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Registered User
Joined: 4/11/2010
Posts: 9
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Hi Bruce,
For checking statistics of certain intraday set ups, I would like to know if it is possible to create a condition which identifies a setup of 3-7 candlesticks (which all can be defined in shape)? Such condition will then be used with the Backscan in order to get the statistics.
Thanks,
Shai
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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It is generally going to be possible to create a Condition that will identify a Candlestick Pattern that is 3-7 Candlesticks long. That said, I cannot say for sure without having an unambiguous objective definition of your particular Candlestick Pattern(s).
It should probably be noted that there is already a fairly extensive library of Conditions available for Candlestick Patterns in the Web Library. Just select Add Indicator/Condition to Chart and choose the desired Candlestick Pattern. You can just start typing the name or scroll down to the Library Conditions section to browse through what is available.
-Bruce
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Registered User
Joined: 12/31/2005
Posts: 2,499
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also note that the candlestick patterns are relacode and you can borrow the code and edit them to better fit your taste.
Also note the the more bars in your pattern the fewer occurrances to track and the less statistically sound the results give the smaller sample size.
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Registered User
Joined: 4/11/2010
Posts: 9
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Agree with you but that exactly what makes those winners, statistacly.
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Registered User
Joined: 4/11/2010
Posts: 9
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I'll try to illustrate a simple set up in 5min candlesticks;
1) 3 down bars (each close lower than its open).
2) The following fourth bar has a tail from above of at least 50% of the entire bar range and a body that starts at least at the 49% and ends no more than 3 cents before the low of the bar.
3) the fifth bar starts at least in the close of the fourth bar and has a low below the low of the fourth bar.
What I want to backtest is the following scenario;
entering at bar 5 (below the low of bar 4) and exiting a certain amount of cents below entery price OR if in bars 5 and6 price was up more than 50% of bar 4, OR at bars7 or 8 at the entry
Shai
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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QUOTE (shai) 1) 3 down bars (each close lower than its open).
2) The following fourth bar has a tail from above of at least 50% of the entire bar range and a body that ...
3) the fifth bar ... has a low below the low of the fourth bar.
I'm glad you specified that a Down Bar has a Close lower than its Open as I normally consider a Down Bar to be a Bar with a negative Net Change.
If Price.Last(4) < Price.Open(4) AndAlso _
Price.Last(3) < Price.Open(3) AndAlso _
Price.Last(2) < Price.Open(2) AndAlso _
Price.High(1) - Math.Max(Price.Open(1), Price.Close(1)) >= _
.5 * (Price.High(1) - Price.Low(1)) AndAlso _
Price.Low < Price.Low(1) Then Pass
QUOTE (shai) 2) ...and a body that starts at least at the 49% and ends no more than 3 cents before the low of the bar.
3) ...the fifth bar starts at least in the close of the fourth bar...
These parts don't make any sense to me. More accurately, they have so many possible interpretations that their ambiguity makes them almost meaningless. I have my guesses, but I just have too many guesses to choose from.
QUOTE (shai) entering at bar 5 (below the low of bar 4)...
You can enter on the Open, High, Low, Close or midpoint of the current Bar by specifying an Entry 0 Bars from now.
QUOTE (shai) ...and exiting a certain amount of cents below entery price...
You can specify a Stop Loss as a Percent Change in the current version of BackScanner, but not as a Net Change.
QUOTE (shai) ...if in bars 5 and6 price was up more than 50% of bar 4...
You can specify a Profit Target of 50%, but there is no way to limit it to specific Bars in the current version of BackScanner.
QUOTE (shai) ...OR at bars7 or 8 at the entry
Exiting with a Trade Length greater than 7 Bars should do this.
-Bruce
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Registered User
Joined: 4/11/2010
Posts: 9
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thanks
shai
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 3/5/2008
Posts: 1
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I have backtested some candlestick patterns at:
http://blog.kilotrader.com/2010/05/summary-of-candlestick-backtesting.html
Check them out
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