Candlestick Patterns Indicator: 16 Outputs and How to Check Them
Pineify's Candlestick Patterns indicator exposes 16 Boolean pattern outputs. Each output answers whether its implemented OHLC conditions are satisfied. A label is not proof that a reversal will follow, and the script does not automatically scan every open chart or instrument.
Which patterns are included?
The reviewed library configuration lists the following outputs:
| Group in Pineify's display | Outputs |
|---|---|
| Bullish color | Morning Star, Hammer, Bullish Harami, Bullish Engulfing, Piercing Line, Bullish Belt, Bullish Kicker |
| Bearish color | Evening Star, Shooting Star, Bearish Harami, Bearish Engulfing, Hanging Man, Bearish Kicker, Dark Cloud Cover |
| Neutral color | Doji, Inverted Hammer |
These are display groups, not measured return probabilities. The default colors are lime, red and white, and individual patterns can be hidden. The drawing types also differ: Hammer and Inverted Hammer use diamonds, while several other patterns use arrows; Doji uses a character label. A universal claim that every bullish pattern is an arrow and every neutral pattern a diamond is inaccurate.
TradingView also has its own automatic candlestick pattern indicators. They are separate implementations and can have different definitions and labels.
Check the formula rather than the name
The real body is the absolute distance between open and close. The full range is high minus low. A body-based engulfing rule need not engulf the previous candle's entire high-low range; a Harami body-containment rule is similarly different from requiring an inside bar.
Pineify's configurable Doji Size defaults to 0.05. The implemented condition accepts a body no greater than that fraction of the range. In a hypothetical candle with a range of 10 and a body of 0.4, the body is 4% of the range and passes a 5% threshold. With a body of 0.6, it fails. These numbers demonstrate the rule, not a profitable setting.
A zero-range bar also passes the current equality test when open equals close. Decide whether such bars are meaningful for the intended analysis rather than assuming every detected Doji reflects active indecision.
Pattern names can hide other differences. The reviewed Hammer, Inverted Hammer and Hanging Man conditions use a signed open-minus-close term in part of their range comparison. That is not identical to a conventional rule using absolute body size, so bullish and bearish bodies can behave differently. The Hammer condition does not itself establish a preceding downtrend. TradingView's Hammer description includes that context. Inspect these details before treating the generated labels as interchangeable with another detector.
What can be configured?
The current library exposes a Doji threshold, pattern visibility controls and three display colors. It does not expose an independent wick-ratio or engulfing-size input for every pattern. Those changes require a separately specified code modification and validation.
- Select Candlestick Patterns in Pineify's indicator library.
- Set the Doji threshold and choose which pattern labels to display.
- Generate the Pine Script and inspect its conditions.
- Open TradingView's Pine Editor, check compilation, and apply it to the intended chart.
- Compare labeled bars with their OHLC values. Record the script version and chart settings.
This workflow has no verified two-minute completion time. Library access depends on current account entitlements.
Distinguish developing and completed candles
An indicator can recalculate as a realtime bar changes. The high, low and close can therefore change whether a pattern condition is true before the bar closes. The reviewed detection function has no general bar-confirmation gate of its own.
TradingView's execution model explains realtime updates and rollback. If a strategy requires completed candles, verify that the generated condition and alert timing enforce that requirement. A historical chart showing one final label per candle does not demonstrate that an intrabar label was stable.
The script operates in its chart context. An actual multi-symbol screener or multi-timeframe request needs a separate implementation and its own data limits. Merely opening another browser chart does not make this indicator monitor it.
Test detection before returns
Create a small inspection sheet with timestamp, open, high, low, close, expected label and actual label. Include boundary cases: a Doji exactly at the threshold, equal body endpoints, gaps, zero-range bars and overlapping patterns. One bar can satisfy multiple independent conditions; their colors do not resolve that overlap automatically.
Then observe developing bars and compare their final labels after close and reload. Use standard candlesticks for an OHLC experiment; synthetic chart prices change the data on which the pattern is defined.
For a trading experiment, choose one pattern and a complete entry/exit rule before measuring results. Define any trend filter mathematically, use the earliest time the signal was available, and include commissions, spread and slippage assumptions. A proposed target twice the stop distance is a planned payoff ratio, not an observed average return or guaranteed fill.
Compare the base rule with each added filter on the same sample, then evaluate unchanged settings on a separate period. Adding RSI, MACD or volume changes the strategy; it does not automatically raise the success rate. TradingView's strategy documentation describes the simulated execution assumptions to record.
Frequently asked questions
Does the indicator detect every candlestick formation?
It evaluates its 16 implemented Boolean conditions on the supplied chart data. It is not an exhaustive classifier of every named formation or every instrument.
Can I tune the sensitivity of every pattern?
The current library input changes the Doji threshold. Display controls hide labels or change colors; they do not alter the other pattern formulas.
Is a Harami automatically a continuation signal?
No. It describes a particular relationship between candle bodies. Directional interpretations require explicit context and outcome testing; a shape alone does not establish continuation or reversal.
Which timeframe is best?
No cross-market comparison establishing a best timeframe is provided here. Specify the chart, session, pattern rule and costs, then evaluate candidates without selecting solely from attractive historical examples.
Can a pattern disappear before the candle closes?
Yes. Realtime OHLC updates can change the condition. Verify completed-bar behavior and alert timing rather than assuming every visible intrabar label is final.