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I've created an ELA indicator (based on Omega Research's indicator) to
assist me in
honing my candlestick reading skills. However, I can't get the commentary
to "pop-up"
in the form of an "alert" or "message log entry". I'd really like an alert
to pop-up when
each candlestick pattern appears. I think I've got most of the code done,
but I just
haven't been able to get the alerting part of the programming.
Any assistance is appreciated... and feel free to use the code to educate
yourself
on candlesticks. (All of the interpretations I'm using are based on Steve
Nison's book.)
Warmly,
Brian Voiles
Here's my code:
Inputs: Tolernce(5), Length(5), Tail(2);
Variables: String1(""), TextLoc(0), String2(""), String3("");
If DataCompression = 0 and BarInterval <= 5 Then
Commentary("This indicator must be applied to a bar interval larger than 5
ticks.")
Else
If DataCompression = 5 Then
Commentary("This indicator can not be applied to Point and Figure charts. ")
Else Begin
String1 = "";
String2 = "";
Condition2 = false;
If Doji(tolernce) Then Begin
String1 = "DJ";
String3 = "DOJI suggests the trend is stalling -- a reversal is unlikely
without "+"confirmation from the upcoming candles" "+"however, congestion
and churning are more likely";
Condition2 = True;
End;
If Hammer(Length, tail) Then Begin
String1 = "HA";
String3 = "Hammers are bullish when they occur near the low of any run
down. The real "+"body color does not matter. Remember, ideally the long
shadow should be twice "+"the height of the real body, and it should have
no, or a very short, upper "+"shadow. Be sure and watch the next candle
for confirmation... A Hammer "+"doesn't mean that prices will reverse... it
merely implies that the prior "+"trend should end -- and the market is
likely to go into a consolidation and "+"congestion.";
Condition2 = True;
End;
If HangingMan(Length, tail) Then Begin
String1 = "HM";
String3 = "Hanging Man patterns are bearish when they occur near the
high of any run "+"up. The real body color does not matter. However, the
smaller the real body, "+"the more meaningful the bearish hanging man is.
Remember, ideally the long "+"shadow should be twice the height of the real
body, and it should have no, or "+"a very short, upper shadow. Be sure and
watch the next candle for "+"confirmation... A Hanging Man doesn't mean
that prices will reverse... it "+"merely implies that the prior trend may
end -- and the market is likely to go "+"into a consolidation or congestion
"+"phase. IMPORTANT--The greater the down gap between the real body of the
"+"Hanging-Man bar and the opening of the next bar, the more likely the
"+"hanging man will be a top! Another bearish verification could be a red
real "+"body bar with a lower close than the hanging-man's close.";
Condition2 = True;
End;
If ShootingStar(Tail) Then Begin
String1 = "SS";
String3 = "A Shooting Star is a 2-bar pattern that sends a warning of a
potential TOP if "+"it occurs in any up-trend. It is not as major of a
reversal signal as is the "+"Evening Star. The Shooting Star has a small
real body at the lower end of its "+"range, with a long upper shadow. (The
color of the body is not important). "+"The ideal Shooting Star has a real
body which gaps away from the prior real "+"body... however, the gap is not
necessary.";
Condition2 = True;
End;
If BearishEngulfing(length) Then Begin
String1 = "BeE";
String3 = "Bearish Engulfing is a major reversal signal that occurs in a
clearly "+"definable up-trend. A doji or a blue (bullish) candle's real
body is engulfed "+"by a red candle's opposite movement. The red candle
must engulf the real body "+"of the prior bar, but doesn't need to engulf
the shadows. Factors that "+"increase the likelihood that the Bearish
Engulfing pattern indicates a strong "+"reversal are: 1) The prior red bar
has a very small real body, or is a doji"+" 2) The engulfing pattern
appears after a very fast move down, or after a very "+"slow, protracted
move. 3) There is heavy volume on the 2nd real body of the "+"pattern. 4)
The 2nd bar engulfs more than one real body.";
Condition2 = True;
End;
If BullishEngulfing(length) Then Begin
String1 = "BuE";
String3 = "Bullish Engulfing is a major reversal signal that occurs in a
clearly "+"definable downtrend. A doji or a red (bearish) candle's real
body is engulfed "+"by a blue candle's opposite movement. The blue candle
must engulf the real "+"body of the prior bar, but doesn't need to engulf
the shadows. Factors that "+"increase the likelihood that the Bullish
Engulfing pattern indicates a strong "+"reversal are: 1) The prior red bar
has a very small real body, or is a doji; "+"2) The engulfing pattern
appears after a very fast move down, or after a very "+"slow, protracted
move. 3) There is heavy volume on the 2nd real body of the "+"pattern. 4)
The 2nd bar engulfs more than one real body.";
Condition2 = True;
End;
If DarkCloud(length) Then Begin
