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15 popular candle patterns

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Re: 15 popular candle patterns

Postby ctejeiro » Fri Nov 25, 2011 5:16 pm

Hi,
one quick thing when i load the indicator patterns3 it only seems to detect hammers and shooting stars with EQ = 1 the other new candle patterns never seem to appear (bullish engulfing, bearish engulfing ... etc) though they are actually happening. Also what is the parameter EQ used for i know is a threshold for comparing prices, but how is it used to detect the correct patterns
Thanks!
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Re: 15 popular candle patterns

Postby giancarloniro » Tue Nov 29, 2011 9:48 am

Hi,

Love the patterns3 indicator! Just wondering if it can be made to recognise morning star and bullish engulfing? I don't think it does at the moment even though it is on the list (please correct me if I am wrong)

thanks,
G
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Re: 15 popular candle patterns

Postby MeiniOz » Sat Feb 11, 2012 6:27 pm

I believe the reason why some patterns don't work, is because the close price of a candle is always identical to the open price of the next candle. This is something that I find a bit peculiar on the FXCM platforms. Some patterns, such as the engulfing ones need to have a difference between the opening and previous closing prices.

So for a programmer there is no way in the world to show these patterns since the data is simply not available.

Thank you Nikolay.Gekht for all your hard work!
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Re: 15 popular candle patterns

Postby TheEdge » Sun Feb 12, 2012 7:50 am

MeiniOz,

You are correct that the close and open are almost always the same in the Forex market. However, this is not peculiar as Steve Nison, clearly points this out in his "Profiting in Forex" course. As the man who brought candlestick charting to the West he also noticed this difference between the Forex market vs other markets.

As for programing, I am not a programer, it should be possible to use the "same" conditions except to allow for the candle to open and close at the same price.

So for example the Engulfing pattern, the real body either white or black (depending on whether we are in an up trend or down trend) needs to wrap around the preceding candle. In a down trend we need a white candle to close "above" the previous black candle.

I would think there is some way to discount the actual close of the previous and the open of the next candle as having to have "different" prices.

Maybe that would help the conditions to be meet for the patterns that the indicator is not showing.


MeiniOz wrote:I believe the reason why some patterns don't work, is because the close price of a candle is always identical to the open price of the next candle. This is something that I find a bit peculiar on the FXCM platforms. Some patterns, such as the engulfing ones need to have a difference between the opening and previous closing prices.

So for a programmer there is no way in the world to show these patterns since the data is simply not available.

Thank you Nikolay.Gekht for all your hard work!
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Re: 15 popular candle patterns

Postby nazaar » Tue Feb 14, 2012 12:53 am

Hello,

another excellent tool. which version is the most recent and inclusive of all updates?

thanks
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Re: 15 popular candle patterns

Postby bene70 » Tue Mar 27, 2012 3:20 pm

Thank you for this indicator, like it a lot.
Question do you think it will possible to add a signal alert to it ?
thank you very much
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Re: 15 popular candle patterns

Postby Apprentice » Wed Mar 28, 2012 6:32 am

Yes, this functionality is possible.
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Re: 15 popular candle patterns

Postby Hailkayy » Sun Apr 01, 2012 7:38 pm

Hi you team-guys :D
We might ask a lot of stuff for yall to do hihi, well sorry but
The offered help is great !
I suggest a recast for this indi :

1Arrows of different colors(choosable) for each patterners instead of patterns'name
2Ability to define wick lenght or body lenght for engulfing and hammer patterns
3engulfing patterns (very important ones) now are spotted (please find a quick-fix) each time they occur

Thanks for the work guys, already done 1 little donation
But might continue.
Thanks
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Re: 15 popular candle patterns

Postby Apprentice » Mon Apr 02, 2012 4:53 am

Your request is added to the development list.
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Re: 15 popular candle patterns

Postby manish8980 » Thu Apr 19, 2012 3:55 pm

is it possible for you to send this indicator to me on manish.kunjir@gmail.com in .mq4 format, thanks in advance
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