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Forums>AlgoWizard / EA Wizard>Application Support>help with conditions for price action

• #256395 |
Participant
12 Posts

Hello

I am new to using AlgoWizard.  Can you please help me with how I create the following conditions in the Full Wizard, relating to my “Bar(1) is either:…” candlestick patterns:

Short rule:

If H(1) > indicator value
AND
Bar(1) is either:
a) a bar with a body (difference between Close & Open) that is < 0.8 pips; OR
b) a Down-bar, with prior bar(2) being an Up-bar, AND with C(1) < C(2) to a minimum degree of 60% of distance between C(2) to O(2), ie. bar(1) body must engulf at least 60% of body of bar(2); OR
c) a Down-bar, with prior bar(2) being an Down-bar, AND with C(1) < C(2), ie. bar(1) must C < body of bar(2)
Then Entry at open (0)

ELSE
If H(2) > indicator value
AND
Bar(1) is either:
a) a bar with a body (difference between Close & Open) that is < 0.8 pips; OR
b) a Down-bar, with prior bar(2) being an Up-bar, AND with C(1) < C(2) to a minimum degree of 60% of distance between C(2) to O(2), ie. bar(1) body must engulf at least 60% of body of bar(2); OR
c) a Down-bar, with prior bar(2) being an Down-bar, AND with C(1) < C(2), ie. bar(1) must C < body of bar(2)
Then Entry at open (0)

Very grateful for any help

#256396
Participant
12 Posts

Just to clarify, the second “Bar(1) is either:…” section (after the ELSE If H(2) > indicator value) is exactly the same as the first. The only difference is the “If H(2) > indicator value” bit.

#256620
1827 Posts

Hello,

this seems not difficult but let me ask. Does the H stand for ‘High’? What is the indicator ‘indicator’ used?

#256624
Participant
12 Posts

Yes, H = High, C = Close, O = Open.  The indicator used is Bollinger Bands upper band; plus High[1] must be a new high of the current day so far (so I assume the way of expressing this is: High[1] > HighD[1])

:-)

#256729
1827 Posts

Hello,

find the example attached. Hope that helps

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#256754
Participant
12 Posts

Thanks Tomas

I am a little confused by the bit:

(0.6 * Abs((Close(Main chart)[2] – Open(Main chart)[2]))) > Abs((Close(Main chart)[1] – Open(Main chart)[1]))

Isn’t this saying: 60% of bar(2)’s body must be greater than the entire body of bar(1)?

I think I probably didn’t explain this well, when I said:

b) a Down-bar, with prior bar(2) being an Up-bar,

AND with C(1) < C(2) to a minimum degree of 60% of distance between C(2) to O(2), ie. bar(1) body must engulf at least 60% of body of bar(2);

I meant the following:

b) a Down-bar, with prior bar(2) being an Up-bar,

AND Bar(1) must close at a price that is at least 60% below Bar(2)’s close, measured from Bar(2)’s close to its open, ie. basically where bar(1) closes must cover at least 60% of the previous bar’s body.

Please see attached image.

Secondly, could you please tell me how to add a Vertical line signal?  (I can only see the option to add a “Draw Down Arrow” action).

Your help is greatly appreciated!

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#256894
Participant
12 Posts

Hello Tomas, are you able to help with this please?

#256944
1827 Posts

You are right, the comparison must be the opposite instead of used so the correct formula is

(0.6 * Abs((Close(Main chart)[2] – Open(Main chart)[2]))) < Abs((Close(Main chart)[1] – Open(Main chart)[1]))

meaning the current bar body (C – O) is larger than 60% of the previous bar body (C – O)

To add a vertical line on each trade entry add a new action – add a Custom action and set this as a command: “ObjectCreate(0, “v_line”+rand(), OBJ_VLINE, 0, TimeCurrent(), 0);

Let me know if any help needed

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