standard definitions for candlestick

[guidoisot]

Hello NinjaTrader Support
Please could you let me know what has been your reference in building the platform default indicator “candlestick pattern”?
I can see that your list of available candlesticks patterns
https://ninjatrader.com/support/help...earishBeltHold
includes the “pattern "Hammer"” and the "“Inverted Hammer"”, but I cannot find the “Inverted” of the “pattern "HangingMan”" .
Searching on internet for a confirmation on whether a pattern “Inverted HangingMan” actually exits, I could only find it under the name “Shooting Star”, here https://en.wikipedia.org/wiki/Candlestick_pattern . However I then noticed that NT8 definition of a “Shooting Star” is different (chart attached) from the definition given at the above url, which I would think is so widely used that it could perhaps be considered as a standard set of definitions …. All this is a bit confusing. Do you know whether a standard set of definitions for candlesticks and their patterns actually exist? What is it in your opinion? If you so, please would you (or perhaps any 3^rd party NT8 programming vendor) consider implementing adding a new indicator and/or an upgrade to the default indicator for candlesticks and/or candlestick patterns so that their definitions are then coherent with such standard?
Finally, are you aware of the availability of any NT8 interactive tool (graphical?) where one could draw a pattern with n candlesticks, set percentage offsets for the OHLC levels of each one of the candlestick composing the pattern, and then derive from such tool a definition for the pattern compatible with the Strategy Builder and the MArket Analyzer?
Thank you.

[NinjaTrader_PaulH]

Hello guidoisot,

Thanks for your post.

The origins of the NinjaTrader8 indicator Candlestick pattern began quite some time ago in versions earlier than even NinjaTrader7 and I do not have any information regarding the definitions/origins at the time that the indicator was created many years ago. We have kept the patterns as they are to make sure that previous users of the indicator (in their strategies) would be able to continue to use as is.

I do not know of an industry standard set of definitions for candlestick patterns, there are of course many references/books to candlestick patterns that can be found.

You can clear your confusion by reviewing the NinjaTrader indicator patterns, as they are, and determining if they provide what you need. This would be the same advise basically for any indicator, to develop your own understanding of its functionality.

As the indicator source code is available, you can copy and modify the existing indicator code to suit your particular needs. If you would like this done for you, we can provide references to third-party providers of this service.

Regarding, "Finally, are you aware of the availability of any NT8 interactive tool (graphical?) where one could draw a pattern with n candlesticks, set percentage offsets for the OHLC levels of each one of the candlestick composing the pattern, and then derive from such tool a definition for the pattern compatible with the Strategy Builder and the MArket Analyzer?" I am not aware of anything even close to what you are asking for but again offer that if you would like that created we can provide references to third-party programmers.

[guidoisot]

Hello Paul,
let me kindly tell you that the confusion is not on me personally. It is objective and it is due just to the fact that, as an example, the platform uses a very old definition of a shooting star that now does not correspond to what most people (for example neither Wikipedia.com, nor stockcharts.com …. and so on ) consider as a shooting star. This is where I wrote the confusion lies, this is what it is, and it was not meant to criticize anyone. it was meant to be an useful suggestion. Just that.
If you are sure that do not exist standard/official definitions of candlestick patterns maybe someone could investigate about this. If these days the platform old definitions of candlestick patterns do not correspond to those most commonly used today, maybe you could anyway add new feature request for another updated candlestick pattern indicator to the platform. This would allow users of the old candlestick pattern indicator to continue to use it, and it would also be a be good service to more recent and newer users preferring the updated un-confusing new indicator. Another good initiative, I think, for helping users could be showing in the help online one example applied to the current old indicator of either how to modify one of its patterns or how to add a new sample pattern, for example one called “new shooting star”.
Thank you and Best regards.

[NinjaTrader_PaulH]

Hello guidoisot ,

Thanks for your reply and input.

The indicator was provided as a convenience to have one indicator with the ability to select from any of the common patterns. I understand you have a disagreement about 1 or more existing definitions. After thinking about this, you can use the strategy builder and create a strategy to find any pattern of candlesticks you wish. You do not need to use the candlestick Pattern indicator if you do not wish to.

[guidoisot]

thanks.
this is what I have been trying to do, but since I would like to look at candlestick body widths and since the default Range indicator does not consider open and close and since I found no help-online, no documentation, on how to use the "Absolute Value" function of C# in ninjascript, which I would need in order to complete the Strategy Builder derived script for comparing my candlestick pattern, I have not been able to get anywhere. So I looked at the default candlestick pattern indicator, but I found out that NT8 provides a limited selection of candlestick, (not inclusive of the Marubozu and with a strange shooting star) not combining with most common denominations for candlesticks. So the bottom line is that i could not use the ninjatrader platform just for simlpy comparing the bodies of candlesticks and I could not carry out the simple basic testing I wished to do.

[NinjaTrader_PaulH]

Hello guidoisot,

Thanks for your reply.

Thanks for clarifying, I understand you are working with NinjaTrader_Kate on your overall objective.

I will create a feature request for additional candlestick pattern indicator. The feature request will be tied to this thread so all of your comments will be considered.

I will update this thread when I have further information.

[guidoisot]

thank you.

[guidoisot]

I have attached here:

https://ninjatrader.com/support/forum/forum/ninjatrader-8/indicator-development/1055983-how-to-use-absolute-value-method?p=1056100#post1056100

the indicator I have compiled for comparing the bodies of candlesticks.

[NinjaTrader_PaulH]

Hello guidoisot,

Your vote has been added to the existing feature request, SFT-2387, "Add additional indicators" and this thread is linked to that feature request.

Thanks for your interest in improving NinjaTrader.

[walter739]

Hello please add my vote to SFT-2387, the “pattern "Hammer" no work good for me, in bars of 5 min, show me candle with very small body.

Regards

[NinjaTrader_PaulH]

Hello walter739,

Thanks for your post.

Your vote has been added to SFT-2387.

Thanks for your interest.