Worden Trainer
Joined: 10/7/2004 Posts: 65,138
|
It is slightly counterintuitive, but what is generally meant by a long candle is that the body (and not the entire candle) is longer than usual when placed into the context of recent price action.
The following formula checks for the body to be more than 50% longer than the mean body size over the most recent 15 candles.
ABS(O - C) > 3 * AVG(ABS(O - C), 15) / 2
There is no universally accepted definition of long, but most of the candlestick formulas I write will be using this formula as the definition.
Boolean PCFs for Candlestick Patterns
-Bruce Personal Criteria Formulas TC2000 Support Articles
|