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Reversal Candle Concept

  • #41
  • Edited 11:02am Feb 5, 2020 3:47am | Edited 11:02am
Quoting rpasupathy
{quote} Hello Sir Just noticed this when used during live market on v3 indicator ... I had kept Bar Shift as 1 and Alert ON ..... it keeps alerting on all candle close. If signal came in 12:00 candle ... then it should alert only after that candle closes .. But it keeps alerting at all candle close from 12:00, 12:05, 12:10 So can it be changed to just 1 alert on the SIGNAL CANDLE CLOSE. Thanks a lot
Try this..
Ver#4 Bug Fix 1 - fixed alert issue ( added "else" to alert checking condition ) and added extra period separator handline for higher time frame.
Update #2 - No functional change, removed a Print(xxxx) statement which was used for debug purpose.
Attached File(s)
File Type: mq4 DailyHighLowWithRevesalCandle.mq4   9 KB | 969 downloads
  • #42
  • Apr 12, 2020 11:37am Apr 12, 2020 11:37am
hi blue rain,

is the jrcmod_fractals repaint?

thank you
  • #43
  • Apr 12, 2020 5:03pm Apr 12, 2020 5:03pm
Quoting SuperDaddyFx
hi blue rain, is the jrcmod_fractals repaint? thank you
it seems it is checking current bar High and Low value on every thick.
So, it will repaint to provide latest result.

If you want only closed bar check, code needs to be modified.
  • #44
  • Jun 25, 2020 6:39pm Jun 25, 2020 6:39pm
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.
When you use the 4HR, are you using it combination with the Daily? In other words, do you mark the high and low of the Daily and then look for entry on the 4HR? Or do you mark the high and low of the previous 4HR candle and look for entry on a lower time frame?
Learn from your mistakes and march on.
  • #45
  • Jun 25, 2020 6:42pm Jun 25, 2020 6:42pm
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}
Which multipliers do you use?
Learn from your mistakes and march on.
  • #46
  • Jun 25, 2020 7:41pm Jun 25, 2020 7:41pm
Quoting here2there
{quote} When you use the 4HR, are you using it combination with the Daily? In other words, do you mark the high and low of the Daily and then look for entry on the 4HR? Or do you mark the high and low of the previous 4HR candle and look for entry on a lower time frame?
Hello mate, to start with your question I use the daily chart to identify reversals such as engulfing, double highs lower close, 1-2-3 patterns, tweezers, close-open gaps, pinbars, and many other patterns. When these patterns are confirmed on the daily chart I either take the trade directly and or drop down to the 4hr charts to either look for confirmation or reenter trades based on the 4hr patterns or setups. Note: If there is a bearish engulfing pattern on the daily chart and this has confluence indications then it will probably turn into trend change that may last for several days or maybe weeks. During this time I would fully ignore any bullish engulfing patterns that appear on the 4hr charts during the daily trend cycle.
If daily and weekly are in agreement with each other wait for 4hr to follow. If you are not sure of the trend use a suitable moving average.
The best method is to properly study price for the high/low/open and close ( the actual candle structure) from the weekly to daily view-this alone can take 3 to 10 minutes per pair and the more time doing so will return some positive results.
Sorry I didn't answer sooner but I hope this helps.
  • #47
  • Jun 25, 2020 8:00pm Jun 25, 2020 8:00pm
Quoting peterhenders
{quote} Hello mate, to start with your question I use the daily chart to identify reversals such as engulfing, double highs lower close, 1-2-3 patterns, tweezers, close-open gaps, pinbars, and many other patterns. When these patterns are confirmed on the daily chart I either take the trade directly and or drop down to the 4hr charts to either look for confirmation or reenter trades based on the 4hr patterns or setups. Note: If there is a bearish engulfing pattern on the daily chart and this has confluence indications then it will probably turn into...
Actually, I was specifically referring to the strategy shared in this thread. But since you place so much weight on the Daily, I think it is fair to assume that you look for confirmation on the 4HR new low or new high in relation to the break of the high and low of the previous Daily candle.
Learn from your mistakes and march on.
  • #48
  • Jun 28, 2020 12:15am Jun 28, 2020 12:15am
Quoting here2there
{quote} Which multipliers do you use?
7 Multiplier I use:
1 - Zone 1
1.8 - Zone 2
2.2 - Zone 3 ( More likely price will travel between Zone 1 - Zone 3 )
4.6 - Zone 4 ( between 2.2 - 4.6 - Buy/Sell zone - typically reversal in this zone )
5 - Zone 5
6 - Zone 6 ( anything above zone 6 is OB - look for reversal pending - scalper uses this and higher for reversal )
7 - Zone 7
  • #49
  • Jun 28, 2020 12:41am Jun 28, 2020 12:41am
With this you could custom create signal candles.
Attached File(s)
File Type: mq4 Signal Candles.mq4   13 KB | 707 downloads
  • #50
  • Jun 28, 2020 10:19am Jun 28, 2020 10:19am
Quoting BlueRain
{quote} 7 Multiplier I use: 1 - Zone 1 1.8 - Zone 2 2.2 - Zone 3 ( More likely price will travel between Zone 1 - Zone 3 ) 4.6 - Zone 4 ( between 2.2 - 4.6 - Buy/Sell zone - typically reversal in this zone ) 5 - Zone 5 6 - Zone 6 ( anything above zone 6 is OB - look for reversal pending - scalper uses this and higher for reversal ) 7 - Zone 7
I am confused. You initially said you only use 2 multipliers. But here you are saying you use 7 multipliers and have listed their numbers.

