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Reversal Candle Concept

  • #1
  • First Post: Jan 21, 2020 1:07am Jan 21, 2020 1:07am
Dear Coders,

Can this Indicator be coded - Pure Intraday ?

For BUY :

1. Candle makes a new low during Intraday TF AND

2. Candle color is Green/Blue

Need a pop up alert @ candle close for BUY

Attached Image (click to enlarge)
Click to Enlarge Name: Image2.jpeg Size: 91 KB



For SELL :

1. Candle make a new High during Intraday TF AND

2. Candle color is RED

Need a pop up alert @ candle close for SELL.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 70 KB


Thanks a lot
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #2
  • Edited 3:26pm Jan 22, 2020 2:33pm | Edited 3:26pm
It sound like you are looking for Fractal with extra condition to check if bar is up or down.

See if this Fractal meets your basic requirement - HHLL

if you are OK with how it works, all we need to is to add some check if current bar is Up or Down.


Otherwise, you need to provide a bit more specific - why this Fractal doesn't work.

Update 1: I have added condition to check if condition is met. See how it goes.
Update 2: Symbol for Up/Down changed to Arrow
Attached File(s)
File Type: mq4 jrcMOD_Fractals.mq4   6 KB | 955 downloads
File Type: mq4 jrcMOD_Fractals-Reversal-Candle.mq4   6 KB | 1,392 downloads
  • #3
  • Jan 23, 2020 12:29am Jan 23, 2020 12:29am
Quoting BlueRain
It sound like you are looking for Fractal with extra condition to check if bar is up or down. See if this Fractal meets your basic requirement - HHLL if you are OK with how it works, all we need to is to add some check if current bar is Up or Down. Otherwise, you need to provide a bit more specific - why this Fractal doesn't work. Update 1: I have added condition to check if condition is met. See how it goes. Update 2: Symbol for Up/Down changed to Arrow {file} {file}
Hi BlueRain,

I downloaded this Indicator : jrcMOD_Fractals-Reversal-Candle.mq4

My Observation :

1. Sometimes the arrow dissappears. Is it due to FRACTALS Nature ?

2. Sometimes there is signal when no new intraday high or low is made. I have attached picture for the same.

3. The Alert sometimes keeps on updating till the candle closes. Can it be made as 1 time alert on open bar and on close bar.

Thanks a lot for your time and effort..

The other BB indicator works great ...

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 105 KB
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #4
  • Jan 23, 2020 1:21am Jan 23, 2020 1:21am
Let's tackle one at a time.

As is, this Fractal is looking back certain period/bar to calculate HH and LL ( default is 25 but you can change.)
I didn't change original one as I wasn't sure what you really wanted and/or if this Fractal may works or not.

It seems if you want to reset this fractal process every day.. I might have to change period dynamically first.

Let me work on that period change first.
  • #5
  • Edited 1:32pm Jan 23, 2020 1:21pm | Edited 1:32pm
It seems what you are really looking for was "Daily High Low" with Reversal Candle, not Fractal.
Please check below

1. Original Daily High Low - which will draw line of Daily High Low
2. Modified version of Daily High Low to check Reversal Candle on High Low point with arrow

Try out and see if this works or in need of modification.
Attached Image (click to enlarge)
Click to Enlarge Name: dhl-reversal-arrow.JPG Size: 39 KB
Attached File(s)
File Type: mq4 DailyHighLow.mq4   2 KB | 934 downloads
File Type: mq4 DailyHighLowWithRevesalCandle.mq4   8 KB | 1,345 downloads
  • #6
  • Jan 23, 2020 2:31pm Jan 23, 2020 2:31pm
Quoting BlueRain
It seems what you are really looking for was "Daily High Low" with Reversal Candle, not Fractal. Please check below 1. Original Daily High Low - which will draw line of Daily High Low 2. Modified version of Daily High Low to check Reversal Candle on High Low point with arrow Try out and see if this works or in need of modification. {file} {file} {image}

Thanks a lot Sir ...

Will check it out and let you know ...
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #7
  • Jan 23, 2020 4:01pm Jan 23, 2020 4:01pm
Quoting BlueRain
It seems what you are really looking for was "Daily High Low" with Reversal Candle, not Fractal. Please check below 1. Original Daily High Low - which will draw line of Daily High Low 2. Modified version of Daily High Low to check Reversal Candle on High Low point with arrow Try out and see if this works or in need of modification. {file} {file} {image}

Thanks a lot Sir ...

This version works great ....

Just noticed that no signal came here .... any reason ??

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 79 KB
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #8
  • Jan 23, 2020 4:46pm Jan 23, 2020 4:46pm
Pair/TF?
  • #9
  • Jan 23, 2020 5:07pm Jan 23, 2020 5:07pm
It might be it is below your screen.
I have noticed that when you are using lower time frame, specially 1M chart, those arrow might be placed too low you won't see unless you zoom out.

I had a case where even zoom out 1M to max won't show arrow on the lower side.

