The Piercing Pattern indicator is a candle pattern indicator that draws a signal on the chart whenever a matching candle pattern is formed. The indicator criteria are:
1. The first candle of this two candlestick pattern is a red body.
2. The second candle price opens below the prior candle low price (that is, below the low of the lower shadow).
3. And then, the second candle closes equal or higher than 50% and well within the prior candle’s red body.
The signal is bullish and is shown as a green arrow below the candle. Indicator includes alert notifications.
Candle patterns are some of the most commonly used technical analysis tools. This indicator allows you to quickly identify the Piercing Candle Pattern either on the chart or in a separate window.
This will help you to scan the markets to analyse this signal against your trading strategy or to assist you in your trade management decisions.
For full indicator details and inputs visit the indicator page HERE.
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