Exceeded Candle [Alorse] is a mean-reversion strategy that identifies candlestick engulfing patterns combined with Bollinger Bands filters. It enters a long position when a green candle surpasses the body of the previous red candle while price is below the mid
Strategy · Pine Script v4 · On the chart
Candlestick Patterns Strategy (revisited)
This strategy identifies multiple classic candlestick patterns, including Engulfing, Harami, Morning and Evening Stars, and Three White Soldiers.
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code97
Settings18inputs
LicenceNone stated
Last update1 year ago7 Nov 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Candlestick Patterns Strategy (revisited) executes trades directly on the price chart when selected bullish or bearish patterns trigger. Users can toggle individual candlestick formations on or off, enable or disable strategy orders, adjust a backtest start date, and configure an optional trailing stop loss via points and offset inputs. A notable limitation is the absence of secondary trend or volume filters, which can lead to false breakouts in choppy markets.
- Multiple selectable candlestick pattern filters
- Trailing stop loss mechanism
- Customizable backtest start date
- Direct price chart overlay
Details
Published by
capissimo on GitHub
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Candlestick patterns
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Engulfing | bool | true | OnEngulfing |
| Harami | bool | true | OnHarami |
| Piercing Line / Dark Cloud Cover | bool | true | OnPiercingLine |
| Morning Star / Evening Star | bool | true | OnMorningStar |
| Belt Hold | bool | true | OnBeltHold |
| Three White Soldiers / Three Black Crows | bool | true | OnThreeWhiteSoldiers |
| Three Stars in the South | bool | true | OnThreeStarsInTheSouth |
| Stick Sandwich | bool | true | OnStickSandwich |
| Meeting Line | bool | true | OnMeetingLine |
| Kicking | bool | true | OnKicking |
| Ladder Bottom | bool | true | OnLadderBottom |
| Use Strategy Setup | bool | true | useStrat |
Show all 18 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Use Trailing Stop? | bool | true | useStop |
| Stop Loss Trail Points | int | 1 | slPoints |
| Stop Loss Trail Offset | int | 1 | slOffset |
| Starting backtest year | int | 2019 | yr |
| Starting backtest month | int | 8 | mn |
| Starting backtest day | int | 1 | dy |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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