Belt Hold Line Bear

 

This is a long black candlestick that opens at its high. In an uptrend this would be considered a bearish indicator. This formation is also called a black opening shaven head.

Parameters:

BarsBack BarsBack must be greater than MinBars

The candlestick formation will be scanned this many bars back in the timeframe

MinBars 0(Fixed)

The value of MinBars will be one less than the number of bars in the candlestick formation

Arguments:

None

Output Indicators:

Detected

If the candlestick formation is detected within the last BarsBack bars, then Detected returns a 1 Otherwise Detected has a value of 0

Example:

Study Name Expanded in a 3 minute timeframe:

I3_BeltHoldLineBear(10,0)_I3

This study detects an BeltHoldLineBear in the last 10 bars of the 3 minute time frame. It returns a 1 if the formation is detected , 0 otherwise.

The output indicators names are appended to the studyname, that is if the studyname is sn1 then the outputindicator is:

sn1::Detected

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