Maddie James
TradingView has its own scripting language, Pine Script, which allows users to create custom indicators and strategies. Pine Script can be used to identify candle patterns automatically, such as engulfing candles, pinbars, shooting stars, and hammers. To detect these patterns, variables such as the open price, close price, high, and low are used. For example, to identify a bullish engulfing candle, the script checks if the current candle's closing price is greater than or equal to the previous candle's opening price. The previous candle's colour can also be checked using a line of code. The script can also highlight the current bar if it is inside or outside the previous candle's range, indicating a possible bull or bear condition.
| Characteristics | Values |
|---|---|
| Purpose | To assess the state of the current candle |
| Data points | Previous candle high/low and midpoint |
| Indicators | BULL, BEAR, LONG, SHORT |
| Logic | If the current candle breaks the previous high/low, a label is added to identify |
| Code | bullishEC = close > open [1] and close [1] < open [1] |
| Code | bearishEC = close < open [1] and close [1] > open [1] |
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What You'll Learn
How to get previous candles data in an indicator
Pine Script is TradingView's scripting language, which allows users to create custom indicators and strategies. It is a lightweight language designed to be accessible and easy to understand. When writing a Pine Script, it is common to need to refer to previous candles.
To get previous candles data in an indicator, you can use the History Referencing Operator in Pine Script. This is done by using brackets, [], with a number inside indicating how many candles back you want to reference. For example, close [1] refers to the close price of the previous candle, and close [10] refers to the close price of the candle 10 candles back. You can also use functions like highest() and lowest() to return the highest and lowest values for a given number of candles back.
You can also use the request.security and request.security_lower_tf functions to get previous candle data from higher timeframes. For example, to get the close value of the candle before the previous candle from the 1-hour timeframe, you can use the variable 'oneHourPreviousPreviousClose'.
It's important to note that Pine Script has specific variables for open, close, high, and low prices, which can be used to create indicators and detect patterns. For example, to detect a bullish engulfing candle, you can use the following code:
BullishEngulfing = close >= open [1] and close [1] < open [1]
This code checks if the current candle's closing price is greater than or equal to the previous candle's opening price and if the previous candle closed lower than its opening price.
Additionally, Pine Script offers plotting functions and comprehensive statistics for strategies, making it a useful tool for both manual traders and automated systems. The Pine Editor also provides a Quickstart Guide, a detailed manual, and a library of open-source studies and strategies to help users get started.
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How to get indicator values and previous candle's open/close values
To get indicator values and previous candles' open/close values, you can use the history referencing operator `[]`. This operator allows you to access historical values and is used to get the previous candle's open and close values. For example, ``close [1]` refers to the close value of the previous candle, and `open [1]` refers to the open value of the previous candle.
FiveMinuteRSI = request.security(syminfo.tickerid, "5", ta.rsi(close, 14))
OneHourPreviousClose = request.security(syminfo.tickerid, "60", close [1])
OneHourPreviousOpen = request.security(syminfo.tickerid, "60", open [1])
You can also use the `GetValue()` function to get the previous candle's close value, as shown in the following example:
Close [1] or GetValue(close, 1)
Additionally, you can calculate the percentage change between the previous candle's close and the current candle's open using the following formula:
PercentMoved = (((high - low) / open) * 100)
It's important to note that the history referencing operator `[]`, as mentioned earlier, can only access previous candles' data and not future candles.
When working with candlestick charts, each candle represents a period of trading with four critical data points: open, high, low, and close. By comparing the close value of the current candle to the previous candle's close value, you can determine if the bar closed higher or lower. This comparison helps identify the trend and market behaviour.
Furthermore, combining consecutive candlesticks provides deeper insights into market behaviour. For example, the Morning Star and Engulfing patterns are commonly used to detect trading patterns and better time market entry and exit decisions.
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Previous candle high/low and midpoint
Candlestick charts are a useful tool for traders and investors to analyse price movements, market sentiment, and trend reversals. The charts use four price points: the open, high, low, and close. The open and close prices form the rectangular body of the candle, with the high and low prices represented by the upper and lower shadows. The colour of the candle also indicates the price direction, with green or white typically indicating a bullish trend and red or black indicating a bearish trend.
The previous candle high/low and midpoint are important reference points for understanding the current candle and predicting potential price changes. The script by malk1903 on TradingView uses the previous candle's high, low, and midpoint to assess the state of the current candle. Here's how it works:
- The previous candle's high, low, and midpoint are displayed.
- The current bar is highlighted if it is inside the previous candle's range.
