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Reverse Candle Strategy
Source: https://fxcodebase.com/code/viewtopic.php?f=31&t=63223
Forum: 31 · Topic 63223 · 10 post(s)
Reverse Candle Strategy
Apprentice · Sun Mar 06, 2016 9:24 am
Based on request. viewtopic.php?f=27&t=61730
Short reverse candle
- current high is higher than previous high;
- current close is lower than current open= current close is lower than previous close;
- previous close is higher than previous open;
If these conditions are met, we have a short reverse candle. To trade these reverse candle, the price has to cross under the reverse candle`s low within the next period.
Stop loss should be set to the pipsize of the reverse candle (so distance between reverse candle high and low) . Long reverse candles are the opposite.
Re: Reverse Candle Strategy
Martin · Sun Mar 13, 2016 3:50 am
hey Apprentice,
many many thanks for your work, very well done.
I am currently testing it in demo mode and found two issues: The strategy sometimes starts to open 2 or 3 trades at the same time- see attachement and if a trade got opened and closed within one period and this period is still lasting, another trade is opened directly after the first one got closed. Would you please have a look?
I really appreciate your help. Thank you
Martin
Re: Reverse Candle Strategy
haveforexfun · Mon Mar 14, 2016 2:51 am
Hi Apprentice,
could you also create an MTF MCP Dashboard of these reverse candles (as separate view).
Short reverse candle
- current high is higher than previous high;
- current close is lower than current open= current close is lower than previous close;
- previous close is higher than previous open;
Long reverse candle
- current low is lower than previous low;
- current close is higher than current open= current close is higher than previous close;
- previous close is lower than previous open;
Thank you very much Haveforexfun
Re: Reverse Candle Strategy
Apprentice · Mon Mar 21, 2016 8:13 am
Requested can be found here. viewtopic.php?f=17&t=63267
Re: Reverse Candle Strategy
Martin · Sat Mar 26, 2016 2:13 am
hey Apprentice,
let’s say I want to trade a short reverse candle, not if the price is crossing under the reverse candle’s low, but is crossing under the reverse candle’s low minus 2 Pips, how could I implement that into the code:
elseif Source.high[period]> Source.high[period-1] and Source.close[period]< Source.open[period] and Source.close[period-1]> Source.open[period-1] and Source.close[period+1]< Source.low[period]
Thanks in advance Martin
Re: Reverse Candle Strategy
Martin · Fri Apr 01, 2016 8:43 am
Hey Apprentice,
any updates on that?
Thanks in advance
Martin
Re: Reverse Candle Strategy
Apprentice · Wed Apr 06, 2016 11:35 am
Code: Select all
if Source.low[period]< Source.low[period-1]
and Source.close[period]> Source.open[period]
and Source.close[period-1]< Source.open[period-1]
and Source.close[period+1]> (Source.high[period]+2*Source:pipSize())
then
-Long
elseif Source.high[period]> Source.high[period-1]
and Source.close[period]< Source.open[period]
and Source.close[period-1]> Source.open[period-1]
and (Source.close[period+1]< Source.low[period]-2*Source:pipSize())
then
--Short
end
Re: Reverse Candle Strategy
Martin · Wed Apr 13, 2016 2:56 pm
Hey Apprentice,
thanks a lot for your reply man, I really appreciate your help. The strategy is working pretty well that way, the only thing I would like to change is the following: If a trade was opened and closed within the same period, the strategy directly opens another trade as all conditions to do so are still met as we are still in [period+1]. How could I fix this? function tradescount??
Again many many thanks
Martin
Re: Reverse Candle Strategy
Apprentice · Wed Apr 20, 2016 4:38 am
Your request is added to the development list.
Re: Reverse Candle Strategy
Apprentice · Sun Jan 14, 2018 7:14 am
The strategy was revised and updated.