The H Pattern Recognition in TradingView
Coding an H Candlestick Pattern Scanner in TradingView
Candlestick patterns are a great addition to market analysis. Some may even consider them vital in research and trading. This article presents the H pattern and shows how to code a scanner in TradingView that detects it.
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The HÂ Pattern
Candlestick charts are among the most famous ways to analyze the time series visually. They contain more information than a simple line chart and have more visual interpretability than bar charts.
The H pattern is a three-candle configuration that represent a failed Doji pattern and a trend continuation signal.
The bullish H is composed of a bullish candlestick that surpasses the high of the previous Doji with a low that does not break the low of the Doji. At the same time, the candlestick before the Doji must be bullish. The following Figure shows a theoretical illustration of the bullish H.
The bearish H is composed of a bearish candlestick that breaks the low of the previous Doji with a high that does not surpass the high of the Doji. At the same time, the candlestick before the Doji must be bearish. The following Figure shows a theoretical illustration of the bearish H.
Coding the Scanner in TradingView
The conditions of the pattern are relatively easy to code especially in a straightforward and simple coding language such as Pine Script, TradingView’s native language.
The aim of the scanner is to detect the H patterns using the following indications:
A green arrow for bullish H signals.
A red arrow for bearish H signals.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Sofien-Kaabar
//@version=5
indicator("H Finder", overlay = true)
bullish_h = close[1] > open[1] and close[1] > high[2] and close[2] == open[2] and close[3] > open[3] and low[1] >= low[2]
bearish_h = close[1] < open[1] and close[1] < low[2] and close[2] == open[2] and close[3] < open[3] and high[1] <= high[2]
plotshape(bullish_h, style = shape.triangleup, color = color.green, location = location.belowbar, size = size.small)
plotshape(bearish_h, style = shape.triangledown, color = color.red, location = location.abovebar, size = size.small)The following Figure shows a signal chart after the code has been applied and executed. Bear in mind that this pattern is quite rare.
The following Figure shows another signal chart.
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