This formation consists of three candlesticks, each gaps progressively lower. When formation appears in an downtrend it is a sign that selling power may be diminishing.
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_ThreeGapsDown(10,1)_I3
This study detects an ThreeGapsDown 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
