Yorikiri

Description

The Yorikiri, or Belt Hold, pattern is a single bar pattern that can be bullish or bearish and may indicate reversal.  A bullish Yorikiri is a white body that opens at the low and closes near the high. A bearish Yorikiri is a black body that opens at the high and closes near the low.

The longer the real body, the more significant the pattern.

Formula

Yorikiri(INPUT, Stringency=2)=begin

  retval = NONUM

  targetBar = 0

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

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

  cMidpoint = RealBodyMidPoint($1, targetBar)

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

  cLow = GetPrice($1, BATE_LOW, targetBar, 0)

  cRange = Range($1, targetBar)

  pRange = Range($1, (targetBar + 1))

  if BlackBody($1, targetBar) then begin

    if ShavenTop($1, targetBar) then begin

      if cRange > pRange then begin

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

        if cClose < cMidpoint then begin

          retval = 'YK'|clr_red|above|vertical|ftiny

        end

      end

    end

  end

  if WhiteBody($1, targetBar) then begin

    if ShavenBottom($1, targetBar) then begin

      if cRange > pRange then begin

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

        if cClose > cMidpoint then begin

          retval = 'YK'|clr_green|below|vertical|ftiny

        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 a Yorikiri pattern. 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.

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.

The string plot for fully qualified Yorikiri is the abbreviation "YK."

Examples

Comments

A Yorikiri candlestick may also qualify as a Bozu if both ends are shaven (see the white bar, above).