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Japanese Candlesticks

Developed by Yuriy Tokman

The Japanese candlesticks Technical Indicator shows different candlestick patterns using codes of colors and figures. It represents where the candlestick will go after opening.


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(4.27KB) Version Japan

Expert Reviewed
Our rating: Rated 3 out of 5 stars
Avg rating: Rated 1 out of 5 stars
TypeTI
PairsALL
Time frames ALL
Test profit -1
Test max drawdown -1
Market sessionsASIA, AMERICA, EUROPE
Required experiencebeginner
CompatibilityMT4
CodeSource Code
Details
LicenseFree
Price0 USD
Price description

Updated: 04/10/2010

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Expert Reviews

Expert Technical Review

by Mario Nuonno - expert rating: Rated 4 out of 5 stars

How the software works

    This indicator designates the following combination of candlesticks:

1. "hammer" or "hanged man", the code of the symbol is 108, the color is DimGray.
2. "bullish engulfing", the code of the symbol is 110, the color is Red. It designates the bullish trend.
3. "bearish engulfing", the code of the symbol is 110, the color is Lime. It designates the bearish trend.
4. "dark-cloud cover", the code of the symbol is 116, the color is Lime. It designates the bearish trend.
5. "cloud gap", the code of the symbol is 116, the color is Red. It designates the bullish trend.
6. "doji", the code of the symbol is 174, the color is Indigo. It is used coupled with the other combinations.

For convenience you can point the cursor on a symbol and wait a few of seconds, the pop-up window containing the name of the object will appear, which also contains the description of the candlesticks combination.

Main settable options

The configurable options of this indicator are:
barsToProcess=1000 Number of bar to be processed in the past of the chart.

Our Technical Verdict

A very good way to train yourself in the art of how to recognize candles patterns.

Expert Usage Review

by Valeria Bednarik - expert rating: Rated 2 out of 5 stars

This is just a practical and a visual technical accessory that helps to identify candlestick formations, or simple patterns: it gives different symbols for a limited number of them, most of them reversal ones, such as hammer, hanging men or engulfing.

It does not give much more information than that, so we need to know exactly what each named candle means to understand the probable effect this particular one will have in the upcoming direction of the pair under study. If you are not familiar with candlesticks, then it has not much use for you; on contrary, if you are familiar with them, this indicator will save you time and effort as they automatically pop up giving you the advice.

Keep in mind that trading with candlesticks is reliable in bigger time frames, such as daily or weekly charts: the smaller the time frame, the less reliable is the formation. Candlesticks could also form patterns, mostly combining several ones that could be useful for trading in 4 hours and even 1 hour chart. However, this indicator does not identify those ones.
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User Comments Japanese Candlesticks

Follow comments  

Really usefull

rated Rated 0 out of 5 stars by forexbrain, 17 Oct 2012    Useful? 0 0

rated Rated 0 out of 5 stars by iranforex2007, 09 Apr 2012    Useful? 0 0

really helpful, thanks,...:)

rated Rated 4 out of 5 stars by richie02, 30 Dec 2010    Useful? 0 0

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