Noro's Hourly Reversal Candles for ThinkorSwim

BenTen

BenTen

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This is a reversal candlestick pattern designed for crypto trading. However, I think it can work for stock trading, as well. Take a look below.

The original developer recommends using this on the hourly chart. It should also work in other timeframes. Test it out and see which one works best for you.




Code:
# Noro's Crypto Pattern
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/sYeZNIrU-noro-s-crypto-pattern-for-h1/

def bar = if close > open then 1 else if close<open then -1 else 0;
def body = absValue(close - open);
def avgbody = SimpleMovingAvg(body, 100);
def up1 = body<body[1] / 2 and body[1]> avgbody * 2 and bar == bar[1] and bar == -1;
def dn1 = body<body[1] / 2 and body[1]> avgbody * 2 and bar == bar[1] and bar == 1;
def up2 = (up1[1] or up2[1]) and close<close[1];
def dn2 = (dn1[1] or dn2[1]) and close > close[1];

# Plot Signals
plot bullish = up1;
bullish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bullish.SetDefaultColor(Color.GREEN);
bullish.SetLineWeight(1);
plot bearish = dn1;
bearish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bearish.SetDefaultColor(Color.RED);
bearish.SetLineWeight(1);
plot bullish2 = up2;
bullish2.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bullish2.SetDefaultColor(Color.DARK_GREEN);
bullish2.SetLineWeight(1);
plot bearish2 = dn2;
bearish2.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bearish2.SetDefaultColor(Color.DARK_RED);
bearish2.SetLineWeight(1);

# Paint the bars. Add # in front of the code below to disable it
assignPriceColor(if up1 then Color.GREEN else if up2 then Color.DARK_GREEN else if dn1 then Color.RED else if dn2 then color.DARK_RED else Color.WHITE);
 
D

diazlaz

Well-known member
2019 Donor
VIP
nice. doesn't seem to work as well intraday or the shorter time frames, however, I think it has potential in the 1 hour and 4 hour time frames. anyone has any other thoughts or observations?
 

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