Dragon pattern indicator

MQL4 Эксперты

Техническое задание

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

Файлы:

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

Откликнулись

1
Разработчик 1
Оценка
(8)
Проекты
8
0%
Арбитраж
0
Просрочено
0
Работает
2
Разработчик 2
Оценка
(250)
Проекты
400
38%
Арбитраж
82
41% / 20%
Просрочено
69
17%
Загружен
3
Разработчик 3
Оценка
(40)
Проекты
86
13%
Арбитраж
30
30% / 47%
Просрочено
35
41%
Загружен
4
Разработчик 4
Оценка
(13)
Проекты
17
24%
Арбитраж
1
0% / 100%
Просрочено
3
18%
Работает
5
Разработчик 5
Оценка
(41)
Проекты
57
54%
Арбитраж
2
0% / 0%
Просрочено
1
2%
Свободен
6
Разработчик 6
Оценка
(362)
Проекты
502
40%
Арбитраж
146
17% / 73%
Просрочено
98
20%
Занят
7
Разработчик 7
Оценка
(66)
Проекты
143
34%
Арбитраж
11
9% / 55%
Просрочено
26
18%
Работает
8
Разработчик 8
Оценка
(39)
Проекты
42
31%
Арбитраж
2
0% / 0%
Просрочено
0
Работает
9
Разработчик 9
Оценка
(53)
Проекты
155
69%
Арбитраж
4
100% / 0%
Просрочено
1
1%
Свободен
10
Разработчик 10
Оценка
(4)
Проекты
5
20%
Арбитраж
1
0% / 0%
Просрочено
1
20%
Загружен
11
Разработчик 11
Оценка
(566)
Проекты
639
41%
Арбитраж
21
57% / 29%
Просрочено
45
7%
Загружен
12
Разработчик 12
Оценка
(45)
Проекты
67
45%
Арбитраж
3
0% / 67%
Просрочено
0
Работает
13
Разработчик 13
Оценка
(67)
Проекты
74
7%
Арбитраж
33
9% / 55%
Просрочено
6
8%
Работает
14
Разработчик 14
Оценка
(1)
Проекты
2
0%
Арбитраж
1
100% / 0%
Просрочено
0
Свободен
Похожие заказы
I'm looking for an experienced MQL5 developer to create a script or Expert Advisor (EA) that can identify the requested price/order price, executed price, and slippage for any closed order in MT5. The script or EA should be able to: - Identify the requested price/order price for each order - Identify the executed price for each order - Calculate the slippage for each order (the difference between the requested price
Hi, I need to make an EA for use on MT5, on a simple strategy based on the High and Low of candles. Below is the strategy where I should be able to change the variables (number of candles, candle frequency, hours, multiplier, etc): Entry Long -------------------- Open Position = 0 AND CMP > Highest High of last 5 candles -------------------- Exit Long -------------------- Time > Entry Time + 5 hours AND CMP < Lowest
Hello, I have an EA working nice but I required some modification / additions in it. Addition / Modification! 1. EA must follow the Buy - Sell Arrow Alert indicator (copy of Arrow indicator attached) in combination of Heiken Ashi candles and Stochastic Oscillator Indicator to Buy / Sell orders 2. Placing X number of pending orders with an initial distance and proportional increase in distance and lot size. 3. Close
Hello am looking for someone that can you help me with fixing a custom indicator for me. I need the indicator buffer value fixing to work perfectly with EA. I think you understand the matter of the issue. Normally the indicator is good to give the signal. But based on the signal I can't get into the EA. Because of the buffer value working issue. Also some time it's doing issue to show the singnal when re-start the
Hello good programmers I need a robot that will be based on a trendline strategy using 3 timeframes to analyse the market 1 hour timeframe and 5min end with 1Min for entry
Hi, I would like to have some functionality of an existing trade manager amended, and some new functionality added in order to suit my needs. The existing trade manager is free, so there are no licensing issues to worry about. However, I only have the .ex4 file, so you would need to decompile it first. I have attached the file here for you to see. This original manager was written for the exact strategy I trade by
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

Информация о проекте

Бюджет
200+ USD
Исполнителю
180 USD