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Hello sumana.m,
Thank you for your post.
Unfortunately, I not aware of a pre-made Hikkake pattern indicator for use on the chart or Market Analyzer. -
It is pretty easy to create an indicator that detects Hikkake pattern. But first you must specify the rules to define that pattern. I have followed your link and the pictures shown do not come with any rules. There are at least 30 to 50 different interpretations possible.
My understanding is that a Hikkake pattern is
-> an inside bar
-> followed by a breakout bar (higher high + higher low or alternatively lower low and lower high) that closes outside the range of the inside bar
-> followed by a reversal that traps the breakout traders
In any case it is not a 5 -bar pattern as shown on your picture. Please come back with a detailed set of rules.
Here are some links:
Last edited by Harry; 12-15-2014, 06:06 AM.Comment
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it is an inside bar failure trading strategy. It waits for a break-out of an inside bar to fail. Then, Hikkake traders enter as the breakout traders are getting out of their positions.
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Originally posted by Harry View PostIt is pretty easy to create an indicator that detects Hikkake pattern. But first you must specify the rules to define that pattern. I have followed your link and the pictures shown do not come with any rules. There are at least 30 to 50 different interpretations possible.
My understanding is that a Hikkake pattern is
-> an inside bar
-> followed by a breakout bar (higher high + higher low or alternatively lower low and lower high) that closes outside the range of the inside bar
-> followed by a reversal that traps the breakout traders
In any case it is not a 5 -bar pattern as shown on your picture. Please come back with a detailed set of rules.
Here are some links:
http://www.oxfordstrat.com/trading-s...kkake-pattern/
mostly coded here will it need any modificaton (just a reference)
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