indicator · on price · open source
Piercing Line
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About
Piercing Line: a bearish candle followed by a bullish candle that opens below the prior low and closes above the midpoint of the prior body. Bullish reversal signal.
- Green bar colour on the bullish confirmation bar.
- Strongest at support zones or after a sharp decline.
Source code
//@version=5
indicator("Piercing Line", overlay=true)
pl = close[1] < open[1] and close > open and open < low[1] and close > (open[1] + close[1]) / 2
barcolor(pl ? color.green : na)
plotshape(pl, "Piercing Line", style=shape.triangleup, location=location.belowbar, color=color.green, text="PL")
alertcondition(pl, "Piercing Line", "Piercing Line pattern printed")
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