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Attachments: Consecutive candles indi combined with volume & spread indi
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Consecutive candles indi combined with volume & spread indi

  • Post #1
  • Quote
  • First Post: Edited Feb 14, 2014 5:57am Feb 12, 2014 8:36pm | Edited Feb 14, 2014 5:57am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Hi guys,
i'm wondering if someone can please assist in creating an indicator for me (and whoever wishes to use it).

I'm working on a scalping system, the entry criteria is the following:

Short
1) 4 consecutive bull candles.
2) The 4th(final) bull candle has a larger body than the 3rd (previous) bull candle
3) The volume of the 4th candle is lower than the volume of the 3rd (previous) candle.

The opposite for long

TP and SL are subjective - i use fractals, but this is not something that needs to be considered in the indicator.

If anyone can assist, that would be great.

EDIT:
I had the criteria listed opposite. It's now been corrected.

EDIT 2: As an FYI, this doesn't repaint because it's based on price and volume. A big thanks to Gumrai for the coding, great job man!

EDIT 3: Even though intended for a short timeframe which is more suited to market orders, i think limit & stop orders could filter out a few of the dud trades that would otherwise be market orders & losses. Also, tweak the consecutive candle option per timeframe/currency pair.
EDIT 4: Continuong to go over this strategy. If spread was not a factor on say - m1 or m5 - you could do extremely well going for only a few pips using this.
  • Post #2
  • Quote
  • Feb 13, 2014 10:03am Feb 13, 2014 10:03am
  •  rockit
  • Joined Oct 2013 | Status: Member | 814 Posts
Indicators cannot place trades.

Here a code fragment for checking conditions:
Inserted Code
    bool b4 = Close[4] > Open[4];
    bool b3 = Close[3] > Open[3];
    bool b2 = Close[2] > Open[2];
    bool b1 = Close[1] > Open[1];
    bool d12 = (Close[1] - Open[1]) > (Close[2] - Open[2]);
    bool v1 = Volume[1] < Volume[2];
    if(b4 && b3 && b2 && b1 && d12 && v1)
        Print("go short");
    else if(!b4 && !b3 && !b2 && !b1 && !d12 && !v1)
        Print("go long");
..
  • Post #3
  • Quote
  • Feb 13, 2014 5:46pm Feb 13, 2014 5:46pm
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Quoting rockit
Disliked
Indicators cannot place trades. Here a code fragment for checking conditions: bool b4 = Close[4] > Open[4]; bool b3 = Close[3] > Open[3]; bool b2 = Close[2] > Open[2]; bool b1 = Close[1] > Open[1]; bool d12 = (Close[1] - Open[1]) > (Close[2] - Open[2]); bool v1 = Volume[1] < Volume[2]; if(b4 && b3 && b2 && b1 && d12 && v1) Print("go short"); else if(!b4 && !b3 && !b2 && !b1 && !d12 && !v1) Print("go long");
Ignored
Hey, thanks heaps! I know an indi can't place the trades, I'd prefer to take them subjectively once the indi spots a setup.
Thanks heaps for the info you've provided, but i'm a total goofball with anything to do with coding so i'm not sure how to implement it, any further advice you could offer would be great!

Cheers,
A.
  • Post #4
  • Quote
  • Feb 13, 2014 10:57pm Feb 13, 2014 10:57pm
  •  Gumrai
  • Joined Oct 2012 | Status: Member | 1,959 Posts
As I'm trying to get used to the new editor, I am willing to attempt this code as an exercise.
I'd just like to be clear

Quote
Disliked
Short
1) 4 consecutive bull candles.
2) The 4th(final) bull candle has a larger body than the 3rd (previous) bull candle
3) The volume of the 4th candle is lower than the volume of the 3rd (previous) candle.
The opposite for long



When you say"The opposite for long", do you mean that for a long signal
The 4th(final) bear candle has a SMALLER body than the 3rd (previous) bear candle
The volume of the 4th candle is LARGER than the volume of the 3rd (previous) candle.

I somehow don't think so and that you only meant the opposite of 1)
Please Do Not PM Me With Coding Enquiries
  • Post #5
  • Quote
  • Feb 13, 2014 11:03pm Feb 13, 2014 11:03pm
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Quoting Gumrai
Disliked
As I'm trying to get used to the new editor, I am willing to attempt this code as an exercise. I'd just like to be clear {quote} When you say"The opposite for long", do you mean that for a long signal The 4th(final) bear candle has a SMALLER body than the 3rd (previous) bear candle The volume of the 4th candle is LARGER than the volume of the 3rd (previous) candle. I somehow don't think so and that you only meant the opposite of 1)
Ignored
Hey there, thanks for the reply.
Wicks aren't included in the candle size - only the body.

