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Candle - 3 Black Crows for Metastock
Three black crows is a term used by stock market analysts to describe a market downturn. It appears on a candlestick chart in the financial markets. It unfolds across three trading sessions, and consists of three long candlesticks that trend downward like a staircase. Each candle should open below the previous day’s open, ideally in the middle price range of that previous day. Each candlestick should also close progressively downward to establish a new near-term low. The pattern indicates a strong price reversal from a bull market to a bear market.
The three black crows help to confirm that a bull market has ended and market sentiment has turned negative. In Japanese Candlestick Charting Techniques, technical analyst Steve Nison says “The three black crows would likely be useful for longer-term traders.”
This candlestick pattern has a counterpart known as the Three white soldiers, whose attributes help identify a bullish reversal or market upswing.
Source WikiPedia
Indicator / Formula
If(Ref((OPEN-C),-2)>Mov(Abs(OPEN-C),10,S), {long black}
If(Ref((OPEN-C),-1)>Mov(Abs(OPEN-C),10,S), {long black}
If((OPEN-C)>Mov(Abs(OPEN-C),10,S), {long black}
If(Ref((Abs(OPEN+C)/2),-1)<Ref((Abs(OPEN+C)/2),-2), {lower midpoint}
If((Abs(OPEN+C)/2)<Ref((Abs(OPEN+C)/2),-1), {lower midpoint}
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