I was asking which 2 multipliers you use, since you originally said you only use 2.
Learn from your mistakes and march on.
  • #51
  • Jun 28, 2020 1:48pm Jun 28, 2020 1:48pm
Quoting here2there
{quote} I am confused. You initially said you only use 2 multipliers. But here you are saying you use 7 multipliers and have listed their numbers. I was asking which 2 multipliers you use, since you originally said you only use 2.
I was using ATR Band with 2.75 and 3.25.
Using this numbers, wicks will touch this area more likely which gives short term reversal.
Most of EA using ATR and BB together uses numbers around that area as it will provide cover most of wick touching that band.


Now, I am doing mostly 4H and I needed a bit wider area for whole body inside of Trade Zone - which is 2.2 - 4.6. ( I call Zone 4 ).
  • #52
  • Jun 28, 2020 2:23pm Jun 28, 2020 2:23pm
Quoting BlueRain
{quote} I was using ATR Band with 2.75 and 3.25. Using this numbers, wicks will touch this area more likely which gives short term reversal. Most of EA using ATR and BB together uses numbers around that area as it will provide cover most of wick touching that band. Now, I am doing mostly 4H and I needed a bit wider area for whole body inside of Trade Zone - which is 2.2 - 4.6. ( I call Zone 4 ).
Thank you for clearing that up.
Learn from your mistakes and march on.
  • #53
  • Jul 16, 2020 11:16am Jul 16, 2020 11:16am
Quoting BlueRain
{quote} In my case, I use QQE (1,8,3) indicator which is another variation of RSI/ATR combined and MACD-combo(8,14,5) FYI, this kind of reversal works best when TF is 4H or Daily. You will place buy/sell and SL at the ATR outter band with multiplier 3. Below is recent reversal on eurusd where you could have made a lot of pips. {image}
Hi Blue Rain.
Would you mind sharing the MACD combo and QQE indicators please?
I had searched for MACD Combo but couldn't find it and my QQE has differnt parameters than yours.
I would like to test them on my system.

Thank you kindly sir
  • #54
  • Oct 13, 2020 2:47am Oct 13, 2020 2:47am
Hi BlueRain,

Sorry to keep disturbing you on the coding front ... This will be my last request for sometime ...

