bearish tweezer top

Optuma Forums Optuma Scripting bearish tweezer top

  • This topic has 4 replies, 2 voices, and was last updated 2 weeks ago by Marc.
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  • #68185
    Marc
    • Topics: 18
    • Replies: 29
    • Posts: 47

    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

    #68188
    Matthew
    • Topics: 5
    • Replies: 609
    • Posts: 614

    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.

    #68209
    Marc
    • Topics: 18
    • Replies: 29
    • Posts: 47

    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

    #68230
    Matthew
    • Topics: 5
    • Replies: 609
    • Posts: 614

    Hi,

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

    #68255
    Marc
    • Topics: 18
    • Replies: 29
    • Posts: 47

    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

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