This script looks at 4 candles at a time.
- If the first 3 candles in the pattern are BEARISH and the 4th candle BULLISH engulfs the 3rd candle then a GREEN triangle UP will display BELOW the 4th candle
- If the first 3 candles in the pattern are BULLISH and the 4th candle BEARISH engulfs the 3rd candle then a RED triangle DOWN will display ABOVE the 4th candle
This version for ThinkorSwim, I replaced the signals with green and red colored bars.
- Hourly and Daily to identify trend / swing trading
- 5m for day trading
# 4 Candle Analysis # Assembled by BenTen at useThinkScript.com # Converted from https://www.tradingview.com/script/3TPknP5w-4-Candle-Analysis/ def candle1_Open = open; def candle1_Close = close; def candle2_Open = open; def candle2_Close = close; def candle3_Open = open; def candle3_Close = close; def candle4_Open = open; def candle4_Close = close; def isBullishTripleCandle = (candle1_Close > candle1_Open) and(candle2_Close > candle2_Open) and(candle3_Close >= candle3_Open) and(candle2_Close > candle1_Close); def engulfCandle3withCandle4 = (candle4_Close <= candle4_Open) and(candle4_Close < candle3_Open); def bearishReversalPredicted = isBullishTripleCandle and engulfCandle3withCandle4; def isBearishTripleCandle = (candle1_Close < candle1_Open) and(candle2_Close < candle2_Open) and(candle3_Close <= candle3_Open) and(candle2_Close<candle1_Close); def engulfCandle3withCandle4_1 = (candle4_Close >= candle4_Open) and(candle4_Close > candle3_Open); def bullishReversalPredicted = isBearishTripleCandle and engulfCandle3withCandle4_1; assignPriceColor(if bullishReversalPredicted then Color.Green else if bearishReversalPredicted then Color.Red else Color.White);