REGISTER PARTICIPANTS Indicator Candlestick Price Action Mt4

Candlestick Price Action

#candlestickpriceaction



The indicator identifies figures formed by the candles at some point of the market trend.

The candles standards are useful for early warning of future price movements, they would also serve as beacons of support and resistance.

They are also useful to signal oversold or overbought market.

It is recommended to use the indicator in addition to other technical indicators.

The indicator has 17 patterns of candles:

• HM - Hammer
• HG - Hanged
• IHM - Inverted Hammer
• IHG - Inverted Hanged
• DJ - Doji
• BE - Bearish Engulfing
• MA - Marubozu
• TOD - Three Outside Down
• TOU - Three Outside Up
• BH - Bullish Harami
• TID - Three Inside Down
• TIU - Three Inside Up
• MS - Morning Star
• AB - Abandoned Baby
• ES - Evening Star
• DC - Dark Cloud Cover
• PL - Piercing Line

This indicator can be used for all currency pairs and for all timeframes.

Platform - MetaTrader 4.

Inputs

• Default value is 50 periods for depth: Depth=12;
• Offset value of the indicator: Deviation=5;
• Indicator completion value: Backstep=3;

Indicator candlestick input parameters:

• ma_trend=100; default value is 100 times;
• env_period=50; default value is 50 periods;
• dev=0.25; offset value of the indicator;
• Doji candle pattern:
  • View the sign: Display_Doji=true;
  • Sign Colour Doji Buy: Color_DojiR = Lime; Sell: Color_DojiS = Red;
• Hammer candle pattern:
  • View the sign: Display_Hammer=true;
  • Sign Colour Hammer: Color_Hammer = Lime;
• Hanged candle pattern:
  • View the sign: Display_Hanged=true;
  • Sign Colour Hanged: Color_Hanged = Red;
• Inverted Hammer candle pattern:
  • View the sign: Display_In_Hammer=true;
  • Sign Colour Inverted Hammer: Color_In_Hammer = Lime;
• Inverted Hanged:
  • View the sign: Display_In_Hanged=true;
  • Sign Colour Inverted Hammer: Color_In_Hanged = Red;
• Bearish Engulfing candle pattern:
  • View the sign: Display_B_Engulfing=true;
  • Sign Colour Bearish Engulfing Buy: Color_BE_S = Lime; Sell: Color_BE_R = Red;
• Marubozu candle pattern:
  • View the sign: Display_Marubozu=true;
  • Sign Colour Marubozu Buy: Color_Marubozu_S = Lime; Sell: Color_Marubozu_R = Red;
• Three Outside Up candle pattern:
  • View the sign: Display_TOU=true;
  • Sign Colour Three Outside Up Buy: Color_TOU_S = Lime; Sell: Color_TOU_R = Red;
• Three Outside Down candle pattern:
  • View the sign: Display_TOD=true;
  • Sign Colour Three Outside Down Buy: Color_TOD_S = Lime; Sell: Color_TOD_R = Red;
• Bullish Harami candle pattern:
  • View the sign: Display_BH=true;
  • Sign Colour Bullish Harami Buy: Color_BH_R = Lime; Sell: Color_BH_S = Red;
• Three Inside Down candle pattern:
  • View the sign: Display_TID=true;
  • Sign Colour Three Inside Down Buy: Color_TID_S = Lime; Sell: Color_TID_R = Red;
• Three Inside Up candle pattern:
  • View the sign: Display_TIU=true;
  • Sign Colour Three Inside Up Buy: Color_TIU_S = Lime; Sell: Color_TIU_R = Red;
• Morning Star candle pattern:
  • View the sign: Display_MS=true;
  • Sign Colour Morning Star: Color_MS_S=Lime;
• Abandoned Baby candle pattern:
  • View the sign: Display_AB=true;
  • Sign Colour Abandoned Baby: Color_AB_S=Lime;
• Evening Star candle pattern:
  • View the sign: Display_ES=true;
  • Sign Colour Evening Star: Color_ES_R=Red;
• Dark Cloud Cover candle pattern:
  • View the sign: Display_DC=true;
  • Sign Colour Dark Cloud Cover: Color_DC_R=Red;
• Piercing Line candle pattern:
  • View the sign: Display_PL=true;
  • Sign Colour Piercing Line Buy: Color_PL_R=Red; Sell: Color_PL_S=Lime;