String1 = "DC";
String3 = "Dark Cloud Cover is a 2-bar pattern that is a top reversal
after an uptrend, "+"or at times, at the top of a congestion area. The
1st bar of this 2-candle "+"pattern is a strong, blue real body. The 2nd
bars price opens above the prior "+"bar's high (above the top of the upper
shadow). However, by the close of the "+"2nd bar, the market closes near
the low of the day and well into the prior "+"day's blue body. The greater
the degree of penetration into the blue real "+"body, the more likely a top
will occur. PLEASE NOTE:If the 2nd bar opens "+"above a major resistance
area and then fails, it's a pretty sure sign that the "+"bulls are unable
to take control. Also, remember that a prior support level, "+"once
broken, easily can become a new resistance level... there will be many
"+"Dark Cloud Cover patterns coincided with resistance levels.";
Condition2 = True;
End;
If MorningStar(length) Then Begin
String1 = "MS";
String3 = "Morning Star is a bullish, bottom-reversal pattern when it
occurs in a clearly "+"definable down-trend. It's comprised of 3 bars… the
1st of which being a "+"tall, red real body followed by a small real body
of either color which gaps "+"lower. The 3rd bar is a blue real body that
moves well within the first bar's "+"red real body. This pattern is a
signal that the bulls have probably seized "+"control. Although more
significant after a down-trend, the Morning Star can "+"be an important
indicator at the bottom of a congestion band as long as other "+"technical
indicators confirm its bullishness. An ideal Morning Star should "+"have a
gap between the first and second real bodies, and then another gap
"+"between the second and third real bodies... however, this second gap is
rarely "+"seen and is unnecessary. The main thing to look for is how far
the 3rd "+"period's red real body intrudes into the first period's blue
real body. "+"The Evening Star pattern requires the low of real body 2 to
be above the high "+"of real body 1 to be a valid reversal signal. Three
factors that increase the "+"likelihood that a Morning Star could be a
reversal are: 1) If there's a gap "+"between the 1st candlestick's and
star's real bodies and then in the star's "+"and 3rd candlestick's real
bodies; 2) If the 3rd candlestick closes deeply "+"into the 1st
candlestick's real body; 3) If there is light volume on the 1st
"+"candlestick session and heavy volume on the 3rd candlestick session.
"+"(This shows a reduction of force for the prior trend and an increase in
the "+"force of the new trend.)";
Condition2 = True;
End;
If EveningStar(length) Then Begin
String1 = "ES";
String3 = "Evening Star is a bearish, top-reversal pattern when it
occurs in a clearly "+"definable up-trend. It's comprised of 3 bars… the
1st of which being a tall, "+"blue real body followed by a small real body
of either color which gaps "+"higher. The 3rd day is a red real body that
moves well into the first bar's "+"blue real body. This pattern is a
signal that the bears have probably seized "+"control. Although more
significant after an up-trend, the Evening Star can be "+"an important
indicator at the top of a congestion band as long as other "+"technical
indicators confirm it's bearishness. Ideally the Evening Star should
"+"have a gap between the first and second real bodies, and then another
gap "+"between the second and third real bodies... however, this second gap
is rarely "+"seen and is unnecessary. The main thing to look for is how
far the 3rd bar's "+"red real body intrudes into the first bar's blue real
body. The Evening Star "+"pattern requires that the low of real body 2 be
above the high of real body 1 "+"to be a valid reversal signal. Three
factors that increase the likelihood "+"that an Evening Star could be a
reversal are: 1) If there's a gap between the "+"1st candlestick's and
star's real bodies and then in the star's and 3rd "+"candlestick's real
bodies; 2) If the 3rd candlestick closes deeply into the "+"1st
candlestick's real body; 3) If there is light volume on the 1st
"+"candlestick session and heavy volume on the 3rd candlestick
session. (This "+"shows a reduction of force for the prior trend and an
increase in the force of "+"the new trend.)";
Condition2 = True;
End;
If CommentaryEnabled Then
String2 = ("DJ = Doji "+newline+"Ha = Hammer"+Newline+"HM =
HangingMan"+Newline+"SS = ShootingStar"+
Newline + "BeE= BearishEngulfing"+ Newline+ "BuE= BullishEngulfing"+
NewLine+ "DC = DarkCloud"+ Newline+
"MS = MorningStar"+ Newline+ "ES = EveningStar"+Newline+Newline);
If Condition2 Then Begin
String2 = String2 + String3;
Plot1(High, "CndlPH");
Plot2(Low, "CndlPL");
Value1 = Text_New(Date, Time, High, String1);
TextLoc = Text_SetStyle(Value1, 2, 1);
Value2 = Text_SetColor(Value1, Tool_Black);
End;
If AtCommentaryBar Then
Commentary(String2);
End;
Thanks for your kindness and helping hand.
Warmly,
Brian Voiles
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