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If anyone is interested, I once did some experimenting with candlesticks in
Metastock. Making Metastock identify the patterns is not particularly
difficult. Just break it down to the individual elements and then create
the more complex patterns by combining these basic elements. Here is what I
used for an Abandoned Baby Bullish.
Abandoned Baby Bullish:
Ref(Fml( "Candle_Long_Black_Day"),-2)
AND
Ref( Fml( "Candle_Doji"), -1)
AND
Ref(CLOSE, -2) > Ref(OPEN, -1)
AND
Fml( "Candle_White_Day")
AND
LOW > Ref(HIGH, -1)
The individual custom indicators referred to in the above custom indicator
were written as separate, stand alone custom indicators as follows:
Candle_Long_Black_Day:
(OPEN - CLOSE) >= Fml( "Candle_Ave_Relative_Body")
Candle_Ave_Relative_Body:
(Ref(Fml( "Candle_Relative_Body"), -1) +
Ref(Fml( "Candle_Relative_Body"), -2) +
Ref(Fml( "Candle_Relative_Body"), -3) +
Ref(Fml( "Candle_Relative_Body"), -4))
/4
Candle_Relative_Body:
Abs(CLOSE - OPEN)
Candle_Doji:
OPEN > CLOSE - (.001 * CLOSE)
AND
OPEN < CLOSE + (.001 * CLOSE)
Candle_White_Day
CLOSE>OPEN
You could easily combine this into one indicator, but I always like to keep
things in their simplest form (like little subroutines) and then combine
them in different ways in the final custom indicator. The code could be
streamlined also, but again, I like to keep things VERY clear for this
feeble brain of mine. Some of the variables I use were the result of
experimentation (such as the number of days used for calculating
Candle_Relative_Body and the .001 in the Candle_Doji). Finally, I may have
added some extra qualifications (in the code) in my quest to make the
indicator work in the real world. There tends to be a great deal of code
required for the more complex patterns, but basically is very simple stuff.
By the way, when you plug all of this into an expert, it does make an
interesting chart.
For a quick reference to candlestick patterns, you can use my cheat sheets
at http://www.masterdata.com/CandleStick/index.htm (free, no subscription
required). There is something to the candlestick method, but I have to say,
to date I have not found any individual pattern by itself to be of
particular merit relative to the more traditional Western indicators. I
will, however, no doubt try them out again when I get the time. I think
most candlestick users spend more time finding the patterns than worrying
about profitable trades. Charting is a means to an end, not the end in
itself.
Hope this helps.
Best,
Larry Carhartt
Index & ETF Component Data
www.MasterDATA.com
lc@xxxxxxxxxxxxxx
818-701-6686
-----Original Message-----
From: Lionel Issen [mailto:lissen@xxxxxxxxxxxxx]
Sent: Thursday, September 30, 2004 6:12 PM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: RE: [EquisMetaStock Group] CREATING ABANDONED BABY
About a year ago I hear Stephen Bigalow talk on candlestick trading. He said
that he found that only about a dozen patterns are significant. He didn't
say what they were, but they may be in his book "Profitable Candlestick
Trading".
-----Original Message-----
From: Dave [mailto:dave_tolbert@xxxxxxxxx]
Sent: Monday, September 27, 2004 6:37 PM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: RE: [EquisMetaStock Group] CREATING ABANDONED BABY
Lionel,
You are welcome. I never have used Litwick services;
I just came across it while researching candlestick
patterns and found their site useful. I use
Candlepower 6 to find candidates based only a few
patterns, abandon baby being one of them. I don't get
many candidates-less than 50-and I don't give
candlestick patterns the same weight like I did in the
past. I know some others live by them but I think S/R
and pivot points are better.
v/R
Dave
--- Lionel Issen <lissen@xxxxxxxxxxxxx> wrote:
> Dave:
>
> Thanks for this link. Do you or have you used
> Litwick services?
>
> regards
>
> Lionel
>
>
>
> -----Original Message-----
> From: Dave [mailto:dave_tolbert@xxxxxxxxx]
> Sent: Sunday, September 26, 2004 8:08 PM
> To: equismetastock@xxxxxxxxxxxxxxx
> Subject: RE: [EquisMetaStock Group] CREATING
> ABANDONED BABY
>
>
> Lionel,
> The "Abandoned Baby" candlestick pattern signals a
> trend reversal, either bullish or bearish. It is a
> 3-day pattern. For example, a bullish abandoned
> baby
> - First day is usually a long black day
> - Second day is a doji that gaps in the direction of
>
> the previous trend
> - The third day is a white day, gapping in the
> opposite direction, with no overlapping shadows
>
> The bearish is the opposite.
>
> Reference (pics w/explanation):
>
> http://www.litwick.com/glossary.html
>
> I don't have the code for it.
>
>
>
>
> Reference:
>
> http://www.litwick.com/glossary.html
>
> --- Lionel Issen <lissen@xxxxxxxxxxxxx> wrote:
>
> > What does the abandoned baby pattern look like and
> > where did you find it?
> >
> > What does it purport to show?
> >
> > Lionel Issen
> >
> > -----Original Message-----
> > From: korine_ [mailto:no_reply@xxxxxxxxxxxxxxx]
> > Sent: Friday, September 24, 2004 2:28 PM
> > To: equismetastock@xxxxxxxxxxxxxxx
> > Subject: [EquisMetaStock Group] CREATING ABANDONED
> > BABY
> >
> > Hi,
> > I am looking for a formula for abandoned baby
> candle
> > pattern
> >
> > Thnx
> >
> >
> >
> >
> >
> >
> > Yahoo! Groups Links
> >
> >
> >
> >
> >
> >
>
>
> =====
> Dave Tolbert
> Blue Skies!
>
>
>
>
> __________________________________________________
> Do You Yahoo!?
> Tired of spam? Yahoo! Mail has the best spam
> protection around
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>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
=====
Dave Tolbert
Blue Skies!
__________________________________________________
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