The Tweezers pattern is a minor trend reversal pattern that consists of two candlesticks with more or less the same high or the same low or some variation thereof. The user can adjust this variation by changing the 'Tweezer Wick Percentage' input.
The Tweezers Bottom pattern generally appears in a downtrend with the first candlestick being a bearish candlestick, followed by a bullish candlestick. The Tweezers Top pattern generally appears in an uptrend. The first candlestick in this pattern is a bullish candlestick followed by a bearish candlestick.
To further confirm the trend reversal, we've added an Engulfing filter. If this option is enabled, the indicator will only show Tweezer signals that also engulf the previous 1 or 2 candles.
We've also included a S/R Lookback Filter that will search for previous Support/Resistance Zones and only display those Tweezers that are within those zones. The candle lookback period is fully adjustable. The Support/Resistance zones are based on Swing Points, which length can be adjusted by the user. The user can also change the width of the S/R zones, by adjusting the input 'S/R Zone ATR Multiplier'