C 3WhSolds 3BlkCrows
Definition
The C_3WhSolds_3BlkCrows indicator determines and plots the occurrences of two Japanese candlestick patterns - Three Advancing White Soldiers and Three Black Crows.
Three white soldiers is a bullish candlestick pattern that is used to predict the reversal of the current downtrend in a pricing chart. The pattern consists of three consecutive long-bodied candlesticks that open within the previous candle's real body and a close that exceeds the previous candle's high. These candlesticks should not have very long shadows and ideally open within the real body of the preceding candle in the pattern. The three white soldiers candlestick pattern suggests a strong change in market sentiment in terms of the stock, commodity or pair making up the price action on the chart.
The opposite of the three white soldiers is the three black crows candlestick pattern. Three black crows is a phrase used to describe a bearish candlestick pattern that may predict the reversal of an uptrend. Three black crows consist of three consecutive long-bodied candlesticks that have opened within the real body of the previous candle and closed lower than the previous candle. Whereas three white soldiers catch the momentum shift from the bears to the bulls, three black crows show the bears taking control from the bulls. The same caveats about volume and additional confirmation apply to both patterns.
Default Inputs
Length sets the length to determine average candlestick body size, 14 by default.
Percent sets the maximum percentage of the body of the upper shadow or lower shadow, 5 by default.
