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Master Candle

  • #1
  • First Post: Apr 25, 2009 7:39am Apr 25, 2009 7:39am
Hi everyone.

Could someone please make an indicator that will show a Master Candle? A master candle is a candle that's top and bottom engulf the next 4 or more candles completely. See pic.

The IB indicator attached might be an easy option for someone to change so it alerts when the conditions are met.

Cheers
Attached Image
Attached File(s)
File Type: ex4 IBv2.ex4   3 KB | 1,656 downloads
File Type: mq4 IBv2.mq4   3 KB | 2,108 downloads
"Even if you fall down face first, you still went forward."
  • #2
  • Apr 25, 2009 10:03am Apr 25, 2009 10:03am
here
Attached File(s)
File Type: mq4 Master_Candle.mq4   3 KB | 2,960 downloads
Programming for a better future.
  • #3
  • Edited 12:54pm Apr 25, 2009 12:28pm | Edited 12:54pm
A lot of appreciation on this forum...It seems the indy has been downloaded 3 times so far , but I see no thanx for Zen Leow's effort.
  • #4
  • Apr 25, 2009 1:53pm Apr 25, 2009 1:53pm
Quoting Zen_Leow
here
Hi Zen_Leow,

Thank You for the indicator.
It seems that the person that made this thread does not appreciate your time in coding this indicator.

Dan.
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
  • #5
  • Apr 25, 2009 8:02pm Apr 25, 2009 8:02pm
Calm down, the person who started this thread has only now loggeed on to find the indicator as well as your comments.

"Thanks a lot Zen_leow it really is appreciated."

Now if i can push my luck a little can i ask if the indicator can be altered so it will indicate a master candle even if the wick's only of the next four candles stick out past the master candle ends (the high and low).

Also i haven't checked yet because the market isn't open, but, did it still have the alarm on it to sound when a master candle sets up?


Oksana17 although your intentions are good, maybe you could check my other posts and see if I'm someone who says "thank you" or not. Try not to be so quick to judge.
"Even if you fall down face first, you still went forward."
  • #6
  • Apr 25, 2009 8:11pm Apr 25, 2009 8:11pm
Quoting juicyt
Calm down, the person who started this thread has only now loggeed on to find the indicator as well as your comments.

"Thanks a lot Zen_leow it really is appreciated."

Now if i can push my luck a little can i ask if the indicator can be altered so it will indicate a master candle even if the wick's only of the next four candles stick out past the master candle ends (the high and low).

Also i haven't checked yet because the market isn't open, but, did it still have the alarm on it to sound when a master candle sets up?...
Hello juicy,
I apologize.
Oksana17.
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
  • #7
  • Apr 25, 2009 9:11pm Apr 25, 2009 9:11pm
No problems. Like I wrote, I know your intentions were good and i couldn't agree with your message any more.
"Even if you fall down face first, you still went forward."
  • #8
  • Apr 25, 2009 11:01pm Apr 25, 2009 11:01pm
To all, I appreciate your appreciation. =)

ok juicyt,

Here's version 2. I snapped in a few additional settings.

WaitForCandleClose

if this is set to "false", the lines will be drawn even when the final candle in the group hasn't close yet. The lines will be deleted as soon as the final candle makes the proposed master candle invalid. Some people find this useful as it gives an earlier indication so as to prepare.

IgnoreWick

Set this to true and you'll get the effect you've just described in your post.

SoundAlert

This switches the alert on and off. Note that the alert will only sound ONCE per candle. If you want it more like a buzzer and keep alerting, let me know.
I think If you attach it to a EURUSD H1 chart now, you'll get to see what the alert is like. I'm using IBFX btw.

regard,
Zen
Attached File(s)
File Type: mq4 Master_Candle_v2.mq4   5 KB | 3,557 downloads
Programming for a better future.
  • #9
  • Apr 25, 2009 11:25pm Apr 25, 2009 11:25pm
and thx 4 .mq4; many wouldn't share code (petext -file could be compiled decompiled, sold on e-bay (and than decopliled) b.s. ...
anyway, thanks for sharing
  • #10
  • Apr 25, 2009 11:31pm Apr 25, 2009 11:31pm
Quoting fxxx
and thx 4 .mq4; many wouldn't share code (petext -file could be compiled decompiled, sold on e-bay (and than decopliled) b.s. ...
anyway, thanks for sharing
"petext -file could be compiled decompiled, sold on e-bay (and than decopliled) b.s. ... "

please rephrase
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
  • #11
  • Apr 26, 2009 5:13am Apr 26, 2009 5:13am
Quoting Zen_Leow
To all, I appreciate your appreciation. =)

ok juicyt,

Here's version 2. I snapped in a few additional settings.

