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Indicators

Indicator of Candlesticks Combinations (Japanese Candlesticks) - indicator for MetaTrader 4

Iurii Tokman | English 한국어 Русский 中文 Español Deutsch 日本語 Português

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27429
Rating:
votes: 6
Published:
2008.10.11 19:53
Updated:
2014.04.21 14:53
Japan.mq4 (4.28 KB) view

The candlesticks combination were taken from the book "Japanese Candlesticks" by Nison.

This indicator designates the following combination of candlesticks:

- "hammer" or "hanged man", the code of the symbol is 108, the color is DimGray.

- "bullish engulfing", the code of the symbol is 110, the color is Red . It designates the bullish trend.

- "bearish engulfing", the code of the symbol is 110, the color is Lime . It designates the bearish trend.

- "dark-cloud cover", the code of the symbol is 116, the color is Lime . It designates the bearish trend.

- "cloud gap", the code of the symbol is 116, the color is Red . It designates the bullish trend.

- "doji", the code of the symbol is 174, the color is Indigo . It is used coupled with the other combinations.

For the convenience you can point the cursor on a symbol and wait a few of seconds, the pop-up window containing the name of the object will appear, it also contains the description of the candlesticks combination.

Important! You should wait the strengthening or sustaining signals to appear when using the candlesticks combinations.

For example: If the "hanged man" appears after a pronunced uptrend, it's confirmed by the open price of the next candlestick, composing the price break relatively to the close price of the "hanged man", etc.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/8415

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