three_black_crows
Function Name: three_black_crows
Tags: Three Bar Pattern
Category: Candlestick, Pattern
A bearish candlestick pattern that is used to predict the reversal of the current uptrend. This pattern consists of three consecutive long-bodied candlesticks that have closed lower than the previous day with each session's open occurring within the body of the previous candle. This pattern is used to predict the top of an uptrend, but traders will want to confirm this signal with other technical indicators to confirm that the momentum is actually changing.
Recognition Criteria:
1. Market is characterized by uptrend.
2. Three consecutive long black candlesticks appear.
3. Each day closes at a new low.
4. Each day opens within the body of the previous day.
5. Each day closes near or at its lows.
Note:
The study averages AvgBodyHeightPeriod number of bars and uses that value as a baseline for body height. That baseline is multiplied with BodyHeightRelativeThresh and then compared with the height of three red (black) bars. If each of the three bars' bodies is longer than the calculated value, then those bars are eligible.
Parameters:
AvgBodyHeightPeriod: How many body heights are averaged to formg the body length baseline.
LongBodyRelativeThresh: Baseline multiple used to form the threshold for "long body".
LowerShadowRelativeSize: Lower shadow relative to body size.
UseTrendCondition: If false, then first recognition criterion is not tested
ShowTraderMark, ShowTraderBar: Display control flags
Link: http://www.candlesticker.com/Cs74.asp
AvgBodyHeightPeriod |
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Default Value: 14 | Minimum: 1 | Maximum: 999 |
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Type: Numeric |
LongBodyRelativeThresh |
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Default Value: 0.59999999999999998 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
LowerShadowRelativeSize |
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Default Value: 0.40000000000000002 | Minimum: 0 | Maximum: 1 |
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Type: Numeric |
UseTrendCondition |
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Default Value: -1 |
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Type: Boolean |
ShowTraderMark |
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Default Value: -1 |
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Type: Boolean |
ShowTraderBar |
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Default Value: -1 |
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Type: Boolean |