bearish tweezer top

Hi,

I’d like to find bearish tweezer tops (similar to the photo attached). I used the candlestick pattern tool but the results are not good at all. Most of the time the second candle is a a candle where open= close. I tried to adjust the properties with no success. How would you set this up?

I also tried a simple formula and results are also mostly irrelevant (I don’t understand why).
OPEN(1) < CLOSE(1) and OPEN() > close() and WITHINRANGE(CLOSE(1), open(), PERCENT=0.50)

Thanks fror your help
Best
Marc

Hi,

Can you post a chart example of a valid pattern you are trying to reference with a script? One I can use to test criteria against to see if it works or not in that scenario.

From what I have read, the second candle in the pattern can be a doji and it still be a valid Tweezer setup, which is why the Candlestick Pattern tool are including those results. If you are wanting to exclude dojis the criteria you need to be defined manually.

hi,

The idea is to identify the reversal pattern that you can see on $PEP today and in attachment.

The second peak is composed of a tweezer top with long bodies (personally I ignore dojis). The exact same high is not necessary.

I look for all highest high in the last week and would like to add the Tweezer pattern in the mix.
V1 = High() CrossesAbove HIGHESTHIGH(BACKTYPE=Months, BARS=6) ;
TIMESINCESIGNAL(V1, UNIT=Weeks) <= 1

Thanks
Marc

Hi,

You may need to tweak some of the settings of the within range % however the following should work:

//Find Bullish Candle
V1 = CLOSE() > OPEN() ;
//Find Bearish Candle
V2 = CLOSE() < OPEN() ;
//Find where High of current candle is within 0.5% range of the previous candles high
V3 = WITHINRANGE(High(), High(1), PERCENT=0.50) ;
//Previous Candle was Bullish, Current Candle is Bearish, and High of current candle is within 0.5% range of the previous candles high
V1[1] == 1 and V2 and V3

Thanks Matthew, I have added a few criteria to get a clearer reversal signal:

//Find Bullish Candle

V1 = CLOSE() > OPEN() and CHANGE(Day(PERIODAMOUNT=1)) > 2;

//Find Bearish Candle

v2 = CLOSE() < OPEN() ;

//Find where High of current candle is within 0.5% range of the previous candles high

V3 = WITHINRANGE(High(), High(1), PERCENT=1.00) ;

V4 = WITHINRANGE(close(), open(1), PERCENT=1.00) ;

v5= WITHINRANGE(High(), close(1), PERCENT=1.00) ;

//Previous Candle was Bullish, Current Candle is Bearish, and High of current candle is within 0.5% range of the previous candles high

V1[1] == 1 and V2 and V3 or V4 or v5

and close() < BARTYPES(DEFAULT=CloseBelowMid),

Separately to limit shadows per candle:

//candle up little shadows

v1= (close(0) - open()) > (HIGH() - close()) + (open()-LOW());

// candle down little shadows

v2= (open(0) - close()) > (HIGH() - open()) + (CLOSE()-LOW());

v1[1] and v2