How do I create a Doji candle alert

Discussion in 'Ask A Question' started by Customer Questions, Jun 11, 2013.

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  1. Customer Questions

    Customer Questions John @ timetotrade

    How do I launch a notification that will tell me when a candle has an OPEN price that roughly equals the CLOSING price (more or less than 5 pips say). This is more widely known as a doji in the trade.
     

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  2. Customer Care

    Customer Care John @ timetotrade

    There is now an extensive range of Candlestick indicators pre-built that will detect a variety of candlestick patterns including a range of Doji. See comments below.

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    To begin you can create an indicator which will look at the difference between the Open and the Close price. To do so, in the chart settings click on the 'Add Indicator' and search for 'Subtract' as illustrated:
    Subtract_indicator.png

    In the Subtract function set Value 1' to the 'CLOSE' price and Value 2 to the 'OPEN' price, then name the indicator and set the colour as illustrated:

    Subtract_body.png

    For a bullish doji the newly created indicator will have a value of greater than zero and for a bearish doji candle the indicator will have a value of less than zero. If you only want a positive number for the doji body height, then create a new indicator, however firstly search for 'Absolute', then for the Absolute function source data use the Subtract function and continue as per the above example.

    For convenience a range of related indicators that show the height of the candle body, head and tail have been created and can be imported via the chart settings using the following code: 2C6A-664F-6BC3 Delete the indicators you don't want.

    When you have added your indicators, alerts can now be quickly created. Using the 'Absolute Body' indicator, click on one of the chart triggers as per the following screen shot:

    doji_price_alert_1.png

    Then edit the alert trigger such that the Absolute Body height should be less than 5 pips (i.e. 0.0005 on none JPY markets and 0.05 on JPY markets) as per the following screen shot:

    doji_price_alert_2.png

    To extend the Doji alert to for example cover a Hammer candle that has a long tail, then use the Tail indicator in the shared indicators above and add a secondary rule to the alert. Using the shared indicators rules can be set up for the Head, Body and Tail size for a selected candle type.
     
    Last edited by a moderator: Mar 24, 2015

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  3. Dary

    Dary Dary McGovern Staff Member

    Added a set of indicators, which I thought I had already added, that calculates the Candle Head Tail Body length for creating candle stick alerts. Also includes indicators that compare the high to the previous high plus the low to the previous low to provide examples on how to compare values to previous candles. See: http://forum.timetotrade.eu/threads/custom-indicators.183/#post-1031
     
    Last edited: Mar 6, 2014

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  4. Dary

    Dary Dary McGovern Staff Member

  5. Customer Care

    Customer Care John @ timetotrade

    A help video on how to create Doji candlestick alerts and backtest Doji trading strategies:

     

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