CandlestickUtilities

This library provides essential functions for candlestick chart analysis and pattern recognition in Pine Script®.
It includes:
• Candle structure analysis (bodies, shadows, lengths)
• Trend detection using EMAs
• Common candlestick pattern recognition

This library is under construction.
Designed to support strategy development and improve signal accuracy for traders.
Created by xprophetx — under MPL-2.0 license.

Release Notes

v2

Updated:
isBullishEngulfing(bodyAllowance, fullEngulfing, checkTrend)
: isBullishEngulfing
description:
Detects a Bullish Engulfing candlestick pattern.
A bullish candle fully (or partially) engulfs the previous bearish candle's body,
potentially signaling a reversal in a downtrend.

Parameters:
- bodyAllowance (float): Minimum body size to exclude weak signals. Default is na (uses syminfo.mintick * 2).
- emaLength (int): EMA length to identify downtrend. Default is 9.
- fullEngulfing (bool): If true, the current candle must fully engulf the previous body. If false, partial engulfing is allowed.

return:
Returns true if a Bullish Engulfing pattern is detected, otherwise false.
Parameters:
bodyAllowance (float)
fullEngulfing (bool)
checkTrend (bool)

isBearishEngulfing(bodyAllowance, fullEngulfing, checkTrend)
: isBearishEngulfing
description:
Detects a Bearish Engulfing candlestick pattern.
A bearish candle fully (or partially) engulfs the previous bullish candle's body,
potentially signaling a reversal in an uptrend.

Parameters:
- bodyAllowance (float): Minimum body size to exclude weak signals. Default is na (uses syminfo.mintick * 2).
- fullEngulfing (bool): If true, the current candle must fully engulf the previous body. If false, partial engulfing is allowed.

return:
Returns true if a Bearish Engulfing pattern is detected, otherwise false.
Parameters:
bodyAllowance (float)
fullEngulfing (bool)
checkTrend (bool)

Pine library

In true TradingView spirit, the author has published this Pine code as an open-source library so that other Pine programmers from our community can reuse it. Cheers to the author! You may use this library privately or in other open-source publications, but reuse of this code in publications is governed by House Rules.

xprophetx

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Pine library

xprophetx