PIVOT CANDLE

[gozzox]

Hello I would like to know if it is possible to have an indicator that shows, with an arrow, the following configuration:

"pivot candle high": any candle that has two lower lows either side of it, and two lower highs either side of it.

"pivot candle low": A candle that has a candle to the left which has a higher high and a higher low than the middle candle and a candle to the right also has a higher high and a higher low.

These pivot candles help to visually spot and draw the correct areas of important horizontal support and resistance.

Thank you very much

[Apprentice]

To recapitulate,
Pivot candle is the middle candle from a series of three.

candle pivot low is defined as follows.
High [N-1]> High [N]
Low [N-1]> Low [N]
High [N] <High [N +1]
Low [N] <Low [N +1]
And vice versa

[Apprentice]

Pivot Candle.lua

(2.39 KiB) Downloaded 384 times

Try this implementation.
I have trouble unite your description and shown chart.

[gozzox]

thank you very much Apprentice, it's exactly what i was looking for.
The only problem is that indicates any situation, while probably it should has to recognize the pattern only in the case that the middle candle is significantly lower (higher):

If we suppose that we are looking at a pivot candle low and that (N-1) < (N+1),

[L(N-1)-L(N)] / [H(N-1)-L(N)] >= 38%

(In the picture B/A>=38%)

I used the 38% because is a Fibonacci number but probably it works great also with other percentage.
I hope that what I write is understandable.

Thank you very much.

[Apprentice]

Something like this.

Pivot Candle With Filter.lua

(3.33 KiB) Downloaded 444 times

One note, this was not in your initial specifications.

Greetings from the other side of the Adriatic.

[gozzox]

Sorry I did not asked the filter because I had not thought that it could generate many false signals.
Thank you very much.

[siapmn]

Something like this.

Pivot Candle With Filter.lua

One note, this was not in your initial specifications.

Greetings from the other side of the Adriatic.

Hello boss
Is it possible to have this indicator with an alarm?

[Apprentice]

We have added your request to the development list.
Development reference 485.

[Apprentice]

Try this version.
https://fxcodebase.com/code/viewtopic.php?f=17&t=72627