9월 9일

릴리즈 노트

Modified the Indicators settings from points to % so that it remains constant across scripts

2023년 9월 29일

릴리즈 노트

The script no longer includes EMA's as it is a scalping setup. Moreover the indicator has new rules which help avoid noise and false signals by making the 4 candlestick patterns even more accurate