| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 5/29/2006
Posts: 5
|
I have attempted to find PCF's for either a Dragon or Springboard candlestick patterns and can't seem to locate any...could you help out?
Thanks,
Steve
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
I'm not a candlestick guy... at all. I did some internet searches and was unable to find objective descriptions of either a Dragon Candlestick Pattern or a Springboard Candlestick Pattern. If you provide an objective description, it might be possible to create a Personal Criteria Formula.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
Registered User
Joined: 5/29/2006
Posts: 5
|
Bruce - Thanks for looking. These are terms used by Technitrader.
A Dragon pattern is a strong buy or hold signal. In order to be a true Dragon and not a doji pattern, the tail must be three times the length of the body. Looking at the examples given, it appears to be a Doji with a tail at least 3X the length of the body.
The Springboard is another strong buy signal. It is a short white candle closing above several days of consolidation.
I know this sounds subjective, however you may be able to make some suggestions?
Thanks,
Steve
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
Well, let's start with the Dragon Candlestick Pattern as it seems fairly well defined to my non-candlestick mind:
H > L AND H - L >= 4 * ABS(C - O)
As for the Springboard Candlestick Pattern, we know the most recent bar is white:
C > O
I'm not sure how to define Short, but let's say that means the body is less than half the size of the entire candle:
C - O < (H - L) / 2
Next, we have "several days of consolidation" (3?). That's pretty subjective in my mind. One thought is to take the ratio of the average range (AVGH3.1 - AVGL3.1) to the total range (MAXH3.1 - MINL3.1). The closer this is to one, the closer we are to a consolidation pattern (the .8 can be adjusted):
(AVGH3.1 - AVGL3.1) / (MAXH3.1 - MINL3.1) > .8
We also know the most recent Candle closes above the consolidation Candles:
C > MAXH3.1
I'm sure there are a lot better ways to define this, but the resulting formula is:
C > O AND C - O < (H - L) / 2 AND (AVGH3.1 - AVGL3.1) / (MAXH3.1 - MINL3.1) > .8 AND C > MAXH3.1
You may wish to review the following:
Boolean PCFs for Candlestick Patterns
How to create a Personal Criteria Forumula (PCF)
PCF Formula Descriptions
Handy PCF example formulas to help you learn the syntax of PCFs!
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
Registered User
Joined: 5/29/2006
Posts: 5
|
Bruce - Thanks, this is a great start.
Steve
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
You're welcome.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
|
Guest-1 |