CDLTRISTAR
Type:
cdltristar• Category:indicators
Description
Tristar Pattern
Parameters
| Name | Type | Description | Required | Default |
|---|---|---|---|---|
dataExp | string | prices data | no | |
open | string | select the column with opening prices | no | |
high | string | select the column with highest prices | no | |
low | string | select the column with lowest prices | no | |
close | string | select the column with closing prices | no | |
pattern | string | no | "CDLTRISTAR" |
Help
CDLTRISTAR: Tristar Pattern Indicator
Description
The CDLTRISTAR indicator is a technical analysis tool used to identify the Tristar pattern, a rare and significant candlestick formation in financial markets. This indicator is designed to help traders and analysts detect this specific pattern in price charts.
What does this worker do?
The CDLTRISTAR indicator analyzes a set of financial data, specifically looking for the Tristar pattern, which consists of three consecutive candlesticks with specific characteristics:
- The first candlestick is a long-bodied candle with a small upper and lower shadow.
- The second candlestick is a small-bodied candle with a small upper and lower shadow, often referred to as a "star."
- The third candlestick is a long-bodied candle with a small upper and lower shadow, similar to the first candlestick.
The indicator takes the following parameters:
dataExp: The prices data to analyze.open: The column with opening prices.high: The column with highest prices.low: The column with lowest prices.close: The column with closing prices.pattern: No description available.
How to interpret the results
When the CDLTRISTAR indicator detects a Tristar pattern, it can be a sign of a potential trend reversal. The Tristar pattern can occur at the top or bottom of a trend, indicating a possible change in direction.
- A bullish Tristar pattern ( occurring at the bottom of a downtrend) can indicate a potential buy signal.
- A bearish Tristar pattern (occurring at the top of an uptrend) can indicate a potential sell signal.
Additional Information
The Tristar pattern is considered a rare and reliable reversal pattern. It is essential to use this indicator in conjunction with other technical and fundamental analysis tools to confirm trading decisions.
Visual Guide
For a better understanding of how to use the CDLTRISTAR indicator, refer to the following GIFs:
Full GIF
[](https://pub-6c7cc7f707d94ca98153d59a039b9a3d.r2.dev/indicator_full.gif)
Short GIF
[](https://pub-6c7cc7f707d94ca98153d59a039b9a3d.r2.dev/indicator_short.gif)
By following these guidelines and using the CDLTRISTAR indicator in your technical analysis, you can gain a better understanding of the Tristar pattern and make more informed trading decisions.