Fcharts scan for candlestick signs

#1
Hi , I am trying to identify the stocks that had candlestick signs using Fcharts. Is there a formula which can search for a specific candlestick sign ? For example is it possible to get a list of all the stocks that had doji on a particular day ? Hoping to hear from you. Thanks in advance.
 
#2
Hi , I am trying to identify the stocks that had candlestick signs using Fcharts. Is there a formula which can search for a specific candlestick sign ? For example is it possible to get a list of all the stocks that had doji on a particular day ? Hoping to hear from you. Thanks in advance.
In the scanner window, use the following formula "Doji = True" (without quotes). It will show all the scrips which has Doji day.
 
#4
I don't know anything about MT or Ami so cannot comment on that. There are several members in the forum who uses either of these software, they may be able to provide you with the proper feedback. You can also search threads in the forum where may find the information.

I use Fcharts randomly and find it quite easy. I don't know much about it, just try to search different forums,help files and search the net.There are very few freely available literature on the web related to Fcharts. Probably the reason it is not as popular as either MT or Ami.
 
#5
It will show all the scrips which has Doji day.
Scanning for Doji days (as above) produces too many hits. You should add more condtions (such as Volume > 'x' etc.) to eliminate none trading stocks.

Of course, a Doji occurring after a "Three white soldiers" or Three Black Crows" pattern could be even more useful. There's a lot more to using candlestick patterns in searches with this programme.
 

kaly422000

Well-Known Member
#7
i use fchartse sometimes . data management(updating) is quite easy as compared to metastock and amibroker also split management.
but pirated cheap copy of metastock make it popular and metastock formula is widely available. but dont have experience about fchