CDL3OUTSIDE

Type: cdl3outside • Category: indicators

Description

Three Outside Up/Down

Parameters

Name	Type	Description	Required	Default
open	string		no
high	string		no
low	string		no
close	string		no
pattern	string		no	"CDL3OUTSIDE"

Help

CDL3OUTSIDE

Three Outside Up/Down

Description

The CDL3OUTSIDE worker is an indicator used in financial markets to identify specific candlestick patterns. It is part of a broader category of candlestick pattern recognition tools used in technical analysis.

What does this worker do?

This worker identifies the Three Outside Up and Three Outside Down candlestick patterns.

• The Three Outside Up pattern is a bullish reversal pattern that occurs during a downtrend. It consists of three consecutive candles:
  1. A long bearish candle,
  2. A bullish candle that completely engulfs the previous candle (high > previous high and low < previous low), and
  3. A bullish candle that closes above the second candle's close.
• The Three Outside Down pattern is a bearish reversal pattern that occurs during an uptrend. It consists of three consecutive candles:
  1. A long bullish candle,
  2. A bearish candle that completely engulfs the previous candle (high > previous high and low < previous low), and
  3. A bearish candle that closes below the second candle's close.

How to Interpret the Results

The worker returns a value indicating the presence and type of the pattern:

• Bullish (1): Indicates the Three Outside Up pattern was identified, suggesting a potential bullish reversal.
• Bearish (-1): Indicates the Three Outside Down pattern was identified, suggesting a potential bearish reversal.
• Neutral (0): Indicates no pattern was identified.

Parameters

The following parameters can be passed to the CDL3OUTSIDE worker:

Parameter	Type	Description	Default Value
open	string	The opening price of the candlestick.	-
high	string	The highest price of the candlestick.	-
low	string	The lowest price of the candlestick.	-
close	string	The closing price of the candlestick.	-
pattern	string	The type of pattern to detect. For this worker, it defaults to "CDL3OUTSIDE".	CDL3OUTSIDE

Example JSON Schema:

{
  "open": "string",
  "high": "string",
  "low": "string",
  "close": "string",
  "pattern": {
    "type": "string",
    "default": "CDL3OUTSIDE"
  }
}

Make sure to replace "string" with actual numerical values for open, high, low, and close when making an API request. The pattern parameter will typically default to "CDL3OUTSIDE" unless specified otherwise.