Custom Pattern Detector
This indicator allows you to define your own patterns, not only widespread and used by all candlestick patterns, such as candles Doji. As soon as you show the indicator, what pattern you are looking for, he immediately will pass on all previous and future of bars your graph will show the selected model, and gather statistics. This statistic includes the percentage of bullish and bearish candles which are suitable for the selected model. Thus, the user will have a statistical advantage in determining the type of the next bar and, as a consequence, when trading.
The use of the indicator:
- As a complement to the existing trading system. For example, to buy only if the bullish percentage above 50%.
- It can be used when trading binary options, since the end of the candle is known in advance.
- Use it for your own statistical analysis or accounting. For example, if you want to write your own adviser using certain reliable model.
- Shift – This parameter is used to set the indicator chart area to search for the pattern. It is a shift from the current open candle, on which the pattern ends. Or, in other words, how many candles ago shifted to the beginning of the pattern, if you go on the schedule right.
- Date_Time – means the same thing as setting “Shift”, but this value can be set via MT4 variable date / time. For example, if you build a vertical line on the chart, the bottom line you will see the date and time. This option uses the same format. For example, you can specify “2014.04.22 8:30” or another date in this format. Use the format in this form without any additional characters or spaces.
Note: Use either “Shift” or “Date_Time”. There are no other ways to tell the indicator where to start calculations on the chart. However, there is no need to use both. Use only one method.
- Num_Candles – this parameter is used for the message indicator on the settlement duration in the amount of spark after the starting point of the pattern. If you use a value of 3, which means that the template you want to use, lasts three candles. The parameter must be set greater than 0.
- Max_Upper_Tail_Deviation, MaxBody_Deviation, Max_Lower_Tail_Deviation – These variables control the maximum permissible deviation in the search of past and future patterns. The parameters are specified as a percentage, rather than points. A value of zero disables parameter. Values greater than 0 indicate the accuracy of the indicator in determining patterns. The higher the value of each parameter, the greater the tolerance.
For example, assume that the pattern is in your candle with upper shadow is 100 points, and the parameter ‘Max_Upper_Tail_Deviation’ is 50. In your case tolerance upper shadow (shadow) 50% greater / less than 100 points. And if the shadow is 50 points up to 150 points, such candle can continue to be used because it has a tolerance. You can also set the values of all three parameters to 0. This means that you take into account only the type of spark formation, excluding the number of pips in the body and shadow. Suppose your pattern consists of 7 candles: bull, bear, bear, bear, bull, bull, bull. If in any place of the chart there is a sequence of seven candles, a sequence will be seen as a coincidence with the pattern and will be included in the statistics.
- Color – the color boxes drawn by the indicator.
- Width – width of the box drawn by the indicator. Set a value greater than 0.
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