Candlestick patterns forex indicator

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Manage your Investment Club. Create a FREE account today. Timetotrade can be used to create alerts based on Candlestick Patterns such as Dojis, Hanging Man and Inverted Hammer. There is an extensive range of indicators that can be used to detect Candlestick patterns. The Candlestick indicators can be used to easily create alerts to notify you by Email or SMS text messages, or execute trades when Candlestick chart conditions have been met.

You can use timetotrade to notify you, or execute a trade see below , when Candlestick Patterns have been identified. Use the chart settings to add the Candlestick Indicators. After adding a Candlestick indicator to the charts, click on the rising threshold chart trigger to create your alert. In the following example an alert will be set up to provide a notification of when a Doji has been identified:.

Enter a message to remind yourself why the alert was created, select how you would like to be notified when the alert trigger conditions are met, then set 'reactivate alert' if you would like to get alerts each time your alert trigger conditions are met.

Click on the green 'Activate' button on the Alert Builder when finished:. You can use timetotrade to build your own custom candlestick pattern alerts. To ensure that common language is used when describing how to create alerts that can be used to identify custom Candlestick patterns, lets start by explaining what a candle is and the how it can be described. A candle represents the changes in price over an interval of time such as 1 day or 1 minute.

The main body of the candle illustrates the opening price at the start of the time interval and the price when the market closed at the end of the interval. The head and tail represent the highest and lowest prices during the interval. The full length of the candle is often referred to as the 'Shadow'. The length of the head is the difference between the highest price during the interval and the greater of the Open or Close price.

The length of the tail is the difference between the lowest price and the difference between lesser of the Open or Close price. The length of the body if the difference between the Open and Close price. If the price closed at a price above the opening price, then the candle is referred to as a 'bullish' candle and if the price closed below the opening price, then the candle is referred to as a 'bearish' candle.

On the timetotrade charts the bullish candles are coloured green and the bearish candles are coloured red as illustrated:. When creating alerts historical candles can be referenced using the 'PAST' indicator. The 'OPEN', 'HIGH', 'LOW' and 'CLOSE' values represent the current candle.

The PAST indicator can be used to reference the Open, High, Low or Close values for any candle in the past, as illustrated:.

Now to create some custom Candlestick pattern alerts. In this first example an alert will be created to provide a notification of when there are three bullish candles. If the close price is greater than the open price then the candle is considered bullish. Three alert triggers can be created to test for this on the current and past candles e.

This can be implemented as follows using the Alert Builder interface on the charts. Start by clicking on the 'Add Indicator' button and searching for the Subtract SUB function as illustrated:. When all three triggers are true at the same time an alert notification will be sent. The alert triggers should therefore be in a GROUP in '1 second' as illustrated:.

To learn more about how alert triggers can be grouped and sequenced click here. To create an alert trigger based on the height of the Candle Head, do so by subtracting the High price from the greater of the Open or Close price. For example to create an alert trigger where the height of the candle head must be greater than 0. To create a trigger based on the size of the tail, subtract the lesser of the Open or Close price from the Low price.

For example to create an alert trigger where the tail is greater than 0. If an alert trigger was required on a previous candle Head or Tail height, then use the PAST indicator. For example to create an alert trigger where the tail of one candle in the past is greater than 0. Alert triggers can be created to compare the values of Open, High, Low or Close prices for current and past candles.

For example, to identify if the current candle has formed a lower Low price than one candle in the past, subtract the current LOW price from the PAST LOW price. If the result is less than zero then the current low is lower than the previous low. The trigger language to identify a lower low would be:. To create an alert for example that required a sequence of a lower Low followed by a higher Low, as illustrated:.

Candle sequences can be combined with other price, volume, technical analysis and trend line triggers. For example, continuing from the very first example, if the requirement was for a sequence of three bullish candles and for RSI to be below 50 when the last bullish candle was formed, the trigger language for doing so would be:. To implement the alert using the Alert Builder interface, after creating the first three triggers as per the first post above, add the RSI alert as illustrated:.

