This indicator overlays up to five higher-timeframe candlestick groups on the price chart. For each enabled timeframe it requests open, high, low, and close and can show up to five candles, offset by a spacing setting. The main inputs set the candle count, the
Indicator · Pine Script v4 · On the chart
Paper umbrella trader
This indicator marks paper umbrella candles on the price chart.
Repaints
GitHub stars18on the repository
Pine versionv4older, still runs
Lines of code62
Settings8inputs
LicenceNone stated
Last update4 years ago17 May 2022
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 indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
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
Paper umbrella trader flags a green or red pattern when the upper wick is small relative to the body side and the body thickness stays between set minimum and maximum percentages of the range. On a match it draws a limit-buy label, a stop below the low, and a target twice that distance, with share quantity sized from the maximum loss input. A charge function estimates the labeled result from quantity and prices. It is an indicator, not an order strategy, and the mark can change while the live bar is still forming.
- Green and red paper umbrella marks
- Defect and body thickness filters
- Limit buy, stop and target labels
- Position size from maximum loss
- Charge estimate on the labels
Details
Published by
shibisuriya on GitHub
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Candlestick patterns, Support & resistance
Markets
Stocks
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Repository
Topics
technical-analysisstock-marketjapanese-candlestickzerodhazerodha-varsityalgo-tradingflexiblefreetradingviewupstox
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Max. loss per trade | float | 300 | max_loss |
| limit order buy percentage | float | 50 | limit_percentage |
| qty | int | 100 | qty |
| Buy price | float | 100 | buyPrice |
| Sell price | float | 101 | sellPrice |
| Paper umbrella defect (%) | float | 15 | pu_defect |
| Paper umbrella max. thickness (%) | float | 33 | pu_max_thickness |
| Paper umbrella min. thickness (%) | float | 3 | pu_min_thickness |
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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