TasukiGap

Description

The Tasuki Gap pattern can be bullish or bearish, so trend identification is required.

bullish       bearish

The Tasuki Gap is a three-candlestick pattern. The color sequence depends on the existing trend. For a bullish Tasuki Gap, a white candlestick is followed by another white candlestick that gaps higher. Finally, a black candlestick follows, closing above the first candlestick's high.

Formula

TasukiGap(INPUT, Stringency=2, LRRange=10, LRType=3)=begin

  retval = NONUM

  targetBar = 0

  cOpen = GetPrice($1, BATE_OPEN, targetBar, 0)

  cClose = GetPrice($1, BATE_OPEN, targetBar, 0)

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

  ppHigh = GetPrice($1, BATE_HIGH, (targetBar + 2), 0)

  cBase = ppHigh

  pLow = GetPrice($1, BATE_LOW, (targetBar + 1), 0)

  ppLow = GetPrice($1, BATE_LOW, (targetBar + 2), 0)

  if Bullish($1, targetBar, LRRange, LRType) then begin

    if BlackBody($1, targetBar) AND WhiteBody($1, (targetBar + 1)) AND BlackBody($1, (targetBar + 2)) then begin

      if pLow > ppHigh then begin

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

        if cOpen < RealBodyHigh($1, (targetBar + 1)) AND cClose > cBase then begin

          retval = 'TASUKI'|clr_green|below|ftiny|vertical|arrow

        end

      end

    end

  end

  if Bearish($1, targetBar, LRRange, LRType) then begin

    if WhiteBody($1, targetBar) AND BlackBody($1, (targetBar + 1)) AND WhiteBody($1, (targetBar + 2)) then begin

      if pHigh < ppLow then begin

        if Stringency >= 2 then retval = '2'|clr_red|above|ftiny|vertical|arrow

        if cOpen < RealBodyHigh($1, (targetBar + 1)) AND cClose < cBase then begin

          retval = 'TASUKI'|clr_red|above|ftiny|vertical|arrow

        end

      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 Tasuki Gaps. 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 2.

LRRange

The Tasuki Gap overlay uses the LR() function with either a continuous or quadratic calculation to determine how the market is trending. The LRRange (Linear Regression Range) parameter is the number of points in the Linear Regression calculation. The default is 10.

LRType

The LRType parameter has two possible settings: 2 and 3, or continuous linear regression and quadratic linear regression, respectively. The default is 3, or quadratic.

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.

Bearish indicators are rendered in red above the candlestick. Bullish indicators are rendered in green below the candlestick.

The string plot for a fully qualified Tasuki Gap is "Tasuki" rendered in red above (bearish) or in green below (bullish) the candlestick.

Examples

Comments