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How do I make an EA from an elephant bar setup? and how can i handle the candle size issue? for example consider a 100p or 50p elephant bar vary depending on the chart I am using

 
darioermersontrader: How do I make an EA from 

You have only four choices:

  1. Search for it (CodeBase or Market). Do you expect us to do your research for you?

  2. Try asking at:

  3. MT4: Learn to code it.
    MT5: Begin learning to code it.

    If you don't learn MQL4/5, there is no common language for us to communicate. If we tell you what you need, you can't code it. If we give you the code, you don't know how to integrate it into your code.

  4. Or pay (Freelance) someone to code it. Top of every page is the link Freelance.
              Hiring to write script - General - MQL5 programming forum (2019)

We're not going to code it for you (although it could happen if you are lucky or the problem is interesting.) We are willing to help you when you post your attempt (using CODE button) and state the nature of your problem.
          No free help (2017)

 
darioermersontrader:

How do I make an EA from an elephant bar setup? and how can i handle the candle size issue? for example consider a 100p or 50p elephant bar vary depending on the chart I am using

What is an elephant bar 
 

Refers to this (candlestick pattern):

Elephant Bars

Elephant bars are significantly larger bars than the previous bars. Red elephant bars suggest downward price pressure and an indication that smaller red bars are to be expected. Green elephant bars indicate upward price movement and additional smaller green bars to come.

Action tips when you see green elephant bars

Try to get in at the top of a green elephant bar once you have spotted an elephant bar forming. If you miss the green elephant bar, get in on the next bar at a price at or slightly above the top of the green elephant bar. The following bar must be above the previous high.

– Your first buy must be only half of the money you have.

– Also, place a put at the bottom of the green elephant bar. This put is essential to limit your loss if the price moves down. This put allows you to avoid significant losses and stay in business! 

– the opposite action is recommended when you spot a red elephant bars

 
Miguel Angel Vico Alba #: Rrefers to this (candlestick pattern):

Elephant Bars

Elephant bars are significantly larger bars than the previous bars. Red elephant bars suggest downward price pressure and an indication that smaller red bars are to be expected. Green elephant bars indicate upward price movement and additional smaller green bars to come.

Action tips when you see green elephant bars

Try to get in at the top of a green elephant bar once you have spotted an elephant bar forming. If you miss the green elephant bar, get in on the next bar at a price at or slightly above the top of the green elephant bar. The following bar must be above the previous high.

– Your first buy must be only half of the money you have.

– Also, place a put at the bottom of the green elephant bar. This put is essential to limit your loss if the price moves down. This put allows you to avoid significant losses and stay in business! 

– the opposite action is recommended when you spot a red elephant bars

😁 thanks 

and info about elephant pattern is helpful, spotted few examples too on latest chart. it can be coded by comparing the previous few bars range (high-low) and volume comparison.


 
Arpit T #: and info about elephant pattern is helpful, spotted few examples too on latest chart. it can be coded by comparing the previous few bars range (high-low) and volume comparison.

Exactly, you always have to find some kind of confirmation. The pattern itself does not give an accurate input.

It can be high/low range bars or any indicator. Let's say it's something "to the consumer's taste" and whatever is easiest for you to interpret.

 
Miguel Angel Vico Alba #:

Elephant Bars

Elephant bars are significantly larger bars than the previous bars. Red elephant bars suggest downward price pressure and an indication that smaller red bars are to be expected. Green elephant bars indicate upward price movement and additional smaller green bars to come.

Action tips when you see green elephant bars

Try to get in at the top of a green elephant bar once you have spotted an elephant bar forming. If you miss the green elephant bar, get in on the next bar at a price at or slightly above the top of the green elephant bar. The following bar must be above the previous high.

– Your first buy must be only half of the money you have.

– Also, place a put at the bottom of the green elephant bar. This put is essential to limit your loss if the price moves down. This put allows you to avoid significant losses and stay in business! 

– the opposite action is recommended when you spot a red elephant bars

Must be something from Spanish ? (and Portuguese), I don't think it exists in English (?).

The OP was posting in Portuguese and I used automatic translation to English to edit it.

 
Alain Verleyen #:

Must be something from Spanish ? (and Portuguese), I don't think it exists in English (?).

The OP was posting in Portuguese and I used automatic translation to English to edit it.

No, it is a new pattern that became fashionable in TradingView.

There are several articles about it.

 
Miguel Angel Vico Alba #:

No, it is a new pattern that became fashionable in TradingView.

There are several articles about it.

Ah ok, didn't know about it. Thanks.
 
Miguel Angel Vico Alba #:

Exactly, you always have to find some kind of confirmation. The pattern itself does not give an accurate input.

It can be high/low range bars or any indicator. Let's say it's something "to the consumer's taste" and whatever is easiest for you to interpret.

Thanks for the information.
 

A useful indicator to identify Elephant Bars is the ms-Candle-index (this isn't my original work; you can find it here: https://www.mql5.com/en/code/24232). This indicator normalizes the sizes of candles, allowing you to use it in any market. Typically, an Elephant Bar registers above 0.800 on this indicator, though this value may need optimization.

It's also crucial to check certain conditions:

  1. The previous candles should be above/below (depends on the candle signal) the mid-price of the Elephant Bar. A strong Elephant Bar effectively "eliminates" prior candles. Therefore, ensure that the mid-price of the Elephant Bar is higher than the highest price of the N preceding candles.

  2. It's preferable to trade only the first Elephant Bar in a movement or wave to avoid confusion between Elephant Bars at the beginning of movements and those at exhaustion points.

  3. In my view, trade management is even more vital than the initial trigger in these scenarios. You need to check if the subsequent candle, after opening a position, continues the trend. In most cases, you should close the position if no continuation of the movement is detected.

ms-Candle-Index. Indicator of the strength of the direction of the candle.
ms-Candle-Index. Indicator of the strength of the direction of the candle.
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The indicator determines the index of the direction of the bar prices and the Gap/breaks in them. It is a logical continuation of the ms-Candle indicator.
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