Rank: Newbie
Groups: Registered, Registered Users, Subscribers
Joined: 3/8/2010(UTC)
Posts: 3
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Hi
A newbie here, i was wondering if anyone can help me with a formula for a candle forming outside the bottom band of bollinger bands????? Have tried without success.
Many thanks
Mickyboy
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 10/26/2009(UTC)
Posts: 76
Location: Toronto, Canada
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Hi, here's the code for the indicator:
{NAME: Candle Bband}
pds:= Input("Periods for Moving Average",1,9999,20);
dev:= Input("Standard Deviations",1,10,2);
cs1:= Doji();
cs2:= BullHarami();
cs3:= Hammer();
cs4:= PiercingLine();
bb:= BBandBot(C,pds,S,dev);
If(bb>C AND (cs1 OR cs2 OR cs3 OR cs4),1,0)
If you want to make an exploration, create a new exploration and in the filter tab write:
FML("Candle Bband")=1
Just note that all of the cs variables refer to different candle patters. You can add more patterns of course in the same way I have done.Also, this formula specifies that the Close should be outside of the bottom but that does not mean the entire candle is outside. If you want the entire candle outside change the "bb>C" with "bb>H" but note that very few stocks will probably exhibit this criteria ever. I have set my option to scan 2500 periods and it works.
VT
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