Master Candle Indicator

draco76x · 2016-09-23T02:56:22+00:00

Hi, The Custom indicator that I would want to create will be called “Master Candle”, similiar to Bill Williams Fractals indicator: http://www.prorealcode.com/prorealtime-indicators/bill-williams-fractals/ Criteria for the Master Candle: 1. Scan through all the candles in the chart to look for “Master Candle” (history & current which is forming) 2. “Master Candle”‘s criteria will “contain” at least 4 candles or more without breaking the “High” & “Low” in order to be valid “Master Candle” 3. Candles that “contain” within can be set by user, default will be 4 candles 4. All valid “Master Bar” will be appeared in history so that can do backtest & Automatic Trading later I’ve attached the picture for your reference so that you can visual on this indicator that I’m referring. Not sure is anyone here is able to help.

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10/22/2016 at 2:40 PM #15316 quote

mmichael
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Average

Hello Nicolas,

I noticed those “extra” dots are frequent and it will be nice to fix that issue. Is is possible to add the reset of bullish/bearish to zero when the first break out is made to have cleaner result?

10/23/2016 at 4:36 AM #15339 quote

mmichael
Participant

Average

Hi Nicolas,

As concrete example, I attached the graph of eur/usd on 29 January 2016. you can see that there are 5 dots which do not correspond to any break out. I think it is better to not see them…

Do you have a code suggestion to fix these not relevant dots? I do not know how to do the variable reset you mentioned…

One other remark, I am very happy with the V10.3 and I think the visual representation can be better using drawrectangle and drawarrow functions.

Many thanks.

issue-eur-usd-29-janv.jpg

10/23/2016 at 4:54 AM #15342 quote
mmichael
Participant

Average
I found the correction myself. here is it:
```
// replace this part of the code

if count=candlescount then
patternbar = barindex
goodhh = hh
goodll = ll
else
bearish = 0
bullish = 0
endif
```
10/23/2016 at 1:07 PM #15362 quote

Nicolas
Keymaster

Legend

Many thanks mmichael, you saved me some times. Would you mind upload here the final version of the indicator? Thanks, have a nice Sunday!

10/23/2016 at 4:31 PM #15372 quote
mmichael
Participant

Average
Hello,

You are welcome Nicolas. Here is the complete final code I have:

PS.: the next step would be to bring some visual enhancements using the 10.3 functionnalities (drawline / drawrectangle)… But I am beginner, so if someone can help to do that enhancementit would be nice.
```
candlescount = 4

count = 0
for i = candlescount+1 downto 1 do
if i = candlescount+1 then
hh = high[i]
ll = low[i]
elsif i<candlescount+1 and high[i]<hh and low[i]>ll then
count=count+1
endif
next

if count=candlescount then
patternbar = barindex
goodhh = hh
goodll = ll
else //fix 23/10/2016 extra dots fix
bearish = 0
bullish = 0
endif

if barindex-patternbar<=3 then
bearish = 0
bullish = 0
if close crosses over goodhh then
bullish = low-3*pipsize
bearish = 0
color = 1
endif
if close crosses under goodll then
bearish = high+3*pipsize
bullish = 0
color = -1
endif
endif

return goodhh as "top", goodll as "bottom", bullish coloured by color as "bullish signals", bearish coloured by color as "bearish signals"
```
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