The H Pattern Recognition in TradingView
Coding an H Candlestick Pattern Scanner in TradingView
--
Candlestick patterns are a great addition to market analysis. Some may even consider them vital in research and trading. This article presents the H pattern and shows how to code a scanner in TradingView that detects it.
The Fibonacci Trading Book is finally out! Filled with Fibonacci-based trading methods (tools, indicators, patterns, and strategies), this book will guide you through improving your trading and analysis by incorporating an important technical analysis approach that is Fibonacci [PDF Version available, see end of article).
The H Pattern
Candlestick charts are among the most famous ways to analyze the time series visually. They contain more information than a simple line chart and have more visual interpretability than bar charts.
The H pattern is a three-candle configuration that represent a failed Doji pattern and a trend continuation signal.
The bullish H is composed of a bullish candlestick that surpasses the high of the previous Doji with a low that does not break the low of the Doji. At the same time, the candlestick before the Doji must be bullish. The following Figure shows a theoretical illustration of the bullish H.
The bearish H is composed of a bearish candlestick that breaks the low of the previous Doji with a high that does not surpass the high of the Doji. At the same time, the candlestick before the Doji must be bearish. The following Figure shows a theoretical illustration of the bearish H.
