Pre-Built Candlestick Pattern Formulas

We have included pre-built Japanese style candlestick pattern formulas in TC2000, these are constructed as True/False conditions and are built using parameters and functions. For more information about constructing functions please see this article

To access these conditions click on the EasyScan menu button

All of these functions have been tagged with the word "Candle", type "Candle" into the search box to see a list of these formulas

For more information on adding tags to formulas please see this article

All of these formulas can also be found in the Pre-Built condition tab

Click on the pattern you would like to check for and choose how you would like to apply it

In this example we will select Doji and then select edit, just to see how it is constructed

Each formula will have a description of the pattern followed by parameters that can be changed to effect the scan results

Parameters are assigned default values based on either the standard interpretation of the pattern or a value that would return a very generic version of the pattern. We encourage you to adjust these parameters to suit your definition of the pattern  

Here we will look at the patterns returned after changing the #Max and #Span parameters for the Doji pattern. (Candles are colored based on net change and fill is based on open vs close with down bars being filled)

A Doji candlestick, as defined by this formula, is formed over 1 or more bars (#Span) and has no body or a short body. Body is the range between open and close. The #Max parameter compares this to the range of the High and low and lets you define body as a Percentage of that range  

This first image is an example of the pattern returned by the default values:
Param #Max= 5     Param #Span= 1

In this example the body comprises 5 percent or less of the total candle length

This image is an example of the pattern returned after changing the Max value to 0:

Param #Max= 0     Param #Span= 1

Notice in this example that the Open equals the Close since we have specified a Max value of 0

This image is an example of the pattern returned after changing the Max value to 10:

Param #Max=10     Param #Span= 1

In this example the body comprises 10 percent or less of the total candle length

This image is an example of the pattern returned after changing the Span value to 2:

Param #Max=5     Param #Span= 2

Span can be a bit hard to conceptualize but in this case the body would be the difference between the open of the red candle (top of its body) and the close of the green candle (bottom of its body) the total candle length would be the difference between the high of the red candle and the low of the green candle. In this case the body to total candle length is less than 5 percent