ToolTack Candlestick Pattern Decoder
Automatic Candlestick Pattern Recognition Indicator for TradingView
Stop squinting at every candle. Pattern Decoder automatically detects 15 classic candlestick formations as they form, labels them on the chart, tallies their counts and tracks their historical win rate — so you can read price action faster and with more context.
01 Quick Summary
Candlestick Pattern Decoder is an invite-only TradingView indicator built around a single question: which classic candlestick patterns are forming on this chart right now, and how well have they worked historically? It scans every bar against 15 textbook formations, labels qualifying candles on the chart, tracks the cumulative count of each pattern, and computes a rolling win rate on the bull and bear groups — all on one chart.
02 Overview
Candlestick patterns are one of the oldest tools in technical analysis, but spotting them reliably across hundreds of bars is tedious and error-prone. Pattern Decoder automates that work. On every bar it checks a strict mathematical definition for each of the 15 supported patterns — comparing open, high, low, close and recent trend — and only labels the candle when the criteria are met.
How it supports your process: Pattern Decoder does not predict direction and is not a signal service. It removes the manual scanning step from candlestick analysis — you see at a glance where formations have printed, how often each pattern has appeared on this symbol/timeframe, and whether bull or bear groups have historically resolved in their expected direction within your chosen lookahead window.
Use it as a study aid to learn what real-world patterns look like outside of textbook examples, as a confirmation layer when you already have a directional bias, or as a filter on busy charts where price action is hard to read. The historical win-rate dashboard gives you a sanity check before you trust a pattern on a particular instrument.
The 15 patterns it detects
03 Key Features
Six bullish, six bearish and three neutral formations — from common Harami and Engulfing setups to Morning/Evening Stars, Kickers and Belts — all detected with strict open/close/trend rules.
A pinned table tallies how many times each pattern has appeared on the visible history, with totals for Bullish vs Bearish groups so you can spot which formations are common (or rare) on this symbol.
For each bullish/bearish signal the indicator checks whether price closed in the expected direction N bars later, then displays the rolling win rate — a built-in sanity check on pattern reliability.
A second compact table shows the most recent pattern, its direction (Bull/Bear/Neutral) and how many bars ago it printed — so you always know what just fired without scrolling back.
Reversal patterns require a directional context. The Trend Lookback input enforces a prior trend bias before labelling Engulfing, Harami, Piercing and Kicker formations — cutting down on context-free noise.
A single slider tunes how strict the Doji rule is (body-to-range ratio). Loosen it on illiquid symbols, tighten it on clean intraday data — without touching anything else.
The dashboard reads your chart background and switches palettes automatically — readable contrast on dark or light themes without manual styling.
Every pattern ships with its own alertcondition — wire any of them into TradingView alerts to be notified the moment that specific formation prints.
04 How to Use Pattern Decoder
Add it to TradingView
Open the Indicators menu → Invite-Only Scripts → select Candlestick Pattern Decoder [ToolTack] and apply it to your chart.
Set the Trend Lookback
The default is 5 bars. This is how far back the indicator looks to confirm a prior trend before labelling a reversal pattern. Increase it on higher timeframes; reduce it for fast intraday charts.
Tune Doji Sensitivity
Default is 0.05 — a candle is a Doji when its body is ≤ 5% of the bar range. Raise it (e.g. 0.10) for noisier markets where strict Dojis are rare. Lower it to filter to only the cleanest indecision candles.
Pick a Win Check Window
Win Check Bars (default 5) sets how many bars after a signal the indicator looks at to decide if it "won". Match it to your typical holding time — shorter for scalps, longer for swing trades — so the W/R reflects your style.
Read the chart, dashboard and Last Signal together
Green arrows / labels = bullish formations. Red arrows = bearish. Diamonds = neutral (Doji, Hammer, Inv Hammer). The right-side dashboard shows counts and W/R; the top-left Last Signal card shows the most recent pattern and bars ago.
Combine with your own analysis
A candlestick pattern is a context cue, not a trade trigger. Cross-check signals against support & resistance, market structure, higher-timeframe trend and risk parameters before considering a position.
05 Strategy Ideas
Educational examples only — always test before using real capital.
Engulfing at Key Support
Price taps a higher-timeframe support and a Bullish Engulfing prints with a strong prior downtrend. Treat as evidence of a potential reversal; plan entries on the next bar with stops below the engulfed candle.
Morning / Evening Star Bias
Stars are slower, higher-conviction formations. When a Morning Star prints after an extended decline (or an Evening Star after a rally), use it as a directional bias filter rather than a same-bar trigger.
Shooting Star into Resistance
A Shooting Star at a tested resistance after a momentum push is a classic exhaustion cue. Tighten longs or wait for the next bar to fail before considering counter-trend setups.
