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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
    tomas262
    Administrator
    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

    Thanks for replying.

    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
    tomas262
    Administrator
    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
    tomas262
    Administrator
    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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