tweezers

Function Name: tweezers

Tags: None

Category: Candlestick, Pattern

A pattern found in technical analysis of options trading. Tweezers patterns occur when two or more candlesticks touch the same bottom for a tweezers bottom pattern or top for a tweezers top pattern. This type of pattern can be made with candlestick charts of various types. Tweezers bottoms are considered to be short-term bullish reversal patterns. Tops are bearish, and either end means that buyers or sellers were not able to push the top or bottom any further. Both types of patterns require close observation and research in order to be interpreted and used correctly.

Criteria:

1. Market is in uptrend (downtrend).

2. A white (black) candlestick forms

3. And closes near or at its high (low).

4. Second candle is black (white)

5. And opens near or at its high (low).

6. Second candle's high (low) is near or at first candle's high (low).

 

Parameters:

MaxRelativeShadow: Maximum upper (lower) shadow of the first candlestick relative to its real body length (criterion No 3). Maximum upper (lower) shadow of the second candle, relative to its body length (criterion No 5).

MaxRelativeDifference: Maximum difference between first and second candle's high (low) relative to average real body height of the two candlesticks (criterion No 6).

UseTrendCondition: If set to false, first criterion is not tested.

ShowMark, ShowBar: Display control flags.

 

MaxRelativeShadow
	Default Value: 0.050000000000000003  |  Minimum: 0  |  Maximum: 10
	Type: Numeric
MaxRelativeDifference
	Default Value: 0.050000000000000003  |  Minimum: 0  |  Maximum: 1
	Type: Numeric
UseTrendCondition
	Default Value: -1
	Type: Boolean
ShowMark
	Default Value: -1
	Type: Boolean
ShowBar
	Default Value: -1
	Type: Boolean