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Side by Side White Gap Down

 

This formation consists of two white candlesticks which are about the same size.
The candlesticks both have the same open.
If these candlesticks gap lower form a previous candlestick and the market is in an downtrend, this signals that the downtrend will continue.

Parameters:

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

This study detects an SidebySideWhiteGapDn 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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