Candle Identifier indicator | Forex Factory

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Candle Identifier indicator

  • #1
  • First Post: Edited Jul 9, 2014 8:40pm Feb 27, 2009 6:51pm | Edited Jul 9, 2014 8:40pm
This indicator is no longer available. The client who asked me to develop it has requested it that I remove it from the public domain. I apologize for any inconvenience.

@FF moderators: please move this thread to the recycle bin.

Thanks,
David
  • #2
  • Edited 8:11pm Feb 27, 2009 7:57pm | Edited 8:11pm
Thanks for sharing hanover

I'm looking for a good pin bar indicator since times, nice work
  • #3
  • Feb 27, 2009 7:58pm Feb 27, 2009 7:58pm
Thank you, David. Your generosity is boundless.

I'm familiar with all these formations except "RailroadTrack". Is this another term for a "Tweezer Top/Bottom"?
  • #4
  • Feb 27, 2009 8:16pm Feb 27, 2009 8:16pm
Great work! This is an excellent indicator, I wonder though if you might consider painting the bars using custom colors (within config) for each candle it identifies (with a key label index on chart) rather than using arrows.


That would make this a truly elegant trading/learning tool.
The trend always ends.
  • #5
  • Edited 10:27pm Feb 27, 2009 8:53pm | Edited 10:27pm
Quoting opie999
Thank you, David. Your generosity is boundless.

I'm familiar with all these formations except "RailroadTrack". Is this another term for a "Tweezer Top/Bottom"?
Yes, Opie, that's correct. Peter Bain uses the term 'Railroad Track'. I've marked these on the chart below with an "X".

RR tracks on a 1 hour chart would equate to a pinbar shape on a 2 hour chart.
Attached Image (click to enlarge)
Click to Enlarge Name: candle identifier 1.jpg Size: 83 KB
  • #6
  • Feb 27, 2009 8:56pm Feb 27, 2009 8:56pm
Quoting ShamusFamous
Great work! This is an excellent indicator, I wonder though if you might consider painting the bars using custom colors (within config) for each candle it identifies (with a key label index on chart) rather than using arrows.


That would make this a truly elegant trading/learning tool.
Thanks, Shamus, maybe later. It would mean eliminating MT4's automatically plotted candles, and then drawing rectangles and lines on the chart. I guess it would also be necessary to replot the last candle every tick, or at least whenever price movement changes the candle type.
  • #7
  • Feb 27, 2009 9:08pm Feb 27, 2009 9:08pm
Thank you for sharing Hanover.

Will give this indi a test run on Monday.

EG
  • #8
  • Feb 27, 2009 10:56pm Feb 27, 2009 10:56pm
Quoting hanover
Thanks, Shamus, maybe later. It would mean eliminating MT4's automatically plotted candles, and then drawing rectangles and lines on the chart. I guess it would also be necessary to replot the last candle every tick, or at least whenever price movement changes the candle type.

Not sure how it's done but there is a guy that created a painted bar chart for the force system posted in the systems forum. It still shows the original candles (they are all the same color) when there is a signal is paints that bar it occurred with blue (long) or red (short) Maybe looking at how he did it might help unless he did it as you described as well.

I think the indicator just paints the chart when it needs to and he includes a template to white out the original candles so the painted ones are easier to see.
The trend always ends.
  • #9
  • Feb 27, 2009 11:33pm Feb 27, 2009 11:33pm
nice work! what are the big blue and big purple arrows?
  • #10
  • Feb 27, 2009 11:49pm Feb 27, 2009 11:49pm
Quoting hanover
Yes, Opie, that's correct. Peter Bain uses the term 'Railroad Track'. I've marked these on the chart below with an "X".

RR tracks on a 1 hour chart would equate to a pinbar shape on a 2 hour chart.
Aha! Thanks again.

You da man.
  • #11
  • Feb 28, 2009 1:15am Feb 28, 2009 1:15am
Quoting kd3726
nice work! what are the big blue and big purple arrows?
KD, I've added a screenshot (including a legend) to post #1. Also expanded some of the explanations in the post.
  • #12
  • Mar 1, 2009 12:17pm Mar 1, 2009 12:17pm
Quoting hanover
I've added a screenshot (including a legend) to post #1. Also expanded some of the explanations in the post.
I converted your first post and the screenshot to a downloadable PDF file for the ones that would like to study it offline or just as a backup file.