WaitForCandleClose

if this is set to "false", the lines will be drawn even when the final candle in the group hasn't close yet. The lines will be deleted as soon as the final candle makes the proposed master candle invalid. Some people find this useful as it gives an earlier indication so as to prepare.

IgnoreWick

Set this to true and you'll get the effect you've just described in your post.

SoundAlert

This switches the...
Thanks again Zen_Leow.

All I can say is "that was fast" and really is appreciated.
I'll let you know if there are any other changes required but at this point in time there shouldn't be.

Thanks again.
"Even if you fall down face first, you still went forward."
  • #12
  • Apr 26, 2009 6:20am Apr 26, 2009 6:20am
Nice indicator Zen_leow

Thanks a lot
  • #13
  • Apr 26, 2009 11:35pm Apr 26, 2009 11:35pm
Zen....

Thanks for this one!!!

Regards,
  • #14
  • Apr 29, 2009 7:57pm Apr 29, 2009 7:57pm
Nice implementation.
  • #15
  • May 23, 2009 2:52pm May 23, 2009 2:52pm
Thanks Zen - very useful for me this...

Dave
  • #16
  • Jul 27, 2009 10:59pm Jul 27, 2009 10:59pm
Quoting Zen_Leow
To all, I appreciate your appreciation. =)

ok juicyt,

Here's version 2. I snapped in a few additional settings.

WaitForCandleClose

if this is set to "false", the lines will be drawn even when the final candle in the group hasn't close yet. The lines will be deleted as soon as the final candle makes the proposed master candle invalid. Some people find this useful as it gives an earlier indication so as to prepare.

IgnoreWick

Set this to true and you'll get the effect you've just described in your post.

SoundAlert

This switches the alert...
Zen,

I am a person who believes in using indicators only for gathering information and not for asking them to provide signals. I am using your Master Candle as a trading zone composed of various zones. Thank you for creating such a nice zone indicator.

If you can put in hi/lo rectangular screen on the master candle (zone) it will enhance its visualness . And if you put some input to draw fixed Fibos lines
of the hi-lo of the master candle (zone) then it becomes a complete system.
The fixed fibos are required so that one can determine the master zone by selected higher timeframe MN to H1 and then selecting the fibos so that they stick to that zone and help to enter, stop or take profit when go back to smaller timeframe M1-M30.

As you know, the Fibos lines can be modified to change text to any level. So the fibo can be used to specify entry, stoploss and takeprofit or even adding of lots etc based on percentage of the master candle.

It will be a basic yet sophisticated system anybody can understand it and use it. Master candle is now being used this way in one of the forums which has not attracted attention because it's not a holy grail and needs work to be done.
  • #17
  • Jun 6, 2010 6:58am Jun 6, 2010 6:58am
I know the thread has gone cold, if Zen is out there Thanks for this great indicator.
I wonder if 2 modifications can be made:
1. specify how many bars back it calculates and 2. the lines replaced by a shaded area, colour specificiable by user.
It never gets easier, you just get better
  • #18
  • Jun 6, 2010 9:28am Jun 6, 2010 9:28am
Thanks zen for the nice indicator.

Questions, how do you exactly "play" this indicator?

BUY right after the candle closes above it? How do you filter false signal?
  • #19
  • Jul 25, 2017 7:19pm Jul 25, 2017 7:19pm
Here is master candle EA time frame 5min 15min .MAster candle is max 10pips
Attached File(s)
File Type: mqh HGBnDMC core library.mqh   634 KB | 574 downloads
File Type: ex4 HGBnDnSSnFBnMCnFb.ex4   424 KB | 575 downloads
File Type: mq4 HGBnDnSSnFBnMCnFb.mq4   108 KB | 590 downloads
  • #20
  • Aug 20, 2017 11:16am Aug 20, 2017 11:16am
this is with high low diff on the top
Attached File(s)
File Type: ex4 Master_Candle.ex4   18 KB | 682 downloads
File Type: mq4 Master_Candle.mq4   7 KB | 832 downloads
Success is a Journey Not a Destination....... kind regards ramzam
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