Hikkake Pattern Indicator with Strength Display
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The " Hikkake Pattern Indicator with Strength Indicator " is a high-performance technical indicator developed for the cAlgo platform. This indicator is characterized by its ability to accurately identify the Hikkake pattern, a renowned reversal pattern, and evaluate its strength. This allows traders to effectively identify significant market reversal points and adjust their trading strategies accordingly.
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Using automated trading indicators such as the Hikkake Pattern Indicator offers traders significant advantages. Automation leads to faster and more objective decision-making by eliminating emotional trading errors and increasing efficiency. The indicator makes it easier to identify complex patterns that might otherwise escape the human eye.
How it works and technical indicators
The Hikkake Pattern Indicator uses a combination of multiple candles to identify bullish and bearish reversals on the chart. The essence of the indicator is that it not only detects the presence of a pattern, but also rates its strength on a scale of 1 to 5. This strength rating is based on the price range of the candles that form the pattern, providing traders with additional context to assess market volatility and the potential impact of the pattern.
Algorithm description
When initialized, the indicator sets a visual headline on the chart and continuously checks price data for new patterns. Once a Hikkake pattern is identified, the indicator draws a corresponding triangle and displays the strength of the pattern to visually underline its significance. This dynamic indicator helps traders react quickly to changing market conditions. 