Watch how to download trading robots for free. So post a link to it - let others appraise it. You liked the script? Try it in the MetaTrader 5 terminal. The indicator was found through a google search "Earnforex. Not all patterns represent a change of direction of the market. I find it useful to display on the chart only HRM4 and SS4. Below is the specification of all patterns. Forum on trading, automated trading systems and testing trading strategies. MQL5 Wizard - Candlestick Patterns Class. The Shooting Star candlestick formation is a significant bearish reversal candlestick pattern that mainly occurs at the top of uptrends. The Shooting formation is created when the open, low, and close are roughly the same price. Also, there is a long upper shadow, generally defined as at least twice the length of the real body. When the low and the close are the same, a bearish Shooting Star candlestick is formed and it is considered a stronger formation because the bears were able to reject the bulls completely plus the bears were able to push prices even more by closing below the opening price. Metatrader Shooting Star formation is considered less bearish, but nevertheless bearish when the open and low are roughly the same. The bears were able to counteract the bulls, but were not metatrader to pattern the price back to the price at the open. The long upper shadow of the Shooting Star implies that the market tested to find where resistance and supply was located. When the market found the area of resistance, the highs of the day, bears began to push prices lower, ending pattern day near the opening price. Thus, the bullish advance upward was rejected by the bears. The chart below of Cisco Systems Forex illustrates a Shooting Star reversal pattern after an uptrend:. In the chart above of CSCO, the market began the day testing to find where supply would enter the market. CSCO's stock price eventually found resistance at the high of the day. In fact, there was so much resistance and subsequent selling pressure, that metatrader were able to close the day significantly lower than the open, a very bearish sign. The Shooting Star is an extremely helpful candlestick pattern to help traders visually see where resistance and supply is located. After an uptrend, the Shooting Star pattern can signal to traders that the uptrend could be over and that long positions should probably be reduced or completely exited. However, other indicators should be used in conjunction with the Shooting Star candlestick pattern to determine sell signals, for example, waiting a day to see if prices continued falling or other chart indications such as a break of an upward trendline. For aggressive traders, the Shooting Star pattern illustrated above candlestick be used as the sell signal. The red portion of the candle the difference between the open and close was so large with CSCO, that it could be considered the same as a bearish candle occuring on v1.5 next day. However, caution would have to be used because the close of the Shooting Star rested right at the uptrend support line for Cisco Systems. Generally speaking though, a trader should wait for a confirmation candle before entering. Tweezer Tops and Bottoms. The Tweezer Top formation is a bearish reversal pattern seen at the top candlestick uptrends and the Tweezer Bottom formation is a bullish reversal pattern seen at the bottom of downtrends. A bearish Tweezer Top occurs during an uptrend when bulls take prices higher, often closing the day indicator near the highs a bullish sign. However, on the second day, how traders feel i. The market opens and goes straight down, often eliminating the entire gains of Day 1. The reverse, a bullish Tweezer Bottom occurs during a downtrend when bears continue to take prices lower, usually closing the day near the lows a bearish sign. Nevertheless, Day 2 is completely opposite candlestick prices open metatrader go nowhere but upwards. This bullish advance on Day 2 sometimes eliminates all losses from the previous day. The bears pushed the price of Exxon-Mobil XOM downwards on Day 1; however, the market on Day 2 opened where prices closed on Day 1 and went straight up, reversing the losses of Day 2. A buy signal would generally be given on the day after the Tweezer Bottom, assuming the candlestick was bullish green. The bullish Tweezer Bottom formation shown on the last page of the daily chart of Exxon-Mobil is shown below with a minute chart spanning the two days the Tweezer Bottom pattern was emerging:. Notice how Exxon-Mobil XOM stock went downwards the whole day on Day 1. Then on Day 2, the bearish sentiment of Day 1 was completely reversed and XOM stock went up the whole day. This sudden and drastic change of opinion between Day 1 and Day 2 could be viewed as an overnight transfer of power from bears to bulls. The minute chart below of the E-mini Russell Futures contract shows how a three day Tweezer Top usually develops:. On Day 1, the bulls were in charge of the Russell E-mini. On Day 2, however, the bulls began the day trying to make a new high, but were rejected by the overhead resistance created by the prior day's highs. The market then sank quickly only indicator recover halfway by the end forex the close on Day 2. Day 3 opened with a spectacular gap up, but the bulls were promptly rejected by the bears at the now established resistance line. The Russell E-mini then fell for the rest of the day. Many classic chartists will recognize this triple Tweezer Top as a Indicator Top formation see: The Tweezer Top and Bottom reversal pattern is candlestick helpful because it visually indicates a transfer of power and sentiment from the bulls and the bears. Of course other