MQL5 - Language of trade strategies built-in the MetaTrader 5 client terminal

Source code library - Expert Advisors, Indicators and Scripts

Dozens financial books in MetaTrader Market
To post a new code, please log in or register

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal

2006.08.03 14:43
Pattern Recognition v1.0

Pattern Recognition v1.0 - indicator for MetaTrader 4

| English Spanish Portuguese Russian Chinese

Views:
28763
Rating:
votes: 4

Pattern Recognition v1.0 Indicator.






Translated from Russian by MetaQuotes Software Corp.
Original code: http://www.mql5.com/ru/code/9024

Last comments | Go to discussion (12)
MQL4 Comments
mql4_comments | 15 Jun 2009 at 09:47

Hi MBA



Having refreshed my memory regarding these patterns, it would seem to me that they should all be considered as 'failed' once price moves below the pattern (in bullish signals) and the above in the case of bearish signals as you can see from the list below.




Bullish Engulfing pattern - below the low of the two candle pattern


Three Outside Up pattern - below the low of the three candle pattern


Bullish Harami pattern - below the low of the two candle pattern


Three Inside Up pattern - below the low of the three candle pattern


Piercing Line pattern - below the low of the two candle pattern


Three White Soldiers pattern - below the low of the three candle pattern


Morning Doji Star - below the low of the two candle pattern



As for the stop loss/profit expectation I mentioned yesterday, I realise that in some of these cases putting the stop loss (say 20 points) below the low of a pattern will still result in a 150 point stop loss - and possibly more. Therefore I think you would do well to consider the time frame/stop loss/profit target conundrum see if you can reconcile the three and find the best time frame in your chosen instrument to give you a comfortable risk. Once you have done this you can then look for a respectable profit margin. One possible way, for example, would be to change the code so the profit expectation was three times the stop loss.



Also in you post you said that some of the candles don't show up at all - can you give some examples on this? Was it random in that (say) an engufing pattern showed up once but then missed the next two occurances. Or did the programme just not 'see' the three white soldiers at all when, in fact, there was two clear examples.

Depending upon the circumstances could it be that the code did actually seen the pattern but then that pattern superceeded by the next bar as in the case of a bullish Harami. This two bar pattern is not only a pattern in itself, but it is also the first two bars of the three bar 'Three Inside'. Just something for you to consider.

I look forward to reading you comments on this as I feel this is potentially a really good EA.

Regards

-Llamedos
J Webster
SanMiguel | 14 Feb 2010 at 01:14

Instead of

Go long once a bullish candle has been formed.. target 150 pips, stop loss 150 pips

Go short once a bearish candle has been formed.. target 150 pips, stoploss 150 pips


Did you try actually going for 300:150?

MQL4 Comments
mql4_comments | 31 Oct 2010 at 20:38

How do you get this to work? and to back test it using the EA?

i have copied it to the \expert folder. and run it on the stategy tester but it doesn't work. please advise.


[Added:] i can see text when the EA is run initially, after a short while it disappears. Can you explain how to get this working.


THanks for the code.!!

MQL4 Comments
mql4_comments | 27 Jun 2011 at 17:22

can we add more candlesticks?

ramasubburam
ramasubburam | 4 Jan 2014 at 08:24
nice price action alert indi