Dark Cloud Cover

 

This formation consists of two candlesticks. The first candlestick is long and white the second is long and black. The black candlestick opens above the high of the white candlestick but then closes below the midpoint of the white candlesticks's real body. When is formation occurs in an uptrend it is a bearish sign indicating a reversal may be ready to take place.

Parameters:

BarsBack BarsBack must be greater than MinBars
The candlestick formation will be scanned this many bars back in the timeframe MinBars 1(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_DarkCloudCover(10,2)_I3

This study detects an DarkCloudCover 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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