Discussing the article: "From Novice to Expert: Programming Candlesticks"

 

Check out the new article: From Novice to Expert: Programming Candlesticks.

In this article, we take the first step in MQL5 programming, even for complete beginners. We'll show you how to transform familiar candlestick patterns into a fully functional custom indicator. Candlestick patterns are valuable as they reflect real price action and signal market shifts. Instead of manually scanning charts—an approach prone to errors and inefficiencies—we'll discuss how to automate the process with an indicator that identifies and labels patterns for you. Along the way, we’ll explore key concepts like indexing, time series, Average True Range (for accuracy in varying market volatility), and the development of a custom reusable Candlestick Pattern library for use in future projects.

In this discussion, I aim to explore the programming of candlestick patterns, the fundamental mathematics behind them in MQL5, and ultimately, develop a candlestick pattern library, building upon existing ones.

Many investment websites list a vast number of candlestick patterns in natural language, but only a few go the extra mile to explore their algorithmic structure. Some might claim that all possible candlestick patterns have already been defined. However, I believe there is still room for innovation—new patterns can be discovered and named.

In this discussion, we will cover a few well-known patterns while equipping you with the ability to code any candlestick pattern you observe on a chart and name it in your own way. To keep things straightforward, we will focus on popular patterns for better comprehension.

It’s important to recognize that coding and inventing new patterns can be a tedious process, but the reward is significant—creating an algorithm that automates pattern recognition will free you from repetitive manual analysis for life.

Author: Clemence Benjamin

 
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