Dragon pattern indicator

MQL4 Experten

Spezifikation

DRAGON TRADING PATTERN
Introduction
A dragon pattern is a “W” or “M” shape reversal pattern which resembles a Chinese dragon. This pattern
indicates that in the near future, the market is about to face a price reversal. This reversal is either bullish
or bearish. The bullish and bearish nature of the dragon depends on the shape of the dragon.
This blog will address both types of dragons concerning the trading strategy.
Components of a dragon pattern
There are four important components of a dragon.
1. Head
The head of the dragon is the begging of the dragon pattern. It indicates the prior trend. In the case of a
bullish dragon, the prior trend is bearish. On the other hand, a bearish dragon forms above a prior bullish
trend.
2. Feet
There are two feet of the dragon. The positioning of the feet is so the second foot is a little below the first
foot. If the second foot is bigger in size, the reversal is usually greater.
In the case of a bearish dragon, feet are formed in the inverted position as the dragon’s body is reversed.
3. Hump
It is a slight rise in the prices compared to the feet of the dragon. It is located between two feet but at a
higher level in the case of a bullish dragon. In the case of a bearish dragon, the hump is below the feet.
4. Tail
It is the last point of the Dragon’s body. It is the point where a breakout in the market takes place. In the
case of a bullish dragon, the price begins to rise after the formation of a tail. The market begins to take
new highs, and the bullish sentiment takes place. It is the time when the number of buyers begins to take
over the market.
In the case of a bearish dragon, a bearish breakout takes place after the tail of the dragon. In this case,
the number of sellers dominates a market and prices begin to face a fall.
• Head
• Feet
• Hump
• Tail
Types of Dragons
Two types of dragons appear on a trading chart. Both these types behave oppositely regarding a market
reversal. The types of dragons are,
The comparison between these two types is given below in the table.
• Bullish dragon pattern
• Bearish dragon pattern
Trading strategy
As you are aware now that there are two types of dragon setups. So, we need to form two types of
trading strategies.
Trading strategy for a bullish setup
The trading strategy for a bullish setup is divided into the following steps.
Entry
After the formation of the second foot of the dragon, the bullish dragon is confirmed. The best time to
enter a trade is once the bullish sentiment of the market begins to appear.
To find the best entry point, draw a trendline that passes through the head, hump, and the point after the
second foot. This point forms an ideal entry point. Later to this entry point, the prices take a slight dip,
and the bullish break out takes place.
Take profit
Two options exist for taking the profit if dealing with a bullish dragon pattern. Suppose you are more
interested in short trading. you can take a profit just above the tail of the dragon, equivalent to the head
or equivalent to the Hump, when prices begin to rise.
• Entry
• Take profit
• Risk management
Features
Bullish Dragon
Bearish Dragon
shape
It resembles the letter
“W.”
It resembles the letter
“M.”
Prior trend bearish bullish
Market breakout Bullish breakout Bearish breakout
Forecast
The number of buyers
begins to take over the
market.
Bears begin to dominate
the market as the
number of sellers
increases.
In a long trade, you have to wait for a breakout in the prices. Usually, the prices take a spike after a
bullish dragon appears. The more patient and professional traders wait for the full spike to take a
significant profit.
Risk management
Risk management is a vital step when trading a bullish reversal dragon. I recommend you place the stop
loss below the second foot of the dragon. It will significantly protect your potential losses if the dragon
doesn’t behave as usual and the price reverses.

Draw the dragon pattern with proper Fibonacci levels:
Hump near 38-50% of AB. Input Parameter : Hump Ratio = 38.
Second leg can be 68-100% of AB. Input parameter: Second Leg Ratio = 68%
Both are configuration.
Input parameter : Multi-Target = true
Close 25% of the position at Target 1
Close 25% of the position at Target 2
Close 50% of the position at Target 3
Input parameter : Multi-Target = false
Close 100% of the position at Target 3
MT4 indicator should draw the dragon pattern for Multi symbol and time frame like below
Note: this reference image drawing Wolf wave, just focus of the table format below which is in below
Alert:
When symbol found, alert with symbol name, time frame, entry price, stoploss price and target price.
When entry happened, triggered the alert.
When stop loss hit, triggered the alert with symbol name and timeframe.
When target hit, triggered the alert with symbol name and timeframe.
MT4 Expert advisor:
Use the above indicator to take the trade.
Input Parameter:
enable 1M = true
enable 5M = true
enable 15M = true
enable 1hr = true
Take a trade only enabled time frames.
Note: Need 2 components 1. MT4 indicator and 2. MT4 Expert Advisor

Dateien:

JPG
0001.jpg
518.5 Kb
JPG
0002.jpg
344.3 Kb
JPG
0003.jpg
437.3 Kb
JPG
0004.jpg
370.0 Kb
JPG
0005.jpg
276.6 Kb
JPG
0006.jpg
0.7 Mb
JPG
0007.jpg
408.0 Kb

