CANDLESTICK PATTERN CONDITION BUILDER

Candlestick Pattern Indicator is a versatile tool developed for traders to build their favorite candlestick patterns and view on TradingView charts based on predefined candlestick patterns like DOJI, ENGULFING etc. or their own customized candle patterns. Conditions can be built literally in less than a minute without any need to have coding knowledge.

About the Indicator

This indicator allows users to create long and short entry conditions using a wide variety of customizable parameters, including candlestick values (OPEN, HIGH, LOW, CLOSE) and operator comparisons (>,<,=>,=<). It provides flexibility to choose between intraday or positional. The stop-loss and target mechanisms offer the ability to choose between percentage, point-based, or candle-specific values.

Features

  • Time-Based Entry & Exit: Traders can define intraday sessions for precise entry and exit timing.
  • Customizable Long & Short Conditions: Multiple long and short conditions can be set using candlestick data such as High, Low, Close, and Open for up to six candles.
  • Stop-Loss & Target Customization: Choose between percentage, points, or highest/lowest candle value stop-losses and targets.
  • Reverse Entry: Option to reverse the trade direction if conditions are met, providing additional flexibility for trend reversals.
  • Alerts: Real-time buy, sell, short, and cover alerts ensure traders can act on signals promptly.
  • Visual Indicators: Buy, sell, short, and cover signals are clearly plotted on the chart, with corresponding stop-loss and target lines.

Understanding the Indicator

This indicator is built around user-defined inputs for candlestick values, comparison operators, and condition switches for both long and short trades. The indicator checks whether specified conditions are met across a series of candles, and it uses customizable criteria to trigger buy, sell, short, or cover signals. The tool further enhances trading decisions by offering the ability to choose the type of stop-loss and target rules, which are displayed on the chart as line plots.

Input Parameters

  • Time-Based Entry/Exit: Toggle on/off for time-based entries with session start and end times.
  • Reverse Entry: Option to reverse entry for trend reversal trading.
  • Long/Short Conditions: Multiple configurable parameters for both long and short trades, including up to 5 conditions per trade direction.
  • Stop-Loss Type: Set stop-loss using percentage, points, or the highest/lowest value of selected candles.
  • Target Type: Target values can be configured as percentage, points, or risk-to-reward ratio.

Pro Tip: Once after you enter all the values, you can hit on “save as default” so that next time you open this chart, you can reuse these settings.

How to avail this free indicator?

  • Go to TradingView indicators section, search for “BCA Candlestick Pattern Condition Builder” and click on it.
    • Tip: You can also add to favorites so that next time it will be available just under your “Favorites” section
  • Once the indicator is applied to your chart, go to settings and configure the input parameters as mentioned above.
  • Great, you are done and can start using the indicator.

Summary

This Candlestick Pattern condition builder empowers traders to build and see their favorite candlestick pattern on TradingView charts using a range of parameters and candlestick patterns. With visual signals, customizable stop-loss and target points, and the ability to set real-time alerts, this indicator is a comprehensive tool for those who want more control over their trades. Suitable for both novice and experienced traders, this indicator enhances decision-making with precise and reliable data.