Description
Belt Hold is a trend reversal candlestick pattern which is a candle of specific shape.
The bearish Belt Hold candlestick pattern is recognized in the uptrend if:
-
This candle is long and bearish and opens above the previous candle's High price;
-
The difference between its Open price and the previous candle's High price is greater than the average body height.
The bullish Belt Hold candlestick pattern is recognized in the uptrend if:
-
This candle is long and bullish and opens below the previous candle's Low price;
-
The difference between its Open price and the previous candle's Low price is greater than the average body height.
Input Parameters
| Parameter | Description |
|---|---|
length
|
The number of candles used to calculate the average body height. If the body height of a candle exceeds this average, it is considered long. |
trend setup
|
The number of preceding candles to check if the trend exists. |
Plots
| Plot | Description |
|---|---|
Bearish
|
The bearish Belt Hold candlestick pattern. |
Bullish
|
The bullish Belt Hold candlestick pattern. |