THE JOY OF CANDLESTICK TRADING - Part 2

[husky_1]

Here is the mt4 code for the "double starc", one indicator with both sets of lines. You can change the colors if you like, but to keep it in the spirit of Tymen, they are pink here. .

//+------------------------------------------------------------------+
//| originally                                                        |
//|STARCBands.mq4                                                     |
//| Copyright © 2005, scorpion@fxfisherman.com                       |
//| http://www.fxfisherman.com/                                      |
//| Updated by Husky to have 2 sets of bands for the Tymen Method    |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, scorpion@fxfisherman.com"
#property link "http://www.fxfisherman.com/"

#property indicator_chart_window
#property indicator_buffers 8

//---- indicator parameters
extern int MA_Period=6;
extern int ATR_Period=15;
extern double KATR=1;
extern double MKATR =0.45;
extern int Shift=1;
extern color UpperColor=Pink;
extern color MUpperColor=Pink;
extern color MiddleColor=Pink;
extern color MLowerColor=Pink;
extern color LowerColor=Pink;
//---- buffers
double MovingBuffer[];
double UpperBuffer[];
double LowerBuffer[];
double MUpperBuffer[];
double MLowerBuffer[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
  //---- indicators
  SetIndexStyle(0,DRAW_LINE,0,2,MiddleColor);
  SetIndexBuffer(0,MovingBuffer);
 SetIndexStyle(1,DRAW_LINE,0,2,UpperColor);
 SetIndexBuffer(1,UpperBuffer);
  SetIndexStyle(2,DRAW_LINE,0,2,LowerColor);
 SetIndexBuffer(2,LowerBuffer);
    SetIndexStyle(3,DRAW_LINE,0,1,MUpperColor);
  SetIndexBuffer(3,MUpperBuffer);
  SetIndexStyle(4,DRAW_LINE,0,1,MLowerColor);
  SetIndexBuffer(4,MLowerBuffer);
  
  //----
  SetIndexDrawBegin(0,MA_Period+Shift);
  SetIndexDrawBegin(1,ATR_Period+Shift);
  SetIndexDrawBegin(2,ATR_Period+Shift);
  SetIndexDrawBegin(3,ATR_Period+Shift);
  SetIndexDrawBegin(4,ATR_Period+Shift);
  //----
  return(0);
}

//+------------------------------------------------------------------+
//| Bollinger Bands |
//+------------------------------------------------------------------+
int start()
{
  int i,k,counted_bars=IndicatorCounted();
  
  //----
  if(Bars<=MA_Period) return(0);
  
  //---- initial zero
  if(counted_bars<1)
  for(i=1;i<=MA_Period;i++)
  {
    MovingBuffer[Bars-i]=EMPTY_VALUE;
    UpperBuffer[Bars-i]=EMPTY_VALUE;
    LowerBuffer[Bars-i]=EMPTY_VALUE;
    MUpperBuffer[Bars-i]=EMPTY_VALUE;
    MLowerBuffer[Bars-i]=EMPTY_VALUE;

  }
  
  //----
  int limit=Bars-counted_bars;
  if(counted_bars>0) limit++;
  for(i=0; i<limit; i++)
  {
    MovingBuffer[i] = iMA(NULL,0,MA_Period,Shift,MODE_EMA,PRICE_CLOSE,i);
    UpperBuffer[i] = MovingBuffer[i] + (KATR * iATR(NULL,0,ATR_Period,i+Shift));
    LowerBuffer[i] = MovingBuffer[i] - (KATR * iATR(NULL,0,ATR_Period,i+Shift));
    MUpperBuffer[i] = MovingBuffer[i] + (MKATR * iATR(NULL,0,ATR_Period,i+Shift));
    MLowerBuffer[i] = MovingBuffer[i] - (MKATR * iATR(NULL,0,ATR_Period,i+Shift));
  }
  
  //----
  return(0);
}

//+----------scorpion@fxfisherman.com--------------------------------+

[husky_1]

Oh, one thing I noticed with this indicator. If you make any changes, you will have to compile, remove it from the chart window and re-add it. Most indicators just need a recompile and they will automatically updated on the chart, this one does not.

Oh lastly, make sure to remove the old one from your chart, you do not want the lines conflicting now do you?

[tymen1]

Originally Posted by wrtm_19

Can't wait for what's coming Tymen! I can testify myself the effectivness of this method. As you said you can get a trade when for other methods or systems there's no sign of trading at all.

Thank you, wrtm_19, for the great advertising of this method!!

I'm really used to the extreme starc bands and the second extreme starc bands with factor .65. How much better are the original starc bands compared to the old ones?.

The original starc is much better and much more stable.
Manning Stoller is a world master trader and certainly knew what he was doing when he set up the starc bands with the original parameters.

Thank you in advance and I hope I can contribute to this thread in some ocassions with my very incipient experience.

I look forward to your contributions with regard to your experience in trading the extreme starc.
I am always looking to improving the candlestick method and any input you give will be taken into account!!

[tymen1]

Originally Posted by husky_1

Performed my first Tymen style trade today. I ended up with + 31 pips, but I would like to know if I executed properly.
................

What I want to confirm is my entrance. Starc was up, and I was going short so I entered on the upper band........... I entered as soon as it hit the band. Is this correct form for the intermediate level?

The very best answer I can give here is to watch the next batch of posts where I outline the correct techniques (operations) for entering and exiting the starc bands.
This stuff was not properly covered in last year's thread so it will be dealt with fully now.

You can then compare and/or revise your own entry/exit technique.

Very important that you use the original starc bands.

a screen shot with some labels of the H1. (I have no clue why my print screen is not working after the H1 screenshot)

A reboot of your computer to solve?
(means you have to reload everything of course).

Check that your F lock is on/off as required.

If you cannot solve the problem, post a thread.
There is certain to be an expert here who will be able to give the answer.

[tymen1]

Originally Posted by mastergunner99

Looking forward to seeing this thread develop.

Welcome back Mastergunner99.

Hope it develops in a way that is pleasing to you!!

[tymen1]

Originally Posted by concept

....................................... It really was reacting to the market a bit too fast and make it awfully difficult to predict where the best entry would be.

Yep, I saw it alright.

I am leaving no stone unturned in an effort to try to improve this candlestick method.

[sam111]

Hopefully this thread is providing a good explanation of the Candlestick trading at a very high level.

[sam111]

There are many more factors affecting candlestick trading. Short term traders versus long term traders all use this information though it is applied a bit differently depending on the investing strategy used.

[tymen1]

Originally Posted by husky_1

Here is the mt4 code for the "double starc", one indicator with both sets of lines. You can change the colors if you like, but to keep it in the spirit of Tymen, they are pink here
............
..........
..........

Wow!!

This is excellent stuff Husky_1!!

You are rapidly becoming a top contributor to this thread.

I think many people who use MT4, will greatly appreciate this programming work of yours.

The idea of pink is colour co-ordination and lack of confusion.
We already have red/green candles, blue Bollinger bands so we are limited to colours such as pink, orange and black.

Yellow is too hard to see.

Now there are people who trade with a black background.
It looks very sexy but I have done resolution experiments with different colour backgrounds.

The best fine resolution is with a white background - that why I use it.

[tymen1]

Originally Posted by sam111

Hopefully this thread is providing a good explanation of the Candlestick trading at a very high level.

Trying our very best Sam111.

There are many more factors affecting candlestick trading

We expect all these factors to be included in, and shown up in the various shapes of the candlestick patterns.