Description
The Doji candlestick pattern is characterized by one that has its open and close prices nearly (if not exactly) equal and resembles the shape of a cross. It is often regarded as a sign of indecision and is especially significant if seen in a down trend or up trend, which potentially signals that sellers or buyers are losing conviction.
The TIL Doji Price Action finds and marks all Doji candlestick patterns and intelligent approximations thereof. In addition, it predicts the direction of price with respect to the Doji candlestick:
- If a CYAN DIAMOND is seen below a Doji candlestick, the indicator suggests that price will go up. (BULLISH)
- If a RED DIAMOND is seen above a Doji candlestick, the indicator suggests that price will go down. (BEARISH)
Other Notes:
- It does not repaint. Each Doji candlestick and its orientation are confirmed according to the indicator’s criteria once it is shown.
- It works in all instruments.
- It works in all timeframes.
- Its signals are only suggestions and should be used as a support for your existing trading strategy. Given the effectiveness of the Doji candlestick pattern adding this indicator to your trading arsenal will increase your chances at landing profitable trades.
