Uptrend Downtrend Loopback Candl…: Free TradingView Library (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new library, select all of the template text and paste. Press Save and give it a name.
4Publish or import itA library draws nothing. Publish it from the editor, then import its functions in your own scripts.

Source Code

25 lines of Pine Script v5 from libraries/uptrend_downtrend_loopback_candle_identification_lib.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

uptrend_downtrend_loopback_candle_identification_lib.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © AugustoErni

//@version=5
library("uptrend_downtrend_loopback_candle_identification_lib", overlay=true)

export uptrendLoopbackCandleIdentification(int lookbackPeriod) =>
    var bool isUptrend = false
    for i = 1 to lookbackPeriod
        if low > low[i]
            isUptrend := true
        else
            isUptrend := false
            break
    isUptrend

export downtrendLoopbackCandleIdentification(int lookbackPeriod) =>
    var bool isDowntrend = false
    for i = 1 to lookbackPeriod
        if low < low[i]
            isDowntrend := true
        else
            isDowntrend := false
            break
    isDowntrend

Overview

Uptrend Downtrend Loopback Candle Identification Lib exports functions that check if the current candle's low price is strictly higher or lower than all preceding lows within the specified lookback range, helping identify consecutive higher or lower candle lows.

Uptrend candle identification function
Downtrend candle identification function
Customizable lookback period loop evaluation

Details

Published by

augustoerni on GitHub

Type

Library, Pine Script v5

Draws

Library (no plots)

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.

File

libraries/uptrend_downtrend_loopback_candle_identification_lib.pine

Repository

github.com/augustoerni/pinescript. See its other scripts in the library

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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