Kickers as Trend Continuation
Bullish/Bearish Kickers are aggressive gap-and-go patterns. Use them on liquid symbols as continuation triggers in the direction of the prevailing trend rather than reversal signals.
Cluster of Dojis & Hammers
Frequent neutral patterns (Doji, Hammer, Inv Hammer) clustered in a tight range usually mean low conviction. Treat the area as chop and stand aside until a directional formation prints.
Read the W/R Before Trusting
Before relying on a pattern on this symbol/timeframe, glance at the dashboard W/R. If a group has been historically poor here, lower the size and tighten stops — or skip those signals altogether.
Reminder: these are educational frameworks, not trade recommendations. Win rate is computed against a fixed N-bar lookahead and does not account for slippage, fees or actual trade management. Always validate ideas on historical data and in a simulator before risking real capital, and size positions within your risk plan.
06 Best Tools to Combine With
Candlestick patterns are most useful when paired with tools that frame where price is and where it is going. Stacking complementary ToolTack utilities turns single-bar formations into actionable context.
Confirm bullish/bearish patterns with same-bar large-order activity for higher-conviction reads.
Filter to only patterns that print at horizontal levels, demand/supply zones or prior swing highs/lows.
Stack patterns against BOS / CHoCH and Fibonacci zones to align candlestick reads with structure.
Pair Hammer / Shooting Star / Doji at extreme RSI or MACD readings for cleaner exhaustion entries.
Use VWAP as the directional anchor — patterns are far more meaningful around fair-value levels.
Standardise stops, targets and position sizing on every pattern-informed trade.
07 Easy Setup Guide
Get all 28+ tools activated in 4 simple steps.
Go to Your Dashboard
After purchasing your plan, log in to your ToolTack account and navigate to your personal dashboard. This is your command centre for managing your subscription and tools.
Update Your TradingView Username
Enter your exact TradingView username in the designated field. Make sure it matches your TradingView profile exactly — this is how access is granted.
Wait for Activation
The ToolTack team will activate the tools on your TradingView account within 24 hours. You will receive a confirmation email once activation is complete.
Access Your Tools
Open TradingView → Indicators → Invite-Only Scripts. Your ToolTack indicators, screeners, dashboards and strategies will be ready to add to your charts.
08 Who It Is For
Why Subscribe to ToolTack
One subscription unlocks the full ToolTack library — indicators, screeners, dashboards and strategies built specifically for TradingView workflows. Activate with your TradingView username and access everything from a single dashboard.
- Access to 28+ TradingView tools
- Faster, more structured market analysis
- Decision-support, not signal services
- Built for the TradingView ecosystem
- Useful for learning & testing
- Easy activation in under 24 hours
- One dashboard to manage everything
- Continuous additions to the toolset
09 Frequently Asked Questions
How many patterns does Pattern Decoder detect?
15 in total: six bullish (Bull Harami, Bull Engulfing, Piercing Line, Bull Belt, Bull Kicker, Morning Star), six bearish (Bear Harami, Bear Engulfing, Bear Kicker, Hanging Man, Evening Star, Shooting Star) and three neutral (Doji, Hammer, Inverted Hammer).
How is the win rate (W/R) actually calculated?
Each bullish signal is counted as a "win" if price closes higher N bars later (default 5). Each bearish signal is a "win" if price closes lower N bars later. The W/R is wins divided by total signals across the visible history. It does not account for slippage, fees or any specific trade plan.
What does the Trend Lookback do?
Most reversal patterns only make sense after a trend. Trend Lookback (default 5) is the number of bars used to confirm there was a prior trend before labelling Engulfing, Harami, Piercing and Kicker setups. It filters out the same patterns when they print in chop.
Does it repaint?
Pattern labels are placed on the bar that completes the formation, so once a bar closes the label is fixed for that bar. Intra-bar, the most recent bar is still forming and its labels may appear or disappear until the bar closes — standard behaviour for any close-based indicator.
Can I customise colours and dashboard position?
Yes. The settings panel exposes Bull / Bear / Neutral arrow and text colours, plus a Dashboard Position selector (Top Right, Top Left, Bottom Right, Bottom Left, Top Center, Bottom Center). The dashboard itself auto-themes for dark or light chart backgrounds.
Does this guarantee profitable trades?
No. Pattern Decoder is an analysis utility. It surfaces information — which patterns have printed, how often and how they have historically resolved — but it does not predict markets and does not guarantee outcomes. Always combine with your own analysis and risk plan.
Does it work on all assets and timeframes?
Yes. Candlestick rules are price-only, so the indicator runs on any TradingView symbol — stocks, ETFs, futures, crypto, forex, indices — and any timeframe from 1-minute up to monthly. Pattern reliability varies by instrument and timeframe; the W/R dashboard is there to help you judge per-symbol.