Useful Candlestick Studies

Shinthus

Active member
2019 Donor
Below are 2 candlestick painting indicators for your use.

You should always use multiple indicators and take/cut positions when they show confluence. However, for the purpose of understanding these candlestick studies, let's evaluate them by themselves, "naked," and without any help from moving averages, supertrend, or anything else you may use.

Please keep in mind: I am not proficient in coding/scripting yet so my understanding of how these were made is lacking. I only know how to analyze them purely from a trader's perspective.

You'll see the first picture has normal HeikenAshi candles to compare them to.

These are "MACD Candlesticks." They have MACD coded into them. I like them because they tend to alert me of a potential call/put buy (along with other indicators) pretty early and they usually keep me in a trend long enough to take nice profit. I actually got this from Boiler Room Trading's Facebook page (lul).
https://tos.mx/fuD3FW
These are Mobius's candle trend candlesticks. This is my go-to candlestick study as I find it to be even more accurate than the MACD candles I was using for quite some time. It is more accurate in identifying slightly longer trends which can make for some incredible profits. I got this from the ThinkScript Cloud site where many people post their indicators.
https://tos.mx/2ehpgv
You can interpret the source material yourself and come up with conclusions and rearrange some stuff. Someone who knows what they're doing usually takes the scripts I upload and tweaks them to add features, so be on the lookout for that!

And please make sure you don't use these to trade alone. These are best used in tandem with other indicators you trust as well as a well-defined risk management strategy (ie: stop loss at -25%). As always, be careful out there in the market jungle!
 
Hey everyone, I want to provide a crucial piece of info - Mobius's candlestick works best when you go into properties and set aggregation to 1 stage higher than you have on your chart. In other words, if you are using Daily agg, set the candles to a weekly agg for best results (in my opinion). 5m intraday looks best when setting the candle agg to 15m, and so on.
 
Hey everyone, I want to provide a crucial piece of info - Mobius's candlestick works best when you go into properties and set aggregation to 1 stage higher than you have on your chart. In other words, if you are using Daily agg, set the candles to a weekly agg for best results (in my opinion). 5m intraday looks best when setting the candle agg to 15m, and so on.
is it possible to request to make same indicator to work on TICK charts , range / renko charts also whereas properties can be set by a seperate option

i have been testing this candle stick pattern by past few days , its really good but it only works with time charts which i dont prefer to use in day trading at all ,

if its possible to develop same code for tick charts like you can use it on 100 tick charts and set the value in properties for 300 ticks


any ideas or our members able to update the main code

i have test the code works very well for day trading on 1 min time frame properties to be set 5 min

but i want to use is 144 ticks chart while properties to be set up 333 ticks

regadd
yogesh
 
Hey everyone, I want to provide a crucial piece of info - Mobius's candlestick works best when you go into properties and set aggregation to 1 stage higher than you have on your chart. In other words, if you are using Daily agg, set the candles to a weekly agg for best results (in my opinion). 5m intraday looks best when setting the candle agg to 15m, and so on.
Today I traded a 5 min. chart with the Mobius candles set to ten min. The candlesticks did work better, but with a BIG caveat. There were two times where I got a two bar color change during the 5 min. What I mean is both the current 5 min. bar AND the previous bar changed colors. I believe this is called a repaint. Just wanted to share.
 
@Shinthus I'm new here and this is my first input
If you want to avoid repainting use this script instead. nothing works better than the average true range ATR, it fluctuate and adjust according to volatility and price action. Here is the code
you can adjust the length according to your preferred time frame

Code:
input length = 21;
input price = close;
input ATRs=1;
input trueRangeAverageType = AverageType.WILDERS;
def flag;

def EMA = ExpAverage(close, length);

def shift1 = ATRs * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def neg = EMA - shift1;
def pos = EMA + shift1;
def TriggerBull= EMA > EMA[1] and close > pos;
def TriggerBear=EMA < EMA[1] and close < neg;
#-----------------------------------------------------------
def trigger;
if TriggerBull then
{
  trigger=1;
  flag = 1;
}
else if TriggerBear then
     {
      trigger=-1;
      flag = -1;
     }
  else
  {
    trigger=0;
    flag = flag[1];#preserves previous flag value
  }
#-----------------------------------------------------------

def bullish = trigger== 1 or (flag==1 and  EMA > EMA[1]) ;
def bearish = trigger == -1 or (flag==-1 and EMA < EMA[1]);

DefineGlobalColor("bullish", Color.green);
DefineGlobalColor("neutral", Color.BLUE);
DefineGlobalColor("bearish", Color.red);
AssignPriceColor( if bullish then GlobalColor("bullish" ) else if bearish then GlobalColor("bearish" ) else GlobalColor("neutral" ));
 
