How can candlestick formula be changed?

bundasse

#1

4/4/2009 10:18 AM

Hi
I don't like the candlestick script on the library... do you know where i can find the script and above all change it ?

if it is not possible, how to make my own candlestick and use it on my strategy ? make a kind of fonction...

for example my shooting star is :

[open-close < 1/3*(high-low) or close-open < 1/3*(high-low)] and [close=low or close=low+1tick or open=low or open=low+1 tick]

thx a lot

PS : on the library, the opening of the shooting star has to open on gap compare the previous candlestick... that's not my idea of a shooting star...

Eugene

#2

4/4/2009 11:05 AM

Actually, it requires the low of the current bar to be higher than the previous bar's close. I would say that Steve Nison probably haven't made that condition a Shooting Star prerequisite in his book, but other different sources really do:

trending123.com
hotcandlestick.com

Changing the candlestick rules library is not an option because the code is compiled, but certainly you can roll your own re-usable function according to your definition. However, the current one only has a single bar in mind whereas the shooting star formula compares today's bar with yesterday's:

bundasse

#3

4/5/2009 4:51 AM

thx eugene,

i don't want to compare the previous bar chart for my candlestick definition,

can you tell me what i have to write on the code to roll my own re-usable function ?

thx a lot

Eugene

#4

4/5/2009 6:14 AM

Then your formula will catch many wrong candlesticks e.g. white body candles without tails. See below.

Sure, please read this first:
How do I start with C# ?

bundasse

#5

4/6/2009 2:02 PM

I have this script and watch the result, sometime it give me my candle, and sometime not, watch the picture below, can you help me ?

Eugene

#6

4/6/2009 3:32 PM

Well, this looks like the lower part of the equation fails double equality test. Use any one of the codes below:

Size:

Color:

Well, this looks like the lower part of the equation fails double equality test. Use any one of the codes below:
[CODE]using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;

namespace WealthLab.Strategies
{
	public class MyStrategy : WealthScript
	{
		protected override void Execute()
		{
			double tick = Bars.SymbolInfo.Tick;
			SetBarColors( Color.Silver, Color.Silver );
			
			
			for(int bar = 0; bar < Bars.Count; bar++)
			{
				bool MyShooting =
					( ((Open[bar]-Close[bar]) < 0.30*(High[bar]-Low[bar])) && ((Close[bar]-Open[bar]) < 0.30*(High[bar]-Low[bar])) )
					&&
					( ((decimal)Close[bar] == (decimal)Low[bar]) || ((decimal)Close[bar] == (decimal)(Low[bar]+tick) || 
						((decimal)Open[bar] == (decimal)Low[bar]) || ((decimal)Open[bar] == (decimal)(Low[bar]+tick) ) ) );
				
				if (MyShooting)
					SetBarColor( bar, Color.Red );
			}
		}
	}
}[/CODE]
[CODE]using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;

namespace WealthLab.Strategies
{
	public class MyStrategy : WealthScript
	{
		public static bool AlmostEquals(double double1, double double2, double precision)
		{
			return (Math.Abs(double1 - double2) <= precision);
		}

protected override void Execute()
		{
			double tick = Bars.SymbolInfo.Tick;
			SetBarColors( Color.Silver, Color.Silver );
			
			
			for(int bar = 0; bar < Bars.Count; bar++)
			{
				bool MyShooting =
					( ((Open[bar]-Close[bar]) < 0.30*(High[bar]-Low[bar])) && ((Close[bar]-Open[bar]) < 0.30*(High[bar]-Low[bar])) )
					&&
					( AlmostEquals(Close[bar],Low[bar],tick) || AlmostEquals(Close[bar],Low[bar]+tick,tick) ||
					AlmostEquals(Open[bar],Low[bar],tick) || AlmostEquals(Open[bar],Low[bar]+tick,tick) );
				
				if (MyShooting)
					SetBarColor( bar, Color.Red );
			}
		}
	}
}[/CODE]

bundasse

#7

4/8/2009 5:41 AM

that's work... thx a lot Eugene

Eugene

#8

4/8/2009 9:17 AM

You're welcome.

bundasse

#9

4/9/2009 6:10 AM

hi, i changed low by high to get a hammer (my style) and it doesn't work... strange... i used the first script and that works for the shooting star...

Eugene

#10

4/9/2009 6:30 AM

What's bad about the built-in bullish Hammer function that does the same job?

bundasse

#11

4/9/2009 6:33 AM

i don't like the hammer on the library like the shooting, i prefer to male my own...

bundasse

#12

4/9/2009 6:39 AM

for me a hammer can have 1 tick above the body of the candlestick... and on your library not...

Eugene

#13

4/9/2009 6:58 AM

After reviewing the code, there's nothing strange: that just can't happen -

Neither Close nor Open can't be equal to High+1 tick.

Here's the amended code:

Cone

#14

4/9/2009 8:46 AM

By reviewing the code from Version 4 Candlesticks, you can see the precise rules used. In the case of the Bullish Hammer:

It's hard to tell the condition that failed using just the picture, but I'd guess the Open was slightly more than 30% from the high. Of course you can generate your own pattern code, but the point is that number has to be defined to be something and it's likely that eventually you'll find a candle that "looks" like it fits the pattern doesn't exactly match the pattern you defined programmatically.