This Double High/Low & Engulfing Indicator has been designed to show the double high and double low candle patterns and the Engulfing candles patterns.
- This scripts is based on RSI length.
- It displays a label when a Double High or Double Low candle pattern is detected.
- It displays a label when a Bullish Engulfing or Bearish Engulfing candle pattern is detected.
- It is also possibility to set a Double High/Low, Double High, Double Low, Bullish/Bearish Engulfing , Bullish Engulfing , or Bearish Engulfing alert.
How to use?
- When a Double High signal appears it means that we have probably or temporarily stopped the uptrend and could see a reversal. Most likely we will see a downtrend from here.
- When a Double Low signal appears it means that we have probably or temporarily stopped the downtrend and probably could see a reversal. Most likely we will see an uptrend from here.
- When a Bullish Engulfing candle appears it means that we probably made a reversal to the upside. Bullish Engulfing patterns are more likely to signal reversals when they are preceded by three or more red candlesticks.
- When a Bearish Engulfing candle appears it means that we probably made a reversal to the downside. Bearish Engulfing patterns are more likely to signal reversals when they are preceded by three or more green candlesticks.
- Wait for a clear reversal to buy or to sell. Use the Fibonacci tool together with the Eliot Waves to help you with this.
- You can show/hide the labels based on RSI length and high/low input values.
- You can show/hide the labels based on the % candle match.
- You can show/hide the Double High/Low labels.
- You can show/hide the Bullish/Bearish Engulfing labels.
How to setup?
To be able use this script you need to have a free or paid TradingView Subscription. If you already have a subscription then go to step 2. If you don’t have an account use this link https://www.tradingview.com to subscribe. If you subscribe for a payed subscription we both get $30 from TradingView.
Blog: how to create a new TradingView account
Add the indicator to your chart
Open your TradingView chart and go to Indicators & Strategies. Select Invite-only scripts or search for cryptosignalscanner. Select the CryptoSignalScanner – Advanced BUY/SELL Indicator. To be able to view the indicator you need to have a valid Crypto Signal Scanner subscription.
Blog: How to add an indicator to your chart
The default indicator values are values that provide the best overall results. All values can be set to your specific needs. To access the indicator settings click on the gear when you hover over the indicator.
Blog: Advance BUY/SELL Indicator Explained