//@version=5
indicator("Three Black Crows - Bearish", shorttitle = "Three Black Crows - Bear", overlay=true)
C_Len = 14 // ta.ema depth for bodyAvg
C_ShadowPercent = 5.0 // size of shadows
C_ShadowEqualsPercent = 100.0
C_DojiBodyPercent = 5.0
C_Factor = 2.0 // shows the number of times the shadow dominates the candlestick body
C_BodyHi = math.max(close, open)
C_BodyLo = math.min(close, open)
C_Body = C_BodyHi - C_BodyLo
C_BodyAvg = ta.ema(C_Body, C_Len)
C_SmallBody = C_Body < C_BodyAvg
C_LongBody = C_Body > C_BodyAvg
C_UpShadow = high - C_BodyHi
C_DnShadow = C_BodyLo - low
C_HasUpShadow = C_UpShadow > C_ShadowPercent / 100 * C_Body
C_HasDnShadow = C_DnShadow > C_ShadowPercent / 100 * C_Body
C_WhiteBody = open < close
C_BlackBody = open > close
C_Range = high-low
C_IsInsideBar = C_BodyHi[1] > C_BodyHi and C_BodyLo[1] < C_BodyLo
C_BodyMiddle = C_Body / 2 + C_BodyLo
C_ShadowEquals = C_UpShadow == C_DnShadow or (math.abs(C_UpShadow - C_DnShadow) / C_DnShadow * 100) < C_ShadowEqualsPercent and (math.abs(C_DnShadow - C_UpShadow) / C_UpShadow * 100) < C_ShadowEqualsPercent
C_IsDojiBody = C_Range > 0 and C_Body <= C_Range * C_DojiBodyPercent / 100
C_Doji = C_IsDojiBody and C_ShadowEquals
patternLabelPosLow = low - (ta.atr(30) * 0.6)
patternLabelPosHigh = high + (ta.atr(30) * 0.6)
label_color_bearish = input(color.red, "Label Color Bearish")
C_ThreeBlackCrowsBearishNumberOfCandles = 3
C_3BCrw_ShadowPercent = 5.0
C_3BCrw_HaveNotDnShadow = C_Range * C_3BCrw_ShadowPercent / 100 > C_DnShadow
C_ThreeBlackCrowsBearish = false
if C_LongBody and C_LongBody[1] and C_LongBody[2]
if C_BlackBody and C_BlackBody[1] and C_BlackBody[2]
C_ThreeBlackCrowsBearish := close < close[1] and close[1] < close[2] and open > close[1] and open < open[1] and open[1] > close[2] and open[1] < open[2] and C_3BCrw_HaveNotDnShadow and C_3BCrw_HaveNotDnShadow[1] and C_3BCrw_HaveNotDnShadow[2]
alertcondition(C_ThreeBlackCrowsBearish, title = "New pattern detected", message = "New Three Black Crows – Bearish pattern detected")
if C_ThreeBlackCrowsBearish
var ttBearishThreeBlackCrows = "Three Black Crows\nThis is a bearish reversal pattern that consists of three long, red-bodied candles in immediate succession. For each of these candles, each day opens within the body of the day before and closes either at or near its low."
label.new(bar_index, patternLabelPosHigh, text="3BC", style=label.style_label_down, color = label_color_bearish, textcolor=color.white, tooltip = ttBearishThreeBlackCrows)
bgcolor(ta.highest(C_ThreeBlackCrowsBearish?1:0, C_ThreeBlackCrowsBearishNumberOfCandles)!=0 ? color.new(color.red, 90) : na, offset=-(C_ThreeBlackCrowsBearishNumberOfCandles-1))
Overview
Three Black Crows - Bearish checks for three consecutive long red candles that open within the previous body, close consecutively lower, and feature minimal lower shadows compared to their average body size. When the criteria are met, the indicator displays a red '3BC' label above the high with an explanatory tooltip, highlights the pattern background in soft red, and triggers an alert condition. Users can customize the bearish label color.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Label Color Bearish
color
color.red
label_color_bearish
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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