Three Outside Up/Down Candlestick Pattern

Description

Look for Three Outside Up/Down Pattern in a Open/Close price series.

Usage

1

Arguments

TS

xts Time Series containing Open and Close Prices

Details

Number of candle lines: 3

Three Outside Up:
The market is in downtrend. The first two days of this pattern is the Bullish Engulfing Pattern, and the third day confirms the reversal suggested by the Bullish Engulfing Pattern, since it is a white candlestick closing with a new high for the last three days.

Three Outside Down:
The market is in uptrend. The first two days of this pattern is the Bearish Engulfing Pattern, and the third day confirms the reversal suggested by the Bearish Engulfing Pattern, since it is a black candlestick closing with a new low for the last three days.

Value

A xts object containing the columns:

ThreeOutsideUp

TRUE if Three Outside Up pattern detected

ThreeOutsideDown

TRUE if Three Outside Down pattern detected

Note

The function filters patterns that look like three outside up/down, without considering the current trend direction. If only pattern in downtrends should be filtered, a external trend detection function must be used. See examples.

Author(s)

Andreas Voellenklee

References

The following site(s) were used to code/document this candlestick pattern:
http://www.candlesticker.com/Bullish.asp
http://www.candlesticker.com/Bearish.asp

See Also

CSPEngulfing CSPThreeInside

Examples

1
2
3
4
5
6
7
8
## Not run: 
  getSymbols('YHOO',adjust=TRUE)
  CSPThreeOutside(YHOO)
  
  # filter three outside up in downtrends
  CSPThreeOutside(YHOO)[,"ThreeInsideUp"] & TrendDetectionChannel(lag(YHOO,k=3))[,"DownTrend"]

## End(Not run)

Want to suggest features or report bugs for rdrr.io? Use the GitHub issue tracker.