Noro's Hourly Reversal Candles for ThinkorSwim

[BenTen]

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.

# 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);

 

[diazlaz]

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?