Registered User
Joined: 4/12/2010
Posts: 14
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Can you please help me with this formula? I I would like to find hanging men candlesticks that have their shadows twice as long or longer than their bodies and with at least 2x the normal volume. I appreciate your help, and thanks in advance.
Lee
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I'm not a candlestick guy (at all), but the Boolean PCFs for Candlestick Patterns topic has two formulas. Both appear to check for the bottom shadow being at least twice as long as the body.
Hanging Man:
((ABS(C >= O) * O) + (ABS(C < O) * C)) - L >= ABS(C - O) * 2 AND (((C + O) / 2) - L) > (H -((C + O) / 2)) * 2 AND ABS(C - O) > .01
Dragonfly Doji/Hanging Man:
ABS(C - O) <= (H - L) * .25 AND ((ABS(C <= O) * C) + (ABS(C > O) * O)) - L >= ABS(C - O) * 2 AND ((ABS(C <= O) * C) + (ABS(C > O) * O)) - L >= (H - L +.0001) * .75
You should be able to just add a Volume check to the end of either formula. If you define normal volume as the 20-Period Simple Moving Average of Volume then you would need to add something similar to the following:
AND V >= 2 * AVGV20
You may wish to review the following:
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
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