Bewerbungen

1
Entwickler 1
Bewertung
(8)
Projekte
8
0%
Schlichtung
0
Frist nicht eingehalten
0
Arbeitet
2
Entwickler 2
Bewertung
(250)
Projekte
400
38%
Schlichtung
82
41% / 20%
Frist nicht eingehalten
69
17%
Beschäftigt
3
Entwickler 3
Bewertung
(40)
Projekte
86
13%
Schlichtung
30
30% / 47%
Frist nicht eingehalten
35
41%
Beschäftigt
4
Entwickler 4
Bewertung
(13)
Projekte
17
24%
Schlichtung
1
0% / 100%
Frist nicht eingehalten
3
18%
Arbeitet
5
Entwickler 5
Bewertung
(41)
Projekte
57
54%
Schlichtung
2
0% / 0%
Frist nicht eingehalten
1
2%
Frei
6
Entwickler 6
Bewertung
(362)
Projekte
502
40%
Schlichtung
146
17% / 73%
Frist nicht eingehalten
98
20%
Überlastet
7
Entwickler 7
Bewertung
(66)
Projekte
143
34%
Schlichtung
11
9% / 55%
Frist nicht eingehalten
26
18%
Arbeitet
8
Entwickler 8
Bewertung
(39)
Projekte
42
31%
Schlichtung
2
0% / 0%
Frist nicht eingehalten
0
Arbeitet
9
Entwickler 9
Bewertung
(53)
Projekte
155
69%
Schlichtung
4
100% / 0%
Frist nicht eingehalten
1
1%
Frei
10
Entwickler 10
Bewertung
(4)
Projekte
5
20%
Schlichtung
1
0% / 0%
Frist nicht eingehalten
1
20%
Beschäftigt
11
Entwickler 11
Bewertung
(566)
Projekte
639
41%
Schlichtung
21
57% / 29%
Frist nicht eingehalten
45
7%
Beschäftigt
12
Entwickler 12
Bewertung
(45)
Projekte
67
45%
Schlichtung
3
0% / 67%
Frist nicht eingehalten
0
Arbeitet
13
Entwickler 13
Bewertung
(67)
Projekte
74
7%
Schlichtung
33
9% / 55%
Frist nicht eingehalten
6
8%
Arbeitet
14
Entwickler 14
Bewertung
(1)
Projekte
2
0%
Schlichtung
1
100% / 0%
Frist nicht eingehalten
0
Frei
Ähnliche Aufträge
Hello, I'm looking for someone to build an EA that will copy trades from MT4 & 5 over to DX trade and Match Trader. If you already have one built even better, I'll buy it. Talk soon
Preciso de um replicador de ordens do mt5 para o profit. Não é necessário muita coisa no EA,preciso de: selecionar quantidade de contratos , copiar entradas e saídas, take e stop loss
Please see indicator to base the Expert on attached. Entry: 1. Enter a market buy order if the next candle breaks above the trigger candle 2. Enter a market sell order if the next candle breaks below trigger candle Only one entry for each trigger candle (i.e. if a buy is triggered, do not enter sell / if sell is triggered, do not enter buy) 3. Stop loss is the lowest price (for buys) or highest price (for sells) of
THE GOAL OF THIS PROJECT IS TO DEVELOP AN EXPERT ADVISOR THAT OPERATES AUTOMATICALLY DURING MARKET OPENING SESSIONS,FOCUS EN FOREX ,CRYPTOCURRENCIES ,STOCKS, AND GOLD. BELOW ARE THE SPECIFIC REQUIREMENTS the EA should be able to analyze the 20 period and 200 period moving averages as part of its entry and exit estategy implementation of an order blockis required to allow the EA to open and close positions efficiently
EA for MT4 SUMMARY: The robot uses a Moving Average (MA) with 6 Levels (3 Levels above the MA and 3 Levels below the MA). It does not use other indicators. The robot will make transactions only when the price reaches these Levels, under certain conditions. No trades are made when the price reaches the MA. MA period and distance for Levels are adjustable! It is a semi-adjustable robot with many variables, which will
Liquidity sweep reversal EA based on Williams fractal with risk & trade management parameters build in should include following section in EA: entry parameters risk management trade management all based on given instructions
News Trading EA 30+ USD
News Trading Strategy Requirements General Overview The news trading strategy is designed to capitalize on price volatility that typically occurs around significant news events. The EA places pending buy and sell orders at a certain distance from the current price a specified amount of time before a news event is scheduled to occur. The EA also includes risk management features such as stop loss, take profit
I am looking for simple automated trade for NT8 . I want to place an Oco order at the open 9:30 Buy above the previous bar high and sell below the previous bar close. I want to set my own target and stop. Just this one trade
High I’m looking for someone to create a simple EA for MT4 that trades in 2 timeframes the 5 min and the 15 min chart with the trend and enters on pin bars with some conditions that I will specify if the job is taken but nothing complicated. Timeframe 5 min Chart and 15min chart simultaneously It looks to enter on the 5 min or in the 15 min chart it does not look for higher timeframe, they are the same condition for
I am looking to create an automated trading system that runs on meta trader 4. I currently have 200 clients on an automated trading system with over £200,000 in capital and wanting to funnel this into my own trading system. Looking to find someone who can program a bot that will trade on Meta Trader 4, potentially look at the source code of the system we currently use and utilize that

Projektdetails

Budget
200+ USD

Kunde

(1)
Veröffentlichte Aufträge20
Anzahl der Schlichtungen0