Attachments: Consecutive candles indi combined with volume & spread indi

Consecutive candles indi combined with volume & spread indi

#1
First Post: Edited Feb 14, 2014 4:57am Feb 12, 2014 7:36pm | Edited Feb 14, 2014 4:57am

Aus
| Joined Jul 2013 | Status: Trader | 71 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.

#2
Feb 13, 2014 9:03am Feb 13, 2014 9:03am

rockit
Joined Oct 2013 | Status: Trader | 1,025 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");

Return To Disorder

#3
Feb 13, 2014 4:46pm Feb 13, 2014 4:46pm

Aus
| Joined Jul 2013 | Status: Trader | 71 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.

#4
Feb 13, 2014 9:57pm Feb 13, 2014 9:57pm

Gumrai
Joined Oct 2012 | Status: Trader | 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

#5
Feb 13, 2014 10:03pm Feb 13, 2014 10:03pm

Aus
| Joined Jul 2013 | Status: Trader | 71 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)

#6
Feb 14, 2014 12:50am Feb 14, 2014 12:50am

Gumrai
Joined Oct 2012 | Status: Trader | 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(s)

4consecutive.mq4 4 KB | 1,518 downloads

Please Do Not PM Me With Coding Enquiries

#7
Feb 14, 2014 3:40am Feb 14, 2014 3:40am

Aus
| Joined Jul 2013 | Status: Trader | 71 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.

#8
Feb 14, 2014 3:47am Feb 14, 2014 3:47am

Aus
| Joined Jul 2013 | Status: Trader | 71 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.