When an arrow is placed, it add some space using ATR/2.

HIBuffer[i] = High[i] + atr/2;
LOBuffer[i] = Low[i] - atr/2;

Possibly, You can try to delete those extra space and see how it works.


HIBuffer[i] = High[i];

LOBuffer[i] = Low[i];


It may work but it will be too close to price candle.



  • #10
  • Jan 23, 2020 6:11pm Jan 23, 2020 6:11pm
This trading method really does produce some nice pips. I cannot say I own the method or created the method but it is worth its weight especially when used from the 4hr and daily time frames.
From the 4hr I generally target 50 pips per trade or daily 100 pips and sometimes follow through with a nice trend.
It will be well worth your while if you do some back testing on this method as it does produce some nice results.
  • #11
  • Jan 23, 2020 6:24pm Jan 23, 2020 6:24pm
Quoting BlueRain
It might be it is below your screen. I have noticed that when you are using lower time frame, specially 1M chart, those arrow might be placed too low you won't see unless you zoom out. I had a case where even zoom out 1M to max won't show arrow on the lower side. When an arrow is placed, it add some space using ATR/2. HIBuffer = High + atr/2; LOBuffer = Low - atr/2; Possibly, You can try to delete those extra space and see how it works. HIBuffer = High; LOBuffer = Low; It may work but it will be too close to price candle....

Oh ok Sir ...

I will check out by zooming and will also make the necessary code changes and see if it suits me ....

The pair I used was not under Forex Pair ... TF I used was 5 mins ...


I zoomed in and saw that the arrow was missing .... Anyways No issues sir ....

Yet to check in live market ....

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 68 KB
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #12
  • Jan 23, 2020 7:09pm Jan 23, 2020 7:09pm
It might need a bit of adjustment on the final bar how it process.
let me know so we can change this.
  • #13
  • Jan 23, 2020 7:13pm Jan 23, 2020 7:13pm
Quoting peterhenders
This trading method really does produce some nice pips. I cannot say I own the method or created the method but it is worth its weight especially when used from the 4hr and daily time frames. From the 4hr I generally target 50 pips per trade or daily 100 pips and sometimes follow through with a nice trend. It will be well worth your while if you do some back testing on this method as it does produce some nice results.
do you have any ref / link on this method?

It might work nicely with ATR Band I use.
Attached Image (click to enlarge)
Click to Enlarge Name: ATR-Band-with-HLReversal.JPG Size: 55 KB
  • #14
  • Jan 23, 2020 11:48pm Jan 23, 2020 11:48pm
Quoting BlueRain
{quote} do you have any ref / link on this method? It might work nicely with ATR Band I use. {image}
Hello BlueRain,

Can you share your ATR band indicator? looks very interesting. Thanks.
  • #15
  • Jan 24, 2020 12:23am Jan 24, 2020 12:23am
Sure. Here that is ….I picked up from some place I don't remember.

It is actually TMA ATR Channel and I have attached template for this.
There will be about 6 or 7 multipliers you can use but I only use 2.
Attached File(s)
File Type: tpl TMAATPChannel.tpl   2 KB | 791 downloads
File Type: mq4 TMA ATR Channel.mq4   24 KB | 1,162 downloads
  • #16
  • Jan 24, 2020 8:17am Jan 24, 2020 8:17am
Rpasupathy great concept ,maybe someone can code an EA that gives an option for timeframe and also to have an option for lot size or % of account risked and TP1 is middle BB band ,move stop to break even and take half the profits out and target outer BB band for TP2.
Attached File(s)
File Type: mq4 Daily_H-L 1.mq4   4 KB | 720 downloads
  • #17
  • Jan 24, 2020 8:19am Jan 24, 2020 8:19am
[quote=Dino10;12719719]Rpasupathy great concept ,maybe someone can code an EA that gives an option for timeframe and also to have an option for lot size or % of account risked and TP1 is middle BB band ,move stop to break even and take half the profits out and target outer BB band for TP2. {file}[/qAlso the indicator attached is pretty cool it draws a line for intraday HI and LO
  • #18
  • Jan 24, 2020 11:16pm Jan 24, 2020 11:16pm
Quoting BlueRain
Sure. Here that is ….I picked up from some place I don't remember. It is actually TMA ATR Channel and I have attached template for this. There will be about 6 or 7 multipliers you can use but I only use 2. {file} {file}
Thanks BlueRain.
  • #19
  • Jan 25, 2020 6:07am Jan 25, 2020 6:07am
Rpasupathy,
Nice method you have designed. Simplistic in everyway. From a brief review on several pairs it will produce the pips. I tested the 5M & the 15M & both works well. I wish you well.
  • #20
  • Jan 25, 2020 6:10am Jan 25, 2020 6:10am
BlueRain,
Great indicators you have. I look at these type of indicators as more of a guide than an indicator in the traditional sense such as MACD or RSI. Thank you for sharing you skills.
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