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Spinning Top Candlestick
On the TimeToTrade charts, an indicator can be added to detect Spinning Top Candlestick patterns. The indicator can then be used to execute trades, provide an Email or SMS text message notification when your Candlestick chart patterns have been met or backtest trading strategies.
A Spinning Top Candlestick is a bullish or bearish candlestick with a small body. The length of the head and tail shadows can vary. Like a Doji Candlestick it represents a point of indecision with buyers and seller matched.
It has greater significance when the market is either:
- over bought or at a point of resistance
- over sold or at a point of support
On its own a Spinning Top mid trend between key points of support or resistance it is off little significance. When a Spinning Top is formed after a bullish move, it can signal a bearish reversal in the price action. When a Doji is formed after a bearish move, it can signal a bullish reversal in the price action.
An overview of Candlesticks
A candle represents the changes in price over an interval of time such as 1 day or 1 minute. The main body of the candle illustrates the opening price at the start of the time interval and the price when the market closed at the end of the interval. The head and tail represent the highest and lowest prices during the interval.
The length of the 'Head' is the difference between the highest price during the interval and the greater of the Open or Close price. The length of the 'Tail' is the difference between the lowest price and the difference between lesser of the Open or Close price. The length of the 'Body' if the difference between the Open and Close price. The full length of the candle is referred to as the 'Shadow'.
If the price closed at a price above the opening price, then the candle is referred to as a 'bullish' candle and if the price closed below the opening price, then the candle is referred to as a 'bearish' candle. On the TimeToTrade charts the bullish candles are coloured green and the bearish candles are coloured red as illustrated:
Spinning Top Indicator
The Spinning Top indicator can be displayed on the TimeToTrade charts. It can be used to identify Spinning Top chart patterns, where by the indicator will rise above 0 to 1 when the Spinning Top chart pattern has been identified:
To add the Spinning Top indicator to the TimeToTrade charts, go to the chart settings and click on the 'Add Indicator' button. Click on the search box and type the name of the Candlestick indicator that you are looking for, or for example type 'candle' and scroll through the results:
After adding the Spinning Top indicator, within the chart settings, click on it to set the colour and tolerance:
The tolerance is used to 'soften' the Candlestick rules. For example, if there are two candles in a sequence, and the requirement is for the second candle high and low to be fully engulfed by the body of the first candle, adding a tolerance value, will allow the high or low of the second candle to be outside the body of the first candle, by the specified tolerance amount.
Spinning Top Alerts
Alerts can be set up to provide an Email or SMS text message notification of when your Candlestick chart patterns have been met. The alerts can also be used to backtest trading strategies or execute demo trades. To learn more:
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