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pine-scriptpine-script-v5candlestick-chart

Pine Script not matching candle pattern


I have a simple Pine-script that should identify a 5 candle pattern as follows:

  • red candle, red candle, red candle, green candle, red candle

When I run it, it does match some correct patterns but I also get matches for:

  • red candle, red candle, red candle, green candle, green candle

Can anyone explain what I'm doing wrong?

//@version=5    
strategy("Five Candle strategy", overlay=true, pyramiding = 1000)

red_candle = close < open
green_candle = open > close

// find a 5 candle pattern to the left of candle[0] as follows -> red,red,red,green,red
find_candle_pattern = red_candle[5] and red_candle[4] and red_candle[3] and green_candle[2] and red_candle[1]

if find_candle_pattern 
    strategy.entry("buy", strategy.long, qty=10)

Solution

  • These two are actually the same.

    red_candle = close < open
    green_candle = open > close
    

    A green candle is defined as

    green_candle = close >= open