Discussion of article "How to use MQL5 to detect candlesticks patterns"

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New article How to use MQL5 to detect candlesticks patterns has been published:

Candlesticks are a very helpful technical tool if we use them correctly, as we can find a potential movement based on their patterns. Candlesticks can form specific patterns on the chart and these patterns can be divided into two types single-candle patterns and blended candle patterns (more than one candle). In this article, we will learn how we can use MQL5 to detect some of these patterns automatically in the MetaTrader 5 trading terminal
  • Piercing Line Pattern:

It is a bullish candlestick and consists of two candles also as the first candle is bearish and followed by a bullish one with lower open than the bearish one then moves up and closes above the midpoint of the first bearish candle. The following figure is for a graph that describes it:

Piercing Line

It indicates that the buyer becomes stronger and controls the market after the control from the seller. So, it refers to a shift from selling to buying power as the buyer was able to push the price above the midpoint of the previous bearish candle although there was a gap when opening.

Author: Mohamed Abdelmaaboud

 
I am new trading. How do I install these? Thank you!
 
Bethany Achieng #:
I am new trading. How do I install these? Thank you!

Thanks for your comment. These mq5 files are source code files and after compiling them in your MQL5 IDE, you will find them in your terminal of MetaTrader 5 then you can attach them to your chart.

 

Mohamed,

Thank you for sharing  your candlesticks pattern system. Is it possible to compile all candlesticks pattern into a single mql file? I am new to coding MT5. Can you guide me how to do it? Thanks again!   

 
Tradermojocom #:

Mohamed,

Thank you for sharing  your candlesticks pattern system. Is it possible to compile all candlesticks pattern into a single mql file? I am new to coding MT5. Can you guide me how to do it? Thanks again!   

Thanks for your comment. Yes, you can do that.

 
Very helpful
 
Cyril Bassey #:
Very helpful

Thanks for your comment.

 
Thanks for the insight, Very good post.
I was wondering regarding detecting Engulfing candlesticks, you have used the condition
if(close>open2&&open<close2)
for Bullish Engulfing and condition 
if(close<open2&&open>close2)
for Bearish engulfing. There condition that is true only when there is a gap. I mean how often does the gap occur? I was expecting use code it like this
if(close>open2&&open<=close2)
for Bullish Engulfing and condition
if(close<open2&&open>=close2)
for Bearish Engulfing. Because under the normal conditions the Open price of Bar 1 and Close price of Bar 2 is exactly the same. You code will detect the Engulfing pattern only when there is a market price gap. 
So my question is, do you think the pattern became invalid when the close and open prices of Bar 2 and Bar 1 is not the same.
 
Good Article. Its very helpful for understand how to create object pattern in mql5.
 

Good stuff. thanks a lot . 

What is the condition for both bullish and bearish Marubozu 

 
Sylvanus Phillips #:
What is the condition for both bullish and bearish Marubozu 

Something like this:


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