- The current bar is highlighted if it is a potential outside bar. This condition is based on the logic that if the previous high/low is broken and the price reaches the previous bar's midpoint, an outside bar is possible.
- If the current candle breaks the previous high or low, a label is added for identification.
- If the current candle's colour is opposite to the previous candle, and the above condition is true, the label is highlighted to indicate a possible bull or bear condition.
- If the current candle's live price is below the previous midpoint, a "BEAR" label is shown, indicating a potential bearish trend.
- Conversely, if the current candle's live price is above the previous midpoint, a "BULL" label is shown, indicating a potential bullish trend.
This script provides traders with valuable information about the relationship between the current and previous candles, helping them make more informed decisions about market sentiment and potential price changes.
Additionally, the concept of the previous candle's high and low is crucial in identifying other candlestick patterns, such as the bullish and bearish engulfing patterns. In a bullish engulfing pattern, the current candle's closing price is higher than the previous candle's opening price, indicating a shift from bearish to bullish sentiment. Conversely, in a bearish engulfing pattern, the current candle's closing price is lower than the previous candle's opening price, suggesting a potential market downturn.
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How to mention previous candle close in script
To mention the previous candle close in a script, you can use the history referencing operator `[]`. This operator allows you to access historical values of the candle closes. For example, to get the closing price of the previous candle, you can use `close [1]`. Here, `close` refers to the current candle's close, and `[1]` indicates that you want to access the value one candle back. Similarly, `close [2]` would give you the closing price from two candles ago, and `close [8]` would return the close from eight candles back.
In some cases, you might want to calculate the average close price over a certain number of previous candles. For example, to calculate the average close price of the previous 5 candles, you could use the following code:
Python
Src = input(title="Source", type=input.source, defval=close)
Src_1 = src [1]
Src_2 = src [2]
Src_3 = src [3]
Src_4 = src [4]
Src_5 = src [5]
Avg_of_indv = avg(src_1, src_2, src_3, src_4, src_5)
Here, we are using the `input` function to get the closing prices of the previous 5 candles (`src [1]` to `src [5]`), and then we calculate the average of these values using the `avg` function.
Additionally, when working with scripts and comparing the current bar's close to the previous bar's close, it's important to ensure that the bar is confirmed closed. This can be achieved by including the barstate.isconfirmed variable in your comparisons. For example:
Python
CloseHigher = close > close [1]
If barstate.isconfirmed:
Bgcolor(closeHigher ? color.green : na)
In this code snippet, `closeHigher` is a variable that is assigned the value `true` if the current bar's close is greater than the previous bar's close. The `barstate.isconfirmed` variable ensures that the comparison is made only after the bar has officially closed.
It's worth noting that the specific implementation may vary depending on the programming language and the trading platform you are using. The examples provided here are based on the information found in the search results, which mention Pine Script and Python code for accessing previous candle closes.
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How to mention previous candle open in script
Pine Script is a scripting language designed by TradingView to allow users to create custom indicators and run them on their servers. It is a lightweight language focused on developing indicators and strategies.
To mention the previous candle open in a script, you can use the History Referencing Operator `[]` to access historical values. For example, to get the close price of the candle at the -10 position, you can use the following syntax: `close [10]`.
BullishEC = close > open [1] and close [1] < open [1]
This condition checks if the current candle's closing price is greater than or equal to the previous candle's opening price. The previous candle must also have closed in red, which can be checked with another line of code.
You can also create variables such as "bullishEC" and "bearishEC" to detect basic engulfing candles. For example:
BearishEC = close < open [1] and close [1] > open [1]
Plotshape(bullishEC, title=”Long”, location=location.belowbar, color=color.green, transp=0, style=shape.triangleup, text=”Long”)
Plotshape(bearishEC, title=”Short”, location=location.abovebar, color=color.red, transp=0, style=shape.triangledown, text=”Short”)
Additionally, there are indicators available on TradingView that utilise the previous candle's data, such as the "Previous Candle High and Low" indicator by Cogax, which adds labels above and below the previous candle showing its high and low values.
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Frequently asked questions
To get the previous candle's close value, use the History Referencing Operator `[]` and go back one candle with ` [1]`. For example, close [1].
Similar to getting the close value, use the History Referencing Operator `[]` and go back one candle with `[1]`. For example, open [1].
Again, use the History Referencing Operator `[]` and go back one candle with `[1]`. For example, high [1] and low [1].
You can use a script to display the previous candle's high and low values as numerical values on your chart.
