High Wave: Important Results (according to Tom Bulkowski)The high wave candlestick has a very small real body, and it typifies a stock or index plagued by uncertainty. High wave candlesticks portray situations where the market is having difficulty coming to a consensus on a security's value. They are indicative of a market in which uncertainty and indecision prevail.
Theoretical performance: Indecision
Tested performance: Reversal 51% of the time
Frequency rank: 17
Overall performance rank: 67
Best percentage meeting price target: 77% (bull market, up breakout)
Best average move in 10 days: -3.38% (bear market, down breakout)
Best 10-day performance rank: 60 (bear market, up breakout)
This version includes paint bars and arrows (for scanning purposes). The arrow does not indicate the trend or direction.
# High Wave Candlestick Pattern # Assembled by BenTen at useThinkScript.com # Converted from https://www.tradingview.com/script/zZOCuaJN-Custom-Candle-color-Inside-Outside-candles-Highwave-Star-Patt/ def Day = (high - low); def Day_1 = (high - low); def Day_2 = (high - low); def Day_3 = (high - low); def Day_4 = (high - low); def Day_5 = (high - low); def Avg = ((Day_1 + Day_2 + Day_3 + Day_4 + Day_5) / 5); input Highwave_Wick_Multiplier = 3.0; input Range_Multiplier = 1.0; def Highwave = (((high - low) - (AbsValue(open - close))) > ((AbsValue(open - close)) * Highwave_Wick_Multiplier)) and((Day > (Avg* Range_Multiplier))); assignPriceColor(if Highwave then Color.CYAN else Color.Current); # Plot Arrow plot arrow = Highwave; arrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP); arrow.SetDefaultColor(Color.MAGENTA); arrow.SetLineWeight(1);