User Manual for Trading Hub Analytics: SpectrumWave Candle Reversal Patterns Pro+ 1.0

Key Features

1. Bullish Candle Reversal Detection:

   • Detects and labels common bullish reversal patterns like Hammer, Inverted Hammer, Morning Star, Bullish Engulfing, and Piercing Line.
   • Provides customizable label offsets for precise label placement.

2. Bearish Candle Reversal Detection:

   • Identifies bearish reversal patterns including Hanging Man, Shooting Star, Bearish Engulfing, Evening Star, and Dark Cloud Cover.
   • Offers adjustable offsets for accurate label positioning.

3. Kicker Patterns:

   • Detects Bullish and Bearish Kicker patterns, which indicate sharp market sentiment changes.

User Settings

1. Bullish Candle Reversal Settings:

   • Show Bull Candle Reversal: Toggle to display bullish reversal patterns.
   • Percentage Offset for Bull Candle Reversal: Set the percentage offset for label placement below the low of the candle.
   • Individual Pattern Offsets: Adjust vertical positions for each pattern label:
     • Hammer Offset: Offset for Hammer pattern.
     • Inverted Hammer Offset: Offset for Inverted Hammer pattern.
     • Morning Star Offset: Offset for Morning Star pattern.
     • Bullish Engulfing Offset: Offset for Bullish Engulfing pattern.
     • Piercing Line Offset: Offset for Piercing Line pattern.

2. Bearish Candle Reversal Settings:

   • Show Bear Candle Reversal: Toggle to display bearish reversal patterns.
   • Percentage Offset for Bear Candle Reversal: Set the percentage offset for label placement above the high of the candle.
   • Individual Pattern Offsets: Adjust vertical positions for each pattern label:
     • Dark Cloud Cover Offset: Offset for Dark Cloud Cover pattern.
     • Hanging Man Offset: Offset for Hanging Man pattern.
     • Shooting Star Offset: Offset for Shooting Star pattern.
     • Bearish Engulfing Offset: Offset for Bearish Engulfing pattern.
     • Evening Star Offset: Offset for Evening Star pattern.

How to Use

1. Enabling and Adjusting Settings:

   • Use the input settings to enable or disable the display of bullish and bearish reversal patterns.
   • Adjust the percentage offsets to place the labels at desired positions relative to the candle's high or low.
   • Fine-tune individual pattern offsets for precise label placement on the chart.

2. Identifying Bullish Reversal Patterns:

   • When enabled, the script will label the following patterns with corresponding text and color:
     • Hammer: Indicates a potential reversal to an upward trend.
     • Inverted Hammer: Suggests a possible bullish reversal.
     • Morning Star: Signifies a bullish reversal pattern after a downtrend.
     • Bullish Engulfing: Indicates a strong bullish reversal.
     • Piercing Line: Suggests a reversal from a downtrend to an uptrend.

3. Identifying Bearish Reversal Patterns:

   • When enabled, the script will label the following patterns with corresponding text and color:
     • Hanging Man: Indicates a potential reversal to a downward trend.
     • Shooting Star: Suggests a bearish reversal.
     • Bearish Engulfing: Indicates a strong bearish reversal.
     • Evening Star: Signifies a bearish reversal pattern after an uptrend.
     • Dark Cloud Cover: Suggests a reversal from an uptrend to a downtrend.

4. Detecting Kicker Patterns:

   • The script also identifies and labels Bullish and Bearish Kicker patterns.
   • Bullish Kicker: Marked when a large gap up occurs after a downtrend.
   • Bearish Kicker: Marked when a large gap down occurs after an uptrend.

Example Usage

1. Setting Up the Indicator:

   • Go to the script settings and enable "Show Bull Candle Reversal" and "Show Bear Candle Reversal".
   • Adjust the percentage offset for label placements as needed.
   • Fine-tune the individual pattern offsets for better label visibility.

2. Reading the Labels:

   • Bullish reversal patterns will be labeled below the corresponding candles in green.
   • Bearish reversal patterns will be labeled above the corresponding candles in red.
   • Kicker patterns will be labeled with "Kicker" in gray, indicating significant market sentiment changes.

By using these settings and observing the labels on the chart, traders can effectively identify and react to potential market reversals, enhancing their trading decisions.