OPEN-SOURCE SCRIPT
HAN
. Trend Filter (Fast Response)
Replace SMA20 with SMA9 for quicker trend responsiveness.
Long bias: Close price > SMA9
Short bias: Close price < SMA9
2. Key Price Zone Identification
Support/Resistance levels are defined as the lowest low and highest high of the most recent 6 candles (approximately a 30-minute window).
Price must touch and reverse from these zones—mere proximity is insufficient.
3. High-Probability Candlestick Patterns Only
Bullish Signals:
✅ Bullish Engulfing
✅ Bullish Pin Bar (lower wick ≥ 2× body length, upper wick ≤ 0.3× body length)
Bearish Signals:
✅ Bearish Engulfing
✅ Bearish Pin Bar (upper wick ≥ 2× body length, lower wick ≤ 0.3× body length)
❌ Excluded patterns: Piercing Line and Dark Cloud Cover (low reliability on 5-minute charts)
4. Dual Confirmation Mechanism
After a valid pattern forms, the next candle must close beyond the pattern’s high (for longs) or low (for shorts).
Additionally, volume must be at least 1.2× the 5-candle average volume (optional; applicable only if volume data is available).
5. Dynamic Risk Management
Stop Loss: Set at the pattern’s extreme point ± 1.8 × ATR(7)
Take Profit: Fixed 1:1.5 risk-reward ratio (due to limited continuation potential on 5-minute timeframes)
Cooldown Period: 3 candles (15 minutes) after each trade to prevent emotional overtrading
Replace SMA20 with SMA9 for quicker trend responsiveness.
Long bias: Close price > SMA9
Short bias: Close price < SMA9
2. Key Price Zone Identification
Support/Resistance levels are defined as the lowest low and highest high of the most recent 6 candles (approximately a 30-minute window).
Price must touch and reverse from these zones—mere proximity is insufficient.
3. High-Probability Candlestick Patterns Only
Bullish Signals:
✅ Bullish Engulfing
✅ Bullish Pin Bar (lower wick ≥ 2× body length, upper wick ≤ 0.3× body length)
Bearish Signals:
✅ Bearish Engulfing
✅ Bearish Pin Bar (upper wick ≥ 2× body length, lower wick ≤ 0.3× body length)
❌ Excluded patterns: Piercing Line and Dark Cloud Cover (low reliability on 5-minute charts)
4. Dual Confirmation Mechanism
After a valid pattern forms, the next candle must close beyond the pattern’s high (for longs) or low (for shorts).
Additionally, volume must be at least 1.2× the 5-candle average volume (optional; applicable only if volume data is available).
5. Dynamic Risk Management
Stop Loss: Set at the pattern’s extreme point ± 1.8 × ATR(7)
Take Profit: Fixed 1:1.5 risk-reward ratio (due to limited continuation potential on 5-minute timeframes)
Cooldown Period: 3 candles (15 minutes) after each trade to prevent emotional overtrading
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.