Candle Stick Pattern Indicator

[PrTester]

Nice touch for the candle stick pattern indicator and an excellent increase in performance and execution, finally a real coder make a good job.:-), but got only one small comment, maybe gave the user the color option, in case a dark background exist.

Regards and keep the good work.

[Elliott Wave]

Good idea PrTester, and yes awesome indicator Josh. THANK YOU!

At the moment I'm using mostly lines, so this indicator is great to show what I may be missing.

As for brainstorming possible improvements, it would be great to have a single instance predict multiple user definable patterns. Having the indicator be 'trend aware' could significantly improve its usefulness.

Something like a 'morning star' for example (a possible bottom reversal signal) isn't as relevant in an upward trend as it is in a downward trend etc.

Optimally the overall trend would predict the type of candlestick patterns detected. If the trend is up, detect patterns that may indicate a top or confirm the trend, for a down market detect bottom reversal patterns and for a non-trending market detect breakout patterns...

It could be useful to have the candlestick patterns have a numeric value or polarity assigned to them, i.e. patterns that generally accepted as bullish have a positive value, and patterns generally accepted as bearish have a negative value etc. This numeric value could be used for calculating entry/exit probability values in strategies.

Another, perhaps more practical use for these values would be in determining the text color. Red values for potentially bearish signals, blue for bullish, black for neutral and yellow for signs of possible trend reversal patterns.

Furthermore, a cool feature would be a filter that only shows candlesticks which conform to a recognizable pattern (i.e. most statistically relevant for decision making). One way I can think to do this would be to have the candlestick colors be set to transparent in the chart properties if no pattern is detected and user definable colors when a pattern is detected. A moving average with a period of 1 could be used to replicate the 'line on close' bar style and the candlesticks would appear when a pattern is detected alerting the user when its really time to pay attention to them.

[NinjaTrader_JoshP]

Interesting suggestions. Thanks. I will see what can be done.

[Elliott Wave]

In its current form is there any way to use this indicator as part of a strategy (preferably from the strategy wiard)?

Something along the logic of:

if
CurrentMarketPosition = Short
CandleStickPattern(hammer)=True

then
exit short position

end if

or

if
CurrentMarketPosition = flat
CandleStickPattern(hammer)=True

then
enter long position

end if

[NinjaTrader_Ray]

Yes it can be used.

http://www.ninjatrader-support.com/HelpGuideV6/CandeStickPattern.html

[Elliott Wave]

Yes it can be used.

http://www.ninjatrader-support.com/H...ckPattern.html

Thanks. Can it be used from within the strategy builder? I tried but couldn't figure it out.



Using the script editor, after scratching my head for a long time, I realized there is a spelling mistake in the help file.

Examples
// Go long if the current bar is a bullish engulfing pattern
if (CandelStickPattern(ChartPattern.BullishEngulfing, 4).PatternFound[0])
EnterLong();

Then another hour of my own ineptitude and I finally got it to compile.

[NinjaTrader_Ray]

Looks like it can't be used in the Wizard. Will look into that.

[DangerBoy]

Trend Strength Parameter

Hi

Does anyone know how I go about searching for the definitions of certain properties of the indicators and how they are calculated, for instance I'm trying to find out how the trend strength parameter has been defined in the candle stick pattern indicator, I understand that the number indicates the number of prior bars to assess but I'm not sure what it's analysing in the prior bars for uptrends (Higher Highs,Higher Lows)? or just (Higher Lows)? for down trends (Lower Highs, Lower Lows)? or just (Lower Highs)? Or am I totally off the beaten track?

Any help appreciated.

Cheers
Ross

[NinjaTrader_Bertrand]

Hi Ross, welcome to our forums! You can check this helpguide link for the CandleStickPattern indicator - http://www.ninjatrader-support.com/H...ckPattern.html

Furthermore you can open up the source code and review the 'CalculateTrendLines' section under Misc.

[DangerBoy]

Thats what I was after.

New to this so didn't realise the default indicators script was accessible.

Perfect.

Ross

[edgeliner]

With the following:

if
(Position.MarketPosition == MarketPosition.Flat
&& CandleStickPattern(ChartPattern.Hammer, 4).PatternFound[0] == true);

{
EnterLong(DefaultQuantity, "Hammer Long");
}

I know == can't be applied to a double and a bool, so how do you set 0 = to false and 1 = to true?

Then, you can use:

if
(Position.MarketPosition == MarketPosition.Flat
&& CandleStickPattern(ChartPattern.Hammer, 4).PatternFound[0] == 1);

{
EnterLong(DefaultQuantity, "Hammer Long");
}

[edgeliner]

Is it something that you have to put in the

#region Variables

??

[NinjaTrader_Austin]

Edgeliner, are you using NT7? If so, I have a feeling there is an issue with accessing the PatternFound plot. I am going to investigate further and compare the behavior to NT6.5.

[edgeliner]

Austin...no I am not, but will upgrade tonight and see what happens.....let me know if you find anything out?? Is there a way to set 0=false and 1=true? ......perhaps in the variables section?

[edgeliner]

Austin......

6.5.1000.14 is the latest one available in the download section????