Can you please code this Indicator for me :

1. 5 EMA Apply to open - Red Color

2. 5 Linear Weighted - Apply to Close - Blue Color

As you can see in the Data Window - Both the values are same at the Marked Candle ...

:: I NEED A POP UP ALERT WHEN THE VALUES ARE SAME AFTER THE CANDLE CLOSES. Attached Pic

Thanks a lot ..


Attached Image (click to enlarge)
Click to Enlarge Name: Buy.JPG Size: 120 KB
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #55
  • Edited 4:14am Oct 13, 2020 3:52am | Edited 4:14am
Quoting rpasupathy
Hi BlueRain, Sorry to keep disturbing you on the coding front ... This will be my last request for sometime ... Can you please code this Indicator for me : 1. 5 EMA Apply to open - Red Color 2. 5 Linear Weighted - Apply to Close - Blue Color As you can see in the Data Window - Both the values are same at the Marked Candle ... :: I NEED A POP UP ALERT WHEN THE VALUES ARE SAME AFTER THE CANDLE CLOSES. Attached Pic Thanks a lot .. {image}
here.. but getting identical value would be extremely rare.
you might want to check MA line cross , not identical.


EMA5_OPEN = iMA(_Symbol,0,5,0,MODE_EMA,PRICE_OPEN,x);
EMA5_CLOSE = iMA(_Symbol,0,5,0,MODE_LWMA,PRICE_CLOSE,x);

if (
(EMA5_OPEN == EMA5_CLOSE)

Update 1: Updated Alert feature - so it doesn't alert when it is loaded for first time.

Update 2: Live version will check every tick and if value is same, it will alert immediately. This might be more useful.
Attached File(s)
File Type: mq4 Candle_Double_5EMA_Cross_Alert 1.0.mq4   11 KB | 403 downloads
File Type: mq4 Candle_Double_5EMA_Cross_Alert Live 1.0.mq4   10 KB | 465 downloads
  • #56
  • Oct 13, 2020 3:53am Oct 13, 2020 3:53am
patching holes with more indicators is the definition of a failed strategy aka the "if i add this and that, i wouldnt have taken tt trade that broke my strategy and my backtest shows im profitable" mentality

you can convince yourself that you are filtering out the highest probable trades. but all you are doing is decreasing your number of trade, patch it long enough and you'll end at 100% win rate, which is due to no trades taken.
  • #57
  • Oct 14, 2020 1:27am Oct 14, 2020 1:27am
Quoting rpasupathy
{quote} Thank you Bluerain.. I am at present interested in the 2nd version where values are same .... Can you please make arrows printed on charts when the alert happens .... Also will be helpful if there is some history data for past days .... Thanks a lot ... {file} You are really awesome ...
Ok. I combined two - so it can alert as tick and also if buffer filled.
it will print out values as comment to left screen also.
Attached File(s)
File Type: mq4 Candle_Double_5EMA_Cross_Alert 1.1.mq4   13 KB | 498 downloads
  • #58
  • Oct 14, 2020 1:35am Oct 14, 2020 1:35am
Quoting BlueRain
{quote} Ok. I combined two - so it can alert as tick and also if buffer filled. it will print out values as comment to left screen also. {file}
Thanks a lot Sir...

You are really awesome ...
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #59
  • Oct 14, 2020 4:47am Oct 14, 2020 4:47am
Quoting BlueRain
{quote} Ok. I combined two - so it can alert as tick and also if buffer filled. it will print out values as comment to left screen also. {file}
would you please add phone notification also,thanks
  • #60
  • Oct 18, 2020 11:41pm Oct 18, 2020 11:41pm
Quoting BlueRain
{quote} Ok. I combined two - so it can alert as tick and also if buffer filled. it will print out values as comment to left screen also. {file}
Dear BlueRain,

I have sent you a Personal Message ...

Please do look at it and reply at your leisure..

Thanks a lot
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
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