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YFX Candle Patterns

The Candle Patterns indicator provides a visual display of candlestick patterns. There are more than 100 patterns that can be displayed. The indicator allows for candles on the chart to be grouped and considered as one candle. This allows the price action within a candle to be observed in the context of a candlestick pattern. The number of bars per candle can be set in the parameters.

All patterns can be filtered so that only patterns with certain attributes are displayed. The prior trend is taken into account when identifying candlestick patterns. This is useful because the context is very important when considering the meaning of certain patterns. There are many other features and many of the features can be controlled in the parameters.

A control panel can be shown on the chart that allows users to control the display of identified patterns. Users can turn on/off the desired patterns. All control panel parameters can be set by the users.


Parameters

The Candle Patterns indicator has many configurable parameters. This allows for all aspects of the indicator to be changed for the user's preferences. By default, the indicator is designed to work without any configuration required. The parameters are divided into the following categories:

  • Yancy Indicator Parameters - Control the overall functionality of the indicator.
  • Candlestick Basic Parameters - Control how the Candle Patterns indicator is calculated and used.
  • Candlestick Pip Parameters - Define some useful pip values used in candle calculations.
  • Candlestick Ratio Parameters - Define some useful ratio values used in candle calculations.
  • Candle Filter Parameters - Control which candlestick patterns are calculated and searched. There are a large number of patterns that can be searched by this indicator. The filters help in refining the large number of patterns. Each filter on works on a specific attribute of a pattern. Other filters may include some patterns that are excluded by some filters. Filter values are all selected from drop-down list of predefined values, which are all self-explanatory.
  • Display Parameters - Control how candle patterns are displayed on the chart.
  • Location Parameters - Manage how the candle pattern control panel is displayed on the chart.
  • Font Parameters - Manage the fonts used in the indicator.
  • Color Parameters - Colors can be strongly preferred by users. The indicator allows all colors to be changed according to each user's preference. The specific colors do not change the underlying calculations of the indicator.
  • Sizing Parameters - Manage the size of lines used to draw candle on the chart.
  • Message Parameters - Determine how the indicator notifications are conveyed to the user. There are several options and the user can select which ones to use at any time. Multiple options can be enabled simultaneously.
  • Quiet Time Parameters - Control when notification messages are conveyed to the user. Parameters in this section specify a time period when all notifications are disabled. Settings in this section override the message parameters and alert parameters. No notification will be sent during quiet time.
  • Message Info Parameters - Configure if internal statistics are maintained by the indicator. The information is generally not needed by the user. Thus, it is recommended to leave the options disabled.
  • Debug Parameters - Debugging can be configured with the parameters in this section. Debugging would cause a great number of messages to be generated if enabled. It is highly recommended to leave debug disabled.

It should be noted that the user does not have to change any parameters for the indicator to work. All parameters have default values that have the lowest impact on the indicator and user. The Candle Patterns indicator is designed to work perfectly by just placing it on a chart.

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Version 6.0 2020.06.12
- Updated code to work with current versions of MetaTrader 4.
Version 5.4 2019.05.20
* Improved performance of indicator so that impact on trading terminal is reduced as much as possible.
* Pattern re-paints are removed. Patterns are only searched once and kept while available as selection from panel.
* Trade signals are fixed so signal indicators are displayed correctly.
* Control panel is not re-painted. Patterns are added in open slots. As panel gets full, the last pattern is removed so that new pattern could be added.