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// @version=5
indicator("Two-Candle Price Action Pattern", overlay=true)
//-----------------------------------------------------------------------------// Input Parameters
//-----------------------------------------------------------------------------
timeframe = input.timeframe("", title="Timeframe Override", tooltip="Leave empty to use chart timeframe")
rr = input.float(defval=2.0, title="Risk:Reward Ratio", minval=0.1, step=0.1)
showTargets = input.bool(defval=true, title="Show Targets")
//-----------------------------------------------------------------------------// Price Data
//-----------------------------------------------------------------------------
// Previous candle (Candle 1)
high1 = high[1]
low1 = low[1]
open1 = open[1]
close1 = close[1]
// Current candle (Candle 2)
high0 = high
low0 = low
open0 = open
close0 = close
//-----------------------------------------------------------------------------// Pattern Detection
//-----------------------------------------------------------------------------
// Determine candle colors
isGreen1 = close1 > open1
isRed1 = close1 < open1
isGreen0 = close0 > open0
isRed0 = close0 < open0
// Bearish Pattern Conditions
bearishPattern = isGreen1 and isRed0 and high0 > high1 and close0 < open1
// Bullish Pattern Conditions (reverse of bearish)
bullishPattern = isRed1 and isGreen0 and low0 < low1 and close0 > open1
//-----------------------------------------------------------------------------// Trade Levels Calculation
//-----------------------------------------------------------------------------
// Bearish Pattern Levels
bearishEntryLevel = close0
bearishStopLevel = high0 // Fixed stop above candle 2 high for bearish pattern
bearishRisk = bearishStopLevel - bearishEntryLevel
bearishTargetLevel = bearishEntryLevel - (bearishRisk * rr)
// Bullish Pattern Levels
bullishEntryLevel = close0
bullishStopLevel = low0 // Fixed stop below candle 2 low for bullish pattern
bullishRisk = bullishEntryLevel - bullishStopLevel
bullishTargetLevel = bullishEntryLevel + (bullishRisk * rr)
//-----------------------------------------------------------------------------// Visual Signals - SIGNALS REMOVED
//-----------------------------------------------------------------------------
//-----------------------------------------------------------------------------// Trade Levels Visualization
//-----------------------------------------------------------------------------
// Draw bearish pattern levels
if bearishPattern and showTargets
line.new(x1=bar_index, y1=bearishStopLevel, x2=bar_index + 2, y2=bearishStopLevel, color=color.red, width=2)
line.new(x1=bar_index, y1=bearishEntryLevel, x2=bar_index + 2, y2=bearishEntryLevel, color=color.blue, width=2)
line.new(x1=bar_index, y1=bearishTargetLevel, x2=bar_index + 2, y2=bearishTargetLevel, color=color.green, width=2)
// Draw bullish pattern levels
if bullishPattern and showTargets
line.new(x1=bar_index, y1=bullishStopLevel, x2=bar_index + 2, y2=bullishStopLevel, color=color.red, width=2)
line.new(x1=bar_index, y1=bullishEntryLevel, x2=bar_index + 2, y2=bullishEntryLevel, color=color.blue, width=2)
line.new(x1=bar_index, y1=bullishTargetLevel, x2=bar_index + 2, y2=bullishTargetLevel, color=color.green, width=2)
//-----------------------------------------------------------------------------// Alerts
//-----------------------------------------------------------------------------
alertcondition(bearishPattern, title="Bearish Pattern Detected", message="Bearish Two-Candle Pattern: SELL")
alertcondition(bullishPattern, title="Bullish Pattern Detected", message="Bullish Two-Candle Pattern: BUY")Editor is loading...
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