SpinningTop

Description

A Spinning Top is a candlestick with a lower shadow and equal open, high, and close prices.

Formula

SpinningTop(INPUT, Stringency=3, DojiPercentage=10)=begin

  retval = NONUM

  targetBar = 0

  tQtr = BodyTopQuarter($1, targetBar)

  rbLow = RealBodyLow($1, targetBar)

  pHigh = GetPrice($1, BATE_HIGH, targetBar, 0)

  if DojiForm($1, targetBar, DojiPercentage) then begin

    if rbLow > tQtr then begin

      if Stringency >= 3 then retval = '3'|clr_gray|below|vertical|ftiny|arrow

      if StarForm($1, targetBar) then begin

        if Stringency >= 2 then retval = '2'|clr_gray|below|vertical|ftiny|arrow

        if rbLow == pHigh then retval = 'SPINNING TOP'|clr_gray|below|vertical|ftiny|arrow

      end

    end

  end

  retval

end

Parameters

INPUT

The INPUT directive makes this formula available as a Formula Overlay. INPUT refers to the instrument in the chart.

Stringency

The Stringency argument is used by nearly all candlestick overlays. It controls how many tests must pass in the evaluation of a Spinning Top. The lower the number, the more strict the interpretation.

The Stringency argument is an overlay parameter. You can adjust it using the Parameters dialog. The default is 3.

DojiPercentage

The RealBodyPercentage parameter represents a percentage. This parameter serves as the basis for determining whether a candlestick is Doji or near Doji. The smaller the value assigned to RealBodyPercentage the more stringent the test. The default is 10, or 10 percent.

Return Value

The return value is a string plot and varies depending on the value of the Stringency parameter.  The lower the number, the stronger the pattern.

Nuetral indicators are rendered in gray below the candlestick.

The string plot for a fully qualified Spinning Top is "Spinning Top" rendered in gray below the candlestick.

Examples

Comments

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