technical indicators should be consulted before making a buy or sell signal based on the Tweezer patterns. Windows as they are called in Japanese Candlestick Forex, or Gaps, as they are called in the west, are an important concept in technical analysis. Whenever, there is a gap current open is not the same metatrader prior closing priceindicator means that no price and no volume transacted hands between the gap. A Gap Up occurs when the open of Day 2 is greater than the close of Day 1. Contrastly, a Gap Down occurs when the open of Day 2 is less than the close of Day 1. Once price gaps downward, the gap can act as long-term or even permanent resistance. When prices gap upwards, the gap can act as support to prices in the future, either long-term or permanently. Often after a gap, prices will do what is referred to as "fill the gap". This occurs quite often. Think of a gap as a hole in the price chart that needs to be filled back in. Another common occurance with gaps is that once gaps are filled, the gap tends to reverse direction and continue its way candlestick the direction of the gap for example, in the chart above of eBay, back upwards. The example of eBay EBAY above shows the gap acting as support. Traders and investors see anything below the v1.5 as an area of no return, after all, there was probably some positive news that sparked the gap up and is still in play for the company. The chart below of Wal-Mart WMT stock shows many instances of gaps up and gaps down. Notice how gaps down act as areas of resistance and gaps up as areas of support:. Gaps are forex areas on a chart that can help a technical analysis trader better find areas of support or resistance. For more information on how support and resistance work and how they can be used for trading. Pattern, Gaps are an important part of most Candlestick Charting forex for a list of candlestick pattern charts and descriptions. Narrow range breakout pattern based on Trading the GBPUSD Narrow Range Breakout Strategy article. What is a Narrow Range Breakout? The Narrow Range breakout patterns included the doji and spinning top Japanese candlestick patterns as these candles have small bodies illustrating the small trading range. Forex traders can look for a breakout to the upside when prices move above the wick high of spinning top or doji candlestick pattern. A break to the downside below the low the narrow range candle signals a sell. The Forex narrow range breakout trade is based on the typical price behavior that moves from periods of low volatility to v1.5 of high volatility. Imagine price as a giant spring that can be compressed to a very compact and small size then when the spring is released, it expands to many times its original compressed size. As traders, we look for these compressions as they signal that a big move is around the corner. It allows traders to predefine their risk in the trade and to also calculate possible price objectives. In addition we pattern look to trade these breakouts in the direction of the dominant trend. In addition we would ignore sell signal. Similarly, if the daily trend is down, then we would ignore upside narrow range breakouts. On the other hand, if the daily trend is ranging in a sideways consolidation, then either upside or downside breaks can be traded. Trading Example The current trading setup shows a GBPUSD daily chart with a spinning top at November 14th with a high of 1. On November 15th, a wide rage candle broke the top of the spinning top candle. Next, they would place a stop 5 to 10 pips below the low of the current candle. A limit can be set just below the new level of significant resistance in the 1. A stop would be placed 5 to 10 pips below the low of the current candle. The dotted green and dotted red line mark the high and low of the range. Pattern next day move above the high is bullish, while a next day move below the low is bearish. Since the daily trend is up we would ignore sell signals and only take buy signals as they are aligned with the trend. In sum, traders have a great opportunity to rejoin a very strong GBPUSD uptrend using narrow range candles as a trigger. It is important to note that whipsaws and pattern failures can v1.5 not only with this strategy but other breakout strategies. So it is important that you use stops. An examination of intraday price action on the chart below highlights the hesitation from the bulls near The MACD Sample Expert Advisor trades at the crossover of the main and the signal line of the MACD. This Expert Advisor is an example of object-oriented approach in EA development. The indicator draws candlesticks of a larger timeframe as color filled rectangles in accordance with the colors of the clouds of the DigitMacd indicator. Modified scripts to change Charts next,previous and Timeframes higher,lower of all charts quickly by hotkeys. The indicator is drawn as a colored cloud between the lines of Kaufman's AMA Adaptive Moving Average indicator and the price. MetaTrader 5 Experts Indicators Scripts Libraries MetaTrader 4 Experts Indicators Scripts Libraries Watch how to download trading robots for free. Download as ZIPHow to download code from MetaEditor. Carl Sanders The indicator displays on charts the patterns created by the Japanese candlesticks. It is possible to v1.5 colors and also enable or disable alerts. Last comments Go to discussion indicator Sergey Golubev 12 Jun at MACD Sample The MACD Sample Expert Advisor trades at the crossover of the main and the signal line of the MACD. Change Chart and Timeframe Modified scripts to change Charts next,previous and Timeframes higher,lower of all charts quickly by hotkeys.
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