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Hello Debra,
I think that you're asking two separate questions here.
What I have described below is the procedure for creating one indicator
that may then be plotted on any chart in the same way that you would plot
the RSI, MACD, etc.
An indicator may contain several different elements provided they are
separated by a semi-colon. So, for example, if you frequently plot three
moving averages on your charts, rather than doing it in three stages, you
could create an indicator called Three MAs (or whatever) that looks like this:
Mov(C,20,S);
Mov(C,50,S);
Mov(C,200,S);
Then each time that you plot Three MAs, you will get your three moving
averages plotted simultaneously.
In the case of the Candle Histogram described below, I am telling Metastock
to plot a value of -1, 1, -2, 2, etc. in a separate window to the price,
each time that it detects any one of the candle patterns that I have
specified. The default plot will be a line (a la RSI etc.) but, for
usability, you would want to change the style to histogram as described below.
I hope that I have answered the question that you asked rather than
something else altogether ;-).
You can certainly set up an exploration to detect candle patterns. Here is
an example to detect a Top Reversal:
Col A: Trend Mov(C,20,E) > Mov(C,50,E)
Col B: Harami BearHaramiCross()
Col C: EngBear EngulfingBear()
Col D: EvenStar EveningDojiStar() OR EveningStar()
Col E: 3Crows 3BlackCrows()
Filter colA AND
(colB OR colC OR colD OR colE )
I hope that helps.
Regards
Kevin
At 20:09 24/10/2003 -0700, you wrote:
>
>Kevin,
>Is each pattern to placed in a separate Indicator Builder or can they be
>placed individually in the Columns of the Explorer?
>I am not well versed in doing this. I would appreciate more of an
>explanation on the steps in completing the setup.
>Thank you,
>Debra
>
>
>--- Kevin <kevin_barry@xxxxxxxxxxxxxx> wrote:
>I like to use Candlestick Patterns for confirmation but they are sometimes
>hard to spot as soon as they occur, especially in real time. So, here's a
>little idea that you might find useful.
>
>Create a new indicator called Candle Histogram (or whatever). We are now
>going to populate this indicator with our favourite Candlestick Patterns as
>follows:
>
>If(BullHarami(),1,0);
>If(BearHarami(),-1,0);
>
>(This will eventually be plotted as a histogram. Note that 1 will give you
>a bar above the zero line and -1 below representing bullish and bearish
>patterns.)
>
>Some Candle Patterns are only relevant in certain conditions so you can
>modify them like this:
>
>If(BullHaramiCross(),
> (If(Mov(C,20,E)<Mov(C,50,E),1,0)),0);
>If(BearHaramiCross(),
> (If(Mov(C,20,E)>Mov(C,50,E),-1,0)),0);
>
>If(EngulfingBull(),
> (If(Mov(C,20,E)<Mov(C,50,E),1,0)),0);
>If(EngulfingBear(),
> (If(Mov(C,20,E)>Mov(C,50,E),-1,0)),0);
>
>Some Patterns are more important than others so give them a higher profile
>as follows:
>
>If(MorningDojiStar(),
> (If(Mov(C,20,E)<Mov(C,50,E),2,0)),0);
>If(EveningDojiStar(),
> (If(Mov(C,20,E)>Mov(C,50,E),-2,0)),0);
>
>When you have finished, plot the indicator on any chart. Switch on the MS
>Candlestick Expert Advisor and go through each pattern in turn (once only
>for each), change the style to histogram (I like to increase the weight as
>well) and give each pattern a different colour which will help you identify
>it when it occurs.
>
>Save the whole shebang as a template and apply as required. Any improvements?
>
>Good trading,
>Kevin
>
>
>
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>
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