How can I use iOpen(), iClose(), iLow() and iHigh() to find these pinbars? - mql4

Question

I want to find the pinbars circled in the attached image below. For the one on the right, the body is about 1/5th of the candle size and for the one on the left, let's say the body is 1/7th the size candle size and it also has a wick of 1/7th the candle size at the bottom. How can I use the iOpen(), iLow() and other similar functions to find these two types of pinbars?

Answer 1

Q : How can I use the iOpen(), iLow() and other similar functions to find these two types of pinbars?
May use a working template like this WasThisTheUserDefinedBearishPATTERN() function and having defined all your user-specific conditions and constants, just call if ( WasThisTheUserDefinedBearishPATTERN( aShift, 4.5, 0.1, 2000 ) ) { do_something(); } when using it for trading:
bool WasThisTheUserDefinedBearishPATTERN( const int aBarNUMBER,
const double aBody2uWICK_MUL,
const double min_FRACTION,
const double MAX_FRACTION
) {
// BAR-UPPER-wick:
double aBarUpWK = ( iHigh( _Symbol, PERIOD_CURRENT, aBarNUMBER )
- iClose( _Symbol, PERIOD_CURRENT, aBarNUMBER )
);
// BAR-body:
double aBarBODY = ( iClose( _Symbol, PERIOD_CURRENT, aBarNUMBER )
- iOpen( _Symbol, PERIOD_CURRENT, aBarNUMBER )
);
// BAR-LOWER-wick:
double aBarLoWK = ( iLow( _Symbol, PERIOD_CURRENT, aBarNUMBER )
- iClose( _Symbol, PERIOD_CURRENT, aBarNUMBER )
);
// FLAG:
bool aBearishFLAG = FALSE;
// -----------------------------------------------------------------
// USER-DEFINE-ABLE SET OF SHAPE-CONDITIONS ..... = add all that apply
// BEARISH BODY:
// has body
// has body BEARISH
// has body not more than about a lo-wick size * < min_FRACTION, MAX_FRACTION >
// has body not less than about a hi-wick size * _MUL
// -------------
if ( aBarBODY >= 0 // not BEARISH
|| aBarUpWK < aBarBODY * aBody2uWICK_MUL // not long enough UpperWICK
){
aBearishFLAG = FALSE; // (NO)
}
else { if ( aBarBODY < 0 // has BEARISH CANDLE
&& ( aBarLoWK == 0 // and may LO-WICK ZERO
|| ( aBarLoWk / aBarBODY > min_FRACTION // .GT. min-WICK-2-BODY-FRACTION
&& aBarLoWk / aBarBODY < MAX_FRACTION // .LT. MAX-WICK-2-BODY-FRACTION
)
)
){ aBearishFLAG = TRUE; } // (YES)
else { aBearishFLAG = FALSE; } // ( NO) OTHERWISE
}
return( aBearishFLAG );
}
Ex-post :
I did WasThisTheUserDefinedBearishPATTERN( aShift, 1, 1/6, 2/6 ) and was expecting it to result in something...
Besides the comment below, kindly also respect The Rules of the World of MQL4 language:
Print( "DIV( 1 / 7 ) == ", 1 / 7 ); // will show you The Rules
Print( "DIV( 1. / 7. ) == ", 1. / 7. ); // will show you The Rules

Answer 2

So the way I would approach this is as follows:
1) What are the characteristics of each candle I am trying to define?
a) Down or up (I prefer 1 or -1)
b) Large rejection tail relative to the body
c) Large rejection tail relative to the non-rejection tail
d) Small body relative to the rejection tail
2) How do we code this in MQL4 using predefined functions?
Let's first make a few assumptions...
First, you are wanting to define these candles in real-time so you can execute when they form.
Second, let's go off the M30 for any given Symbol().
The below function (not tested) will return a 1 when there is a buy signal, and a -1 for a sell signal, and 0 if no signal. You will need to adjust the extern variables accordingly as this is more of a science than a "one-size-fits-all". Also, you might need to use IsNewBar.
//the values below should sum to 100
extern int RTail_To_Range_Ratio = 80; //rejection tail ratio to range of candle
extern int Body_To_Range_Ratio = 10; //body size ratio to range of candle
extern int NRTail_To_Range_Ratio = 10; //non-rejection tail ratio to range of candle
int Signal()
{
//candle information
double dOpen = iOpen(Symbol(),PERIOD_M30,0);
double dHigh = iHigh(Symbol(),PERIOD_M30,0);
double dLow = iLow(Symbol(),PERIOD_M30,0);
double dClose = iClose(Symbol(),PERIOD_M30,0);
double dBody = MathAbs(dOpen - dClose);
double dRange = dHigh - dLow;
double dRTail = 0, dTail = 0;
//green candle
if(dClose > dOPen){
dRTail = dOPen - dLow;
dTail = dHigh - dClose;
//now check ratios
if((dTail / dRange) <= (NRTail_To_Range_Ratio / 100) && (dBody / dRange) <= (Body_To_Range_Ratio / 100) && (dRTail / dRange) >= (RTail_To_Range_Ratio / 100)){
return 1;
}
}
//red candle
else{
dRTail = dHigh - dOpen;
dTail = dClose - dLow;
//now check ratios
if((dTail / dRange) <= (NRTail_To_Range_Ratio / 100) && (dBody / dRange) <= (Body_To_Range_Ratio / 100) && (dRTail / dRange) >= (RTail_To_Range_Ratio / 100)){
return -1;
}
}
return 0;
}
Let me know if this solves your problem #SuperHueman.