Reversal candlestick pattern - Rails

Rails is a reversal formation in Price Action. It occurs mainly during a retracement of the main trend movement. That is, it is better to catch the pattern on a rollback of the main trend.

The following types of pattern are available:

• bullish pattern – formed during a descending movement and signifies the change of the bearish trend to bullish;
• bearish pattern – formed during an ascending movement and signifies the change of the bullish trend to bearish.

Shape of the "Rails" pattern

The pattern consists of only two candles (bars). At the same time the following conditions are required for formation of the pattern:

• candles must have different directions. That is, a bearish and a bullish candle must be present;
• bodies of the candles must be long and take up at least 70% of the total candle length.

The indicator displays the reversal patterns as up and down arrows, and also the target for reaching profit as lines. To do this, set:

• Show Target=true.

Input parameters

------- "Indicator alert"

• Use alert - enable alerts;

-------"Indicator Information"

• Show Information - display information about the instrument;
• Show Target - display target profits;

-------"Indicator Title Symbol"

• Show Title Symbol - display the instrument symbol;
• Set Color Title Symbol - set the symbol color;
• Set Font Size Title Symbol - set the font size;
• Set Font Type Symbol - set the font type;
• X Distance Symbol - output distance along the X axis;
• Y Distance Symbol - output distance along the Y axis;
• Set Corner Symbol - display corner;

-------"Indicator Price"

• Show Price - display the current Bid price;
• Set Color Price - set the price color;
• Set Font Size Title Price - set the font size;
• Set Font Type Price - set the font type;
• X Distance Price - output distance along the X axis;
• Y Distance Price - output distance along the Y axis;
• Set Corner Price - display corner;

-------"Indicator Spread"

• Show Spread - display the spread
• Set Color Spread - set the spread color
• Set Font Size Spread - set the font size;
• Set Font Type Spread - set the font type;
• X Distance Spread - output distance along the X axis;
• Y Distance Spread - output distance along the Y axis;
• Set Corner Spread - display corner;
• Normalize Readings Spread - normalize the spread values (for five-digit quotes)

------"Indicator Time To Bar Close"

• Show Time To Bar Close - display the time until the candle closes
• Set Color Time - set the time color
• Set Font Size Time - set the font size;
• Set Font Type Time - set the font type;
• X Distance Time - output distance along the X axis;
• Y Distance Time - output distance along the Y axis;
• Set Corner Time - display corner;