doji_arrows

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doji_arrows

This script is designed to identify specific price action patterns on a trading chart, specifically focusing on "Doji" candles and subsequent price movements. It acts as a visual signaling tool that places arrows on the chart to help traders identify potential entry points based on momentum shifts.

Core Logic Overview

The script scans historical price data to detect a two-step sequence involving a "Doji" (a candle where the opening and closing prices are virtually identical) followed by a breakout in the opposite direction.

1. The Buy Signal (Bullish Momentum) The script looks for a specific confirmation to suggest an upward move:

  • Step 1 (The Trigger): It identifies a candle where the opening price is equal to the closing price (a Doji).
  • Step 2 (The Confirmation): It then checks the very next candle. If that following candle closes at a price higher than the highest point reached by the previous Doji, the script recognizes an "uptrend" signal.
  • Visual Output: When this sequence occurs for the first time, the script places a blue arrow below the current candle to indicate a potential buying opportunity.

2. The Sell Signal (Bearish Momentum) Similarly, the script looks for evidence of downward pressure:

  • Step 1 (The Trigger): It identifies a candle where the opening price is equal to the closing price (a Doji).
  • Step 2 (The Confirmation): It checks the following candle to see if it closes at a price lower than the lowest point reached by the previous Doji.
  • Visual Output: When this sequence occurs, the script places a red arrow above the current candle to indicate a potential selling opportunity.

Key Technical Behaviors

  • State Tracking: The script is designed to be "smart" about its alerts. It keeps track of whether it has already identified a trend. This ensures that it only places an arrow at the moment the trend first appears, rather than cluttering the chart with repeated arrows for every candle following the signal.
  • Data Range: The script is configured to analyze a significant amount of historical data (up to 2000 bars) to ensure the signals are mapped correctly across the visible chart.
  • Precision: It uses specific price points (Highs and Lows) to validate the breakout, ensuring that the move following the Doji candle shows enough strength to be considered a valid signal by the script's logic.
Indicators Used
Commodity channel index
Miscellaneous
Implements a curve of type %1
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doji_arrows 
//+------------------------------------------------------------------+
//| Doji Arrows 
//| 
//+------------------------------------------------------------------+

#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Red
#property indicator_color2 Blue
#property indicator_color3 Blue
#property indicator_color4 Red

datetime BarTime;
//---- input parameters
//extern int RISK=3;
extern double thresholdB=0.0001;
extern double thresholdS=-0.0001;
extern int SSP=9;
extern int CountBars=2000;

//---- buffers
double val1[];
double val2[];
double val3[];
double val4[];
double red0,red1,red2;
double blue0,blue1,blue2;
double cci0,cci1,rsi0,dpo0,dpo1;
double plusdi,minusdi,main;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+

int init()
  {
   string short_name;
//---- indicator line
   IndicatorBuffers(4);
   SetIndexStyle(0,DRAW_ARROW);
   SetIndexArrow(0,234);
   
   SetIndexStyle(1,DRAW_ARROW);
   SetIndexArrow(1,233);
   
   SetIndexStyle(2,DRAW_ARROW);
   SetIndexArrow(2,253);
   
   SetIndexStyle(3,DRAW_ARROW);
   SetIndexArrow(3,253);
   
   SetIndexBuffer(0,val1);
   SetIndexBuffer(1,val2);
   SetIndexBuffer(2,val3);
   SetIndexBuffer(3,val4);

//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Doji Arrows                                                   |
//+------------------------------------------------------------------+
int start()
  {   

   if(BarTime == Time[0]) {return(0);}
   //new bar, update bartime
   BarTime = Time[0];


SetIndexDrawBegin(0,Bars-CountBars+SSP+1);
   SetIndexDrawBegin(1,Bars-CountBars+SSP+1);
   int i,counted_bars=IndicatorCounted();
   int K;
   bool uptrend,downtrend,ExitBuy,ExitSell,old,old2,old3,old4;
      
//----
   if(Bars<=SSP+1) return(0);
//---- initial zero
   if(counted_bars<SSP+1)
   
   {
      for(i=1;i<=0;i++) val1[CountBars-i]=0.0;
      for(i=1;i<=0;i++) val2[CountBars-i]=0.0;
      for(i=1;i<=0;i++) val3[CountBars-i]=0.0;
      for(i=1;i<=0;i++) val4[CountBars-i]=0.0;
   }
//----
   i=CountBars-SSP-1;

   while(i>=0)
     {
    
      //dpo1=iCustom(NULL,0,"DPO",7,800,0,i+1);
      
      val1[i]=0.0; 
      val2[i]=0.0; 
      val3[i]=0.0;
      val4[i]=0.0;
      
////////////////////////////////////////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////////////////////
     
   //buy signal
   if ((Close[i+2] == Open[i+2]) &&
      (Close[i+1]>High[i+2]) /*&&
      (iCCI(NULL,0,14,PRICE_CLOSE,i)>100)*/)
      uptrend=true; //else uptrend=false;
   if ((!(Close[i+2] == Open[i+2])) &&
      (!(Close[i+1]>High[i+2])))
      uptrend=false;
   if ((! uptrend==old) && (uptrend==true)) 
      {
      //PlaySound("alert.wav");
      val2[i]=Low[i]-5*Point;
      //Alert(TimeMonth(CurTime()),"/",TimeDay(CurTime())," at ",TimeHour(CurTime()),":",TimeMinute(CurTime()),"   -   Possible buy on ",Symbol()," ", Period());
      }

/////////////////////////////////////////////////////////////////////////////////////////////////
/////////////////////////////////////////////////////////////////////////////////////////////////

   //sell signal
  if ((Close[i+2] == Open[i+2]) &&
      (Close[i+1]<Low[i+2]) /*&&
      (iCCI(NULL,0,14,PRICE_CLOSE,i)<-100)*/)
      downtrend=true; //else downtrend=false;
   if ((!(Close[i+2] == Open[i+2])) &&
      (!(Close[i+1]<Low[i+2])))
    downtrend=false;
   if ((! downtrend==old2) && (downtrend==true)) 
      {
      //PlaySound("alert.wav");
      val1[i]=High[i]+5*Point;
      //Alert(TimeMonth(CurTime()),"/",TimeDay(CurTime())," at ",TimeHour(CurTime()),":",TimeMinute(CurTime()),"   -   Possible buy on ",Symbol()," ", Period());
      }
///////////////////////////////////////////////////////////////////////////////////////////////////
///////////////////////////////////////////////////////////////////////////////////////////////////

   old=uptrend;
   old2=downtrend;
   old3=ExitBuy;
   old4=ExitSell;
      
      i--;
      
     }
   return(0);
  }
  
//+------------------------------------------------------------------+

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