Sorry, I misled with the signal for long (only swap the term "bull" with "bear")
• 4 consecutive bear candles
• 4TH bear candle has a larger body than the 3rd (previous)
• 4TH bear candle has lower volume than the 3rd (previous)
  • Post #6
  • Quote
  • Feb 14, 2014 1:50am Feb 14, 2014 1:50am
  •  Gumrai
  • Joined Oct 2012 | Status: Member | 1,959 Posts
Try this
I believe that it does what you want
I've not tested it too much, so please let me know how it works for you
Attached File
File Type: mq4 4consecutive.mq4   4 KB | 870 downloads
Please Do Not PM Me With Coding Enquiries
  • Post #7
  • Quote
  • Feb 14, 2014 4:40am Feb 14, 2014 4:40am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Quoting Gumrai
Disliked
Try this I believe that it does what you want I've not tested it too much, so please let me know how it works for you {file}
Ignored
Mate, testing now. Thanks so much for the quick work, I appreciate it a lot! Stay tuned, i'll give it a whirl.
  • Post #8
  • Quote
  • Feb 14, 2014 4:47am Feb 14, 2014 4:47am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Quoting Gumrai
Disliked
Try this I believe that it does what you want I've not tested it too much, so please let me know how it works for you {file}
Ignored
Very quick flick through it, it looks great. Thanks Gumrai! Although i inted the formula for retraces on an m1-m5, (which it does work quite fine) it looks even better on a dail chart for picking pullbacks. See the screengrab attached if you're interested. OOTB settings.

PS. Thanks for adding the variable candle amount setting.
Attached Image (click to enlarge)
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Size: 37 KB
  • Post #9
  • Quote
  • Feb 14, 2014 5:22am Feb 14, 2014 5:22am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
First live trade with the indi.
I'll keep you posted.
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  • Post #10
  • Quote
  • Feb 14, 2014 5:28am Feb 14, 2014 5:28am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Quoting Aus
Disliked
First live trade with the indi. I'll keep you posted.
Ignored
Still going storng, nearing a 20 pip tp. Ignore the other trades for now, they aren't a part of this strategy.
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  • Post #11
  • Quote
  • Feb 14, 2014 5:46am Feb 14, 2014 5:46am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Gone backwards a little. Perhaps consider a 10pip tp instead? not sold yet. I need an extra filter or better r:r:
Edit: LT demarker did the job so long as any arrows outside of the limits were not included. in the middle of my double time demarker, that cleaned up a few trades.

FYI, new trade. (Bias because i think AUD/JPY is bracing for a big jump up)
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Name: Screen shot 2014-02-14 at 9.48.52 PM.png
Size: 41 KB
  • Post #12
  • Quote
  • Feb 14, 2014 9:03am Feb 14, 2014 9:03am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Ok guys..not bad so far. I've thrown it onthe m1 chat and had a muck around. As I mentioned earlier, there's a fair but of subjectivity that goes into taking the signals that occur...as soon as I figure out a way to put that into words, i shall...but, the results speak for themselves thus far. I hope it continues. I'm not %100 sure that the first trade in the pic was this strategy bit as such, i can't say it wasn't. So, i've included it regardless.
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Name: Screen shot 2014-02-15 at 12.48.47 AM.png
Size: 23 KB
  • Post #13
  • Quote
  • Feb 14, 2014 9:05am Feb 14, 2014 9:05am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Another trade is open...pound/yen buy signal. For me, this is a safe trade to take based on what I can see in other time frames. Pretty clear levels of supply & demand (s&R) whatever you want to call it.
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Name: Screen shot 2014-02-15 at 1.03.46 AM.png
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  • Post #14
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  • Last Post: Feb 26, 2014 5:05am Feb 26, 2014 5:05am
  •  Aus
  • | Joined Jul 2013 | Status: Member | 82 Posts
Right on!
This to me looks like a pretty good signal, we're looking at a lack of supply courtesy of the indicator (and volumes shown).
Let's see. (as already mentioned, arrows don't repaint)
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Name: Screen shot 2014-02-26 at 9.02.35 PM.png
Size: 44 KB
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