@Shinthus I'm new here and this is my first input
If you want to avoid repainting use this script instead. nothing works better than the average true range ATR, it fluctuate and adjust according to volatility and price action. Here is the code
you can adjust the length according to your preferred time frame

Code:
input length = 21;
input price = close;
input ATRs=1;
input trueRangeAverageType = AverageType.WILDERS;
def flag;

def EMA = ExpAverage(close, length);

def shift1 = ATRs * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def neg = EMA - shift1;
def pos = EMA + shift1;
def TriggerBull= EMA > EMA[1] and close > pos;
def TriggerBear=EMA < EMA[1] and close < neg;
#-----------------------------------------------------------
def trigger;
if TriggerBull then
{
  trigger=1;
  flag = 1;
}
else if TriggerBear then
     {
      trigger=-1;
      flag = -1;
     }
  else
  {
    trigger=0;
    flag = flag[1];#preserves previous flag value
  }
#-----------------------------------------------------------

def bullish = trigger== 1 or (flag==1 and  EMA > EMA[1]) ;
def bearish = trigger == -1 or (flag==-1 and EMA < EMA[1]);

DefineGlobalColor("bullish", Color.green);
DefineGlobalColor("neutral", Color.BLUE);
DefineGlobalColor("bearish", Color.red);
AssignPriceColor( if bullish then GlobalColor("bullish" ) else if bearish then GlobalColor("bearish" ) else GlobalColor("neutral" ));

@Moose Yep, I am always on the lookout for range expansion beyond the ATR
Here's a real simple scan for whenever the range EXCEEDS the ATR

def range = high - low;
def atr = atr();
plot scan = range > atr;
 
@ykd2018x Since agg uses time periods I do not see how to get the Mobius study to work as written.
I removed the agg. It will plot for whatever your tick period is,

Code:
# Higher Aggregation Candle Color

# Mobius

# V01.04.2011

# Aggregation removed for tick_ charts by horsrider 11/23/2019

input TrendPeriods = 6;

def o = open;

def h = high;

def l = low;

def c = close;

def hh = highest(h, trendPeriods);

def ll = lowest(l, trendPeriods);

def trend = if ((c - ll) / (hh - ll)) > .5 

            then 1

            else 0;

AssignPriceColor(if trend then color.green else color.red);

# End Code
 
is it possible to request to make same indicator to work on TICK charts , range / renko charts also whereas properties can be set by a seperate option

i have been testing this candle stick pattern by past few days , its really good but it only works with time charts which i dont prefer to use in day trading at all ,

if its possible to develop same code for tick charts like you can use it on 100 tick charts and set the value in properties for 300 ticks


any ideas or our members able to update the main code

i have test the code works very well for day trading on 1 min time frame properties to be set 5 min

but i want to use is 144 ticks chart while properties to be set up 333 ticks

regadd
yogesh

Folks,

please note that there is no secondary aggregation on TICKS

@ykd2018x Since agg uses time periods I do not see how to get the Mobius study to work as written.
I removed the agg. It will plot for whatever your tick period is,

Code:
# Higher Aggregation Candle Color

# Mobius
# V01.04.2011

# Aggregation removed for tick_ charts by horsrider 11/23/2019

input TrendPeriods = 6;

def o = open;
def h = high;
def l = low;
def c = close;
def hh = highest(h, trendPeriods);
def ll = lowest(l, trendPeriods);
def trend = if ((c - ll) / (hh - ll)) > .5
            then 1
            else 0;
AssignPriceColor(if trend then color.green else color.red);
# End Code

This is exactly right, and why it works as modified by Horse
 
Hopefully his website has it updated. Who knows?? I like bars. There a good place to drink!
Hi Markos, wanted to see if you could help me with what I'm hoping is a super simple indicator. Just looking for the ability to call out candles (either green or red) that are greater than or equal to 3pts with an arrow. Most of what I'm finding is some type of relative indicator or average. Let me know if you can help. Much appreciated, thanks!
 
Hey, a little late to the game, but seeing the power of ATR script. Thank you.
I tweaked Mobius (i think) the formula to use volume average and wondering if anyone has considered/tested volume weighted MACD and its comparison to regular macd?

input fastLength = 8;
input slowLength = 21;
input MACDLength =8;

def Value;
def Avg;

Value = Sum(volume * close, fastLength) / Sum(volume, fastLength) - Sum(volume * close, slowLength) / Sum(volume, slowLength);
Avg = ExpAverage(Value, MACDLength);

def Diff = Value - Avg;

AssignPriceColor(if Diff > 0 then Color.Green else if Diff < 0 then color.red else color.blue);
 
Last edited:

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