If the requirement was for the RSI to be below 50 at each step in the sequence then the trigger language for this would be:. For example trigger 6 would be implemented using the Alert Builder interface as illustrated:. Go to the Ask A Question section on the timetotrade forum to see the type of MA alerts that timetotrade users are creating:. There is a custom indicator that can be imported in the timetotrade charts, that calculates the length of the Candle Head, Tail and Body for creating Candlestick alerts.

The custom indicator also includes indicators that compare the high to the previous high plus the low to the previous low, in order to provide examples on how to compare values to previous candles. To import the custom indicator click on the following link:. FREE Real-Time Price and Technical Indicator charts and alerts are available for Forex and high liquidity UK and European stocks. Click here to view the full list of markets available.

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Subscriptions to TimeToTrade products are available if you are not eligible for trading services. Average Directional Index Alerts. Average True Range Alerts. Bearish 3-Method Formation Candlestick Alerts. Bearish Harami Candlestick Alerts. Bearish Harami Cross Candlestick Alerts. Bearish Pin Bar Candlestick Alerts. Big Downwards Candlestick Alerts. Big Upwards Candlestick Alerts. Bottom of Candle Body Alerts. Bullish 3-Method Formation Candlestick Alerts. Bullish Harami Candlestick Alerts.

Bullish Harami Cross Candlestick Alerts. Bullish Pin Bar Candlestick Alerts. Candlestick Body Size Alerts. Candlestick Head Size Alerts. Candlestick Shadow Size Alerts. Candlestick Tail Size Alerts. Chaikin Money Flow Alerts.

Candlestick Patterns Indicator for MT4 - Forex MT4 EA

Commodity Channel Index Alerts. Dark Cloud Candlestick Alerts. Doji Star Candlestick Alerts. Dragonfly Doji Candlestick Alerts. Engulfed by a previous Candlestick Alert. Engulfed by a previous Candlestick Alerts.

Engulfing a previous Candlestick Alerts. Engulfing Bearish Candlestick Alerts. Engulfing Bullish Candlestick Alerts.

Evening Doji Star Candlestick Alerts. Evening Star Candlestick Alerts. Exponential Moving Average Alerts. Falling Window Candlestick Alerts. Gravestone Doji Candlestick Alerts. Hanging Man Candlestick Alerts. Inverted Hammer Candlestick Alerts. Long Lower Shadow Candlestick Alerts. Long Upper Shadow Candlestick Alerts. Long-Legged Doji Candlestick Alerts. Morning Doji Star Candlestick Alerts.

Candlestick Patterns – Accurate Candlestick Patterns

Morning Star Candlestick Alerts. On Neckline Candlestick Alerts.

Percentage Price Oscillator Alerts. Piercing Line Candlestick Alerts. Rising Window Candlestick Alerts. Shaven Bottom Candlestick Alerts. Shaven Head Candlestick Alerts. Shooting Star Candlestick Alerts. Spinning Top Candlestick Alerts. Stochastic Momentum Index Alerts. Three Black Crows Candlestick Alerts. Three White Soldiers Candlestick Alerts. Top of Candle Body Alerts. True Strength Index Alerts. Williams Accumulation Distribution Line Alerts. SUB CLOSE, OPEN ABOVE 0 TRIGGER 2: SUB PAST CLOSE,1 , PAST OPEN,1 ABOVE 0 TRIGGER 3: SUB PAST CLOSE,2 , PAST OPEN,2 ABOVE 0.

SUB PAST LOW, 1 , PAST LOW, 2 BELOW 0 TRIGGER 2: SUB LOW, PAST LOW, 1 ABOVE 0. SUB PAST CLOSE,2 , PAST OPEN,2 ABOVE 0 TRIGGER 4: RSI CLOSE, 14 BELOW RSI CLOSE, 14 BELOW 50 TRIGGER 5: RSI PAST CLOSE, 1 , 14 BELOW 50 TRIGGER 6: RSI PAST CLOSE, 2 , 14 BELOW