Tutorial 08 - Candle Formations

[miro1360]

Here I provide few ways (not all because here is a lot of ways) how to create something called "pattern formations".

Lets say we need identify Doji candle. Doji is candle with really small body, so our Doji have body smaller than 1.5 pips, we need it on H4 TF and we need alert + symbol on that candle, here is how to do it:

With similar way we can identify engulfing bar, this is how to find Bullish and Bearish Engulfing:

When we need 2 or x bulls/bears in row, when each have some amount of body pips, this can be way:

Or something more complicated called 3 White Soldiers / Black Crows, which are 3 consecutive bull/bear candles in row when each of candles is greater than 10 pips, and for Soldiers/Crows is each new High/Low/Open/Close higher/lower than previous this is how to do it
(identify 3 bulls, identify if new High is higher than previous, the same for Low, Open, Close and opposite for sell):

More complicated is to find Hammer based on % size, or any other Candle type based on some math calculation, this is one of ways how it can be done (other way can be using formula block + more variables, I did it with Custom code block as example)
(firstly read into variables prices for calculation - Open, Close, High, Low ,,, next make variable which hold state when condition is meet in custom code, next do custom code with calculation and comparison, result save into our variable for state (conditionPass=true or false) and last is Condition for alert)

This is result from visual tester:

shared link for this tutorial:
https://fxdreema.com/shared/VrzXQhufc

or import code into your projects to see all variables/inputs:
0_1484370393489_Formations1.mq5

Wish you green pips!

[serioza]

Miro,

Great tutorial do you have the same in MQL4 format?

[miro1360]

the same for mql4 not now but you can do it yourself in mql4 because blocks are the same and custom code is in this type also the same (here is only working with variables and few operands) ...

[Juan0212]

@miro1360 , I tried to run the doji loop but seems it is not working. There is 'waiting for tick...' status on the chart. any idea?

[Lake]

Hi miro, I need pointers to the candlestick formation. I'm new in fxdreema.I don't know where to drag and drop it to the platform..

[Setsuna]

@miro1360 said in Tutorial 08 - Candle Formations:

Bearish Engulfing

Hey Miro

nice tutorial. But I have a question about bearish engulfing: to have a bearish engulfing you need to a bullish and a bearish. the bullish candle need higher then bearish candle on the top and on the bottom the bullish candle need to be shorter then the bearish candle. But I dont see this in the tutorial. Where can I make this setting?

[rwx]

please anyone make it in mt4 version. Thank you

[Hadees]

@Rwx have you tried copying the blocks from the mt5 version across to mt4 and then just add all of the variables and constants !? i

[code4578i]

Thanks for the great tutorial. Much helpful.

My just little/funny doubt ---> In engulfing bar - Low [2]>Close[1] - Candle id 2 > Candle id 1.

This means - The candle [2] refers to Current candle and compares it to Previous candle (candle id [1])?

Thanks

[mateuszkapiec]

@miro1360 thank you for this!

Did you do test? How it looks?

[fideld003]

@miro1360 awesome. Very useful. Thank you for sharing this.

[Sauce]

@miro1360 Is there a way to separate bearish pin bars only and bullish pin bars only? Like you have made for Bullish Engulfing and Bearish Engulfing separately.

For example, if a pair is trending downward and I'm entering short, I'm only looking for a bearish pin bar, not bullish pin bars. Thank you so much for this project!

UPDATE: nevermind! I just realized it separates all in one already. thanks again for these pattern indicators!

[GTOAT777]

Cant FX Dreema add these to the software so the candles are a easy standard feature already coded?

[l'andorrà]

@gtoat777 Yes, that can be done, but the administrator is not motivated to do it, I'm afraid. Maybe you can ask him to try it.

[GTOAT777]

@l-andorrà How do I message him directly

[l'andorrà]

@gtoat777 You can do it here:

https://fxdreema.com/contact

[bussy]

Hello @miro1360 and everyone. What of Piercing line, Dark cloud, Morning and Evening star candle formations? Does anyone know how to create them with fxdreema?

[bussy]

@miro1360 and everyone If yes, can you show me examples of the said candle formations? (Piercing line, Dark cloud, Morning and Evening star)?

[Mbimbim]

@miro1360 hii sir, i found error

pls help sir

[l'andorrà]

I'm afraid miro1360 abandoned the foruls many years ago.