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The applicant should be well versed in using lines, mathematical coding, different conditions, and multiple indicators.
INDICATOR BASED ON LINES AND 2 INDICATORS (B- system)
This indicator (B-system) is one of the many ways of creating diagonal lines, and they are not classic trend lines. The lines help to confirm Entries or Exits of a trades.
The indicator uses two existing indicators:
1st - Fractals - adjustable period extended 2 .mq4 -
2nd - the classic Average True Range (ATR) indicator (build in MT4)
The 1st indicator creates ordinary trend lines, but these lines are not used in this job, only the fractals.
(The trend lines of the original indicator can be display.). The indicator is in the attachment.
1. CREATION OF LINES
1st POINT OF THE LINE
The so-called Fractals are the first points of the lines, where the indicator for finding fractals is used. The first line point is the price value, for example, the Low price of Low fractal and or High price of a High fractal.
2nd POINT OF THE LINE
The 1st point - Fractal is "connected" by a line with each newly created High or Low " of the (last current) candle.
These prices are the second forming point of the lines.
High fractal connects to Low prices, and Low fractal connects to High prices.
CONDITIONS:
1.) The Low fractal connects with the following High prices higher than the Low price of this fractal.
2.) The High fractal connects with the following Low prices lower than the High price of this fractal.
However, only the line that creates one of the possible interactions (patterns) with the current price on the current
forming candle - is "displayed" in real-time.
THE NUMBER OF THE NEXT CANDLES FOR PATTERN SEARCH PER ONE FRACTAL
The number of candles that follow a Fractal for searching patterns is set to 17 (it will change according to the algorithm in one of the next jobs). Patterns are then formed "only on the ONE following candle," i.e., after the candle whose H, L was used to create a line. (The exception is the Extended line.)
THE LENGTH OF THE LINE TO DISPLAY THAT CREATED A PATTERN
If it is not a case of the Extended line, the line is displayed only 1 candle (to the future) after creating a pattern.
Picture 1 The place where a pattern can occur after the line is created.
THE EXTENDED LINE
The extended - interactive line is a line that "after the formation of a pattern" continues to pass through the High - Low spread of the following candles. New patterns may still appear on it, and the line will end if it gets outside the H-L range of the next candle.
ATR - Average True Range indicator is used as the second indicator to determine the distance from a line approximation,... The number of candles for counting is 5 "previous," so the current - just forming candle is not used for the calculation.
The following patterns can be used as a template, as they are part of other systems.
2. PSEUDO ALGORITHM FOR THE CREATION OF PATTERNS
Explanation of terms used:
ALINE - Ascendent line
DLINE - Descendent line
“Close price” in the following pattern conditions does not mean ending Close price of a day in case we use daily chart. Close price is price for “Now” and it is the same as real time prices. So this Close price is continuous moving price through all day. (In case there will be used final Entry rules for trading patterns we must use realtime data (tick) for trading or let say 1 minute data for back test.) There is were small chance that a pattern will form on N-candle same time when new Open of next candle will occur.
“N-Candle” is meant for an actual candle that is now forming. It means that "patterns take place in the time between Open and Close of the candle" where a pattern is formed (or even more patterns and trades on one candle). The price High, Low, and Close prices of the N-candle in the following section do not mean prices from daily historical data (but could be too). It means prices that naturally change from "the 1st minute of the trading day - where Open, High, Low and Close could be the same value". Therefore, the algorithm can find the same pattern many times per day from the 1st minute, as the prices on the daily chart will change (High can rise, Low can fall and Close change anywhere between them).
The system uses 2 types of patterns :
A) False break-out of line,
C) Bounce from the line + the Approach a line (price "gets close" to a line).
3. PATTERNS FOR LOW FRACTAL AND ALINE (Ascending line)
These conditions must be met before creating patterns:
1. (the LOW price of Low Fractal < High N- candles) a
2. (OPEN price N-Candle < ALINE)
A - PATTERN, FALSE BREAK-OUT of ALINE
1. (OPEN N-candle < ALINE), THEN
2. (CLOSE > ALINE), THEN
3. CLOSE GETS 0.1 ATR (5) < ALINE
C - PATTERN, APPROACH & BOUNCE OF ALINE
1. (OPEN N-candle < ALINE), THEN
2. (CLOSE GETS 0.1 ATR (5) ≥ ALINE), THEN
3. (CLOSE GETS 0.1 ATR (5) > HIGH
4. PATTERNS FOR HIGH FRACTAL AND DLINE (Descending line)
These conditions must be met before creating patterns:
1. (HIGH price of High Fractal > LOW price of N-candle) a
2. (OPEN price N-candle > DLINE)
A - PATTERN, FALSE BREAK-OUT OF DELINE
1. (OPEN N-candle > DLINE), THEN
2. (CLOSE < DLINE), THEN
3. (CLOSEGETS 0.1 ATR (5) > DLINE
C - PATTERN, APPROACH & BOUNCE OF DELINE
1. (OPEN N-candle > DLINE), THEN
2. (CLOSE GETS 0.1 ATR (5) ≤ DLINE, THEN
3. (CLOSE GETS 0.1 ATR (5) > LOW
If a pattern appears on the chart, letter indicating the pattern - A or C - is pasted above or below the N-candle.
Picture number 2 shows the gradual creation of patterns even with previously unused lines. Here the fractal created 4 patterns on 3 lines, and the last pattern is created on the Extended line.
The end of job order.
As a next step. (I would like to use an algorithm for automatically setting the "amount of used Fractals", precisely according to the number of Fractals per N-candle.)
If the applicant understands all parts, I will be happy to answer any questions, especially if you send the price range for the work along with the questions.