The indicator finds Doji candlesticks and highlights them on a chart using colored arrows.
Author: Nikolay Kositsin
Forum on trading, automated trading systems and testing trading strategies
Libraries: MQL5 Wizard - Candlestick Patterns Class
newdigital, 2013.09.13 15:57
The Dragonfly Doji is a significant bullish reversal candlestick pattern that
mainly occurs at the bottom of downtrends.
The Dragonfly Doji is created when the open, high, and close are the same or
about the same price (Where the open, high, and close are exactly the same price
is quite rare). The most important part of the Dragonfly Doji is the long lower
The long lower shadow implies that the market tested to find where demand was
located and found it. Bears were able to press prices downward, but an area of
support was found at the low of the day and buying pressure was able to push
prices back up to the opening price. Thus, the bearish advance downward was
entirely rejected by the bulls.
The chart below of the mini-Dow Futures contract illustrates a Dragonfly Doji
occuring at the bottom of a downtrend:
In the chart above of the mini-Dow, the market began the day testing to find
where demand would enter the market. The mini-Dow eventually found support at
the low of the day, so much support and subsequent buying pressure, that prices
were able to close the day approximately where they started the day.
The Dragonfly Doji is an extremely helpful Candlestick pattern to help
traders visually see where support and demand is located. After a downtrend, the
Dragonfly Doji can signal to traders that the downtrend could be over and that
short positions should probably be covered. Other indicators should be used in
conjunction with the Dragonfly Doji pattern to determine buy signals, for
example, a break of a downward trendline.
newdigital, 2013.09.16 08:38
The Gravestone Doji is a significant bearish reversal candlestick pattern that
mainly occurs at the top of uptrends.
The Gravestone Doji is created when the open, low, and close are the same or
about the same price (Where the open, low, and close are exactly the same price
is quite rare). The most important part of the Graveston Doji is the long upper
The long upper shadow is generally interpreted by technicians as meaning that
the market is testing to find where supply and potential resistance is
The construction of the Gravestone Doji pattern occurs when bulls are able to
press prices upward.
However, an area of resistance is found at the high of the day
and selling pressure is able to push prices back down to the opening
price. Therefore, the bullish advance upward was entirely rejected by
The chart below of Altria (MO) stock illustrates a Gravestone Doji that
occured at the top of an uptrend:
In the chart above of Altria (MO) stock, the market began the day testing to
find where support would enter the market. Altria eventually found resistance at
the high of the day, and subsequently fell back to the opening's price.
The Gravestone Doji is an extremely helpful Candlestick reversal pattern to
help traders visually see where resistance and supply is likely located. After
an uptrend, the Gravestone Doji can signal to traders that the uptrend could be
over and that long positions should probably be exited. But other indicators
should be used in conjunction with the Gravestone Doji pattern to determine an
actual sell signal. A potential trigger could be a break of the upward trendline
Something Interesting in Financial Video November 2013
newdigital, 2013.11.16 08:06
Candlesticks - Vol 9 - Doji
newdigital, 2014.05.08 12:58
USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking
USD/JPY remains below the psychologically-significant 102.00 handle with
the absence of a bullish reversal signal making a bounce look unlikely
at this stage. Further declines may be met by buying support at the
USD/JPY: Open To Further Declines With Bullish Candlestick Missing :
Examining the four hour chart; the Doji
near 102.00 signaled a lack of conviction amongst the bulls near the
key resistance level. With a bullish reversal pattern also absent in
intraday trade, the potential for a bounce may be limited.
USD/JPY: Bulls Lose Steam On Retest Of 102.00 :