Script to detect candle patterns

[prosper4all]

Hello everyone,

 

I am interested in writing some code to detect candle patterns. I guess this could be easily done by running a loop on all the candles in the chart and checking the values of the current candle (high, low, open, close). Let's say we want to detect a "hammer", we could say that the real body of the candle has to have a certain wick size, etc.

 

My main goal is to detect reversals based on candle patterns. But it would be nice to develop an open source EA so that everyone can take advantage of candle patterns as another confirmation to get into the market or not. If there are any experts on the matter please write your response here.

 

Thank you

[Sixer]

prosper4all,

 

why do you want to develop the bicycle again ?

You can find this for a lot of platforms (Tradestation, MetaStock etc.) solved already. Just do a google search.

Or look here:

 

http://www.dojispace.com/Tutorial/BullishEngulfing.aspx

 

Sixer

[prosper4all]

Hello Sixer,

 

I want to reinvent the wheel because not everything shown on Google is good. In fact, most of it is poorly developed. I already have candle pattern indicators, but not the source code. Yes, it could be decompiled but it would be better just to make readable code and know how it really works. This would allow a programmer to integrate reliable candle pattern code much easier into a new EA. Self proclaimed expert Steve Nison claims most candle pattern recognition software out there is not accurate. I agree with that train of thought. My goal is to integrate such code into my future EAs as another indicator to confirm trade setups. I guess I will end up doing this myself.

 

Regards