Useful Candlestick Studies

Shinthus

Shinthus

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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).

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.

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!
 
Shinthus

Shinthus

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@Shinthus Thomas Bulkowski has a site that is an absolutely excellent. He backs his things up with stats. http://thepatternsite.com/CandleVisual.html
Anything and everything about candlesticks. Don't let this Rabbit Hole distract you from trading! It is an addicting educational site.
I actually read His first ed. Encyclopedia of Chart Patterns. Seemed a little outdated but a good read anyway.
 
markos

markos

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Warehouse
Hopefully his website has it updated. Who knows?? I like bars. There a good place to drink!
 
Shinthus

Shinthus

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VIP
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.
 
I

icmoflow

New member
@Shinthus

How do you find the Mobius Candle Trend candlesticks vs the Linus SuperComboBullBear , any feedback would be appreciated. Thanks
 
Y

ykd2018x

Member
VIP
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
 

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