Thanks again for that great indicator.
Attached File(s)
File Type: pdf Candle Identifier by hanover.pdf   94 KB | 18,533 downloads
  • #13
  • Mar 1, 2009 1:13pm Mar 1, 2009 1:13pm
Quoting cobraforex
I converted your first post and the screenshot to a downloadable PDF file for the ones that would like to study it offline or just as a backup file.

Thanks again for that great indicator.
Wow, thanks Cobra!

The above is only version 1.0, and I'm planning on making plenty of enhancements to the indicator. The number of parameter settings will likely be increased, to allow more precise custom definition of each candle type. And I also want to somehow get the arrow sizes to operate more intelligently, i.e. the larger the arrow, the more potentially profitable the setup is, under all market conditions. So, for example, a 'level' 5 pinbar (size 5 arrow) would be potentially more profitable than a 'level 4' pinbar, and so on.

Ultimately, the idea is to have the indicator send an alert to my cellphone whenever a potentially profitable setup (e.g. size 4 or 5 arrow) occurs. Then I can down tools and examine the chart, apply discretion as to what type of entry (if any) that I want to make, and attach an EA (currently under development) that handles the exit process, using whatever criteria I choose. That way, I won't have to monitor charts around the clock, but can still be involved in the most critical part of the decision making.

That's only one step away from an EA to handle the whole process. But the discretionary step would be by far the most difficult to define mathematically, and therefore code...... hence it may remain discretionary for a very long time, LOL.

Thanks again for your efforts. I don't have a PDF creation tool, so unfortunately I won't be able to keep the PDF up to date.
  • #14
  • Mar 1, 2009 1:26pm Mar 1, 2009 1:26pm
Quoting hanover
Wow, thanks Cobra!

The above is only version 1.0, and I'm planning on making plenty of enhancements to the indicator.
Thanks again for your efforts. I don't have a PDF creation tool, so unfortunately I won't be able to keep the PDF up to date.
David, just drop me an PM when you update your informations and I send you the new PDF file that you might want to insert in the first post, I'm glad that I can help with that.

Anyhow I bookmarked your thread to come back frequently.
  • #15
  • Mar 4, 2009 4:05pm Mar 4, 2009 4:05pm
I have been working with reversal Patterns Over the past couple of weeks and have been looking for a good reversal indicator.. well done. My first question is can I have the Legend upon the chart like it shows on the Image you have of the chart and if so How..
Cheers for the Help. I will be running this On the Hourly. 15min and a 5min scalper. along side the indicator that i use at the moment and will let you know any findings and comments.

thanks Again Ian..
  • #16
  • Mar 4, 2009 11:30pm Mar 4, 2009 11:30pm
I think your mq4 file is broken, I can download your indicator but I can not attach it to my chart. can you help me...
thanx
  • #17
  • Mar 5, 2009 8:46pm Mar 5, 2009 8:46pm
It works fine for me. Thanks for the indicator, Hanover. It looks great.
  • #18
  • Mar 5, 2009 9:17pm Mar 5, 2009 9:17pm
wow david, you are far more generous than i will EVER be.

not sure what your motivation is in sharing this, unless you are turning it into a community project.

like i said, i would never take something that i put this much effort into and give it away. you are a true team player!
  • #19
  • Mar 5, 2009 9:19pm Mar 5, 2009 9:19pm
Quoting errich fx
I think your mq4 file is broken, I can download your indicator but I can not attach it to my chart. can you help me...
thanx
It is a ex4 file compiled in MT4 V220.
open the help menu in your MT4 platform and see in "About" if you have an older version of MT4, if so update it to V220 and you will be fine.

BTW: this file needs to be in the experts/indicators folder.
  • #20
  • Mar 6, 2009 9:42pm Mar 6, 2009 9:42pm
@ijcrump: The legend is nothing more than text added manually onto the chart. There are only 8 candle types, it doesn't take long before the colors (which you can change, anyway) become second nature.

@errich fx: Cobra is correct, hopefully it is now working for you?
@cobraforex: Thanks yet again for your help.

@PiedPipper: thanks for the feedback.

@tdion: There's no special motivation behind my sharing it. The development possibly didn't require as much effort as it might seem.
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