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Long Shadow Candlestick Pattern Finder for Amibroker (AFL)

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5 / 5 (Votes 1)
Tags:
amibroker, exploration, pattern

This formula purpose is to find a long shadow on the last candle, whether it’s upper shadow or lower shadow. It could be used to find doji star too.

Candlesticks with long upper shadow and short lower shadow indicate that the buyers initially dominated the session, but then sellers later counterattacked and forced prices down from their highs, with the weak close creating the long upper shadow.

Conversely, candlesticks with long lower shadows and short upper shadows indicate that sellers initially dominated the bar session, but then buyers later counterattacked and forced prices higher by the end.

Indicator / Formula

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This formula purpose is to find long shadow on the last candle , wheter it's upper shadow or lower shadow , could be used to find doji star too

range = high - low ;
persenbuntut = 1 - (20 *0.01) ;
trendnya = 6;
PbarUp = open < high - (range * persenbuntut) and close < high-(range * persenbuntut) and high >= highest(trendnya);
pBarDn = open < high - (range * persenbuntut) and close < high-(range * persenbuntut) and high >= highest(trendnya) ;
Filter = PbarUp or PbarDn;

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