OPEN-SOURCE SCRIPT
Inside Candle e Outside Nicolau Edition
This indicator automatically identifies and highlights two of the most
reliable candlestick patterns in technical analysis:
🔹 Inside Candle — A candle fully contained within the previous one,
signaling market compression and potential breakout setup.
🔸 Bullish Engulfing — A bullish candle that completely engulfs the
body of the prior bearish candle, indicating potential reversal to
the upside.
🔸 Bearish Engulfing — A bearish candle that completely engulfs the
body of the prior bullish candle, indicating potential reversal to
the downside.
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⚙️ FEATURES
━━━━━━━━━━━━━━━━━━━━━━
✅ Candle coloring directly on the chart (barcolor)
✅ Optional arrows for quick visual identification
✅ Minimum body size filter for engulfing patterns
✅ Fully customizable colors
✅ Built-in alerts for all patterns
✅ Engulfing takes priority over Inside Candle when both occur
━━━━━━━━━━━━━━━━━━━━━━
⚠️ DISCLAIMER
━━━━━━━━━━━━━━━━━━━━━━
This tool is for educational and analytical purposes only.
It does not constitute financial advice. Always use proper
risk management and combine with other analysis methods.
reliable candlestick patterns in technical analysis:
🔹 Inside Candle — A candle fully contained within the previous one,
signaling market compression and potential breakout setup.
🔸 Bullish Engulfing — A bullish candle that completely engulfs the
body of the prior bearish candle, indicating potential reversal to
the upside.
🔸 Bearish Engulfing — A bearish candle that completely engulfs the
body of the prior bullish candle, indicating potential reversal to
the downside.
━━━━━━━━━━━━━━━━━━━━━━
⚙️ FEATURES
━━━━━━━━━━━━━━━━━━━━━━
✅ Candle coloring directly on the chart (barcolor)
✅ Optional arrows for quick visual identification
✅ Minimum body size filter for engulfing patterns
✅ Fully customizable colors
✅ Built-in alerts for all patterns
✅ Engulfing takes priority over Inside Candle when both occur
━━━━━━━━━━━━━━━━━━━━━━
⚠️ DISCLAIMER
━━━━━━━━━━━━━━━━━━━━━━
This tool is for educational and analytical purposes only.
It does not constitute financial advice. Always use proper
risk management and combine with other analysis methods.
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.
Fabricio Nicolau
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.
Fabricio Nicolau
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.