BEST TradingView Indicator Strategy

Easy Beginner Strategy

July 29, 2024

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Dear Traders

The Candlestick Structure indicator identifies major market trends and highlights relevant candlestick patterns, filtering out irrelevant ones. It offers multiple trend detection methods, which users can choose from, and includes a dashboard showing the alignment percentage of each pattern.

Usage

Trend Detection: Differentiates between major and minor trends, allowing for pattern detection within minor trends while filtering out those misaligned with major trends.

Entry Points: By identifying patterns that align with major trends, the indicator can pinpoint potential retracement endpoints, providing various entry opportunities.

Dashboard: Tracks the alignment of each candlestick pattern to reveal which ones typically align with the trend.

Note: Alignment percentage only checks if the pattern’s direction matches the current trend, without indicating confidence.

Details

The indicator tracks 16 candlestick patterns.

Bullish Patterns

  • Hammer: Small upper wick, small body, long lower wick (2x the body width).

  • Inverted Hammer: Small lower wick, small body, long upper wick (2x the body width).

  • Bullish Engulfing: Large bullish candle encapsulating the previous small bearish candle.

  • Rising 3: Full-bodied bullish candle, followed by 3 bearish candles within the high and low of the first candle, and another bullish candle closing above the first candle’s high.

  • 3 White Soldiers: Three bullish candles, each opening within the previous candle’s body and closing higher.

  • Morning Star: Full-bodied bearish candle, small-bodied bearish candle, full-bodied bullish candle closing above halfway of the first candle.

  •  Bullish Harami : Bearish candle followed by a small bullish candle within the first candle’s body.

  • Tweezer Bottom: Bearish candle followed by a bullish candle with equal lows.

Bearish Patterns

  • Hanging Man: Small upper wick, small body, long lower wick (2x the body width).

  •  Shooting Star: Small lower wick, small body, long upper wick (2x the body width).

  • Bearish Engulfing: Large bearish candle encapsulating the previous small bullish candle.

  • Falling 3: Full-bodied bearish candle, followed by 3 bullish candles within the high and low of the first candle, and another bearish candle closing below the first candle’s low.

  • 3 Black Crows: Three bearish candles, each opening within the previous candle’s body and closing lower.

  •  Evening Star: Full-bodied bullish candle, small-bodied bullish candle, full-bodied bearish candle closing below halfway of the first candle.

  •  Bearish Harami: Bullish candle followed by a small bearish candle within the first candle’s body.

  • Tweezer Top: Bullish candle followed by a bearish candle with equal highs.

Settings

Candlestick Patterns: Select which patterns to include.

Minor Trend Length: Set the Donchian Channel length for minor trends.

Major Trend Method: Choose the method for major trend detection.

Major Trend Parameters: Adjust inputs for the selected major trend method.

Color Candles: Color the chart candles based on the minor trend.

Dashboard: Adjust the display size and location of the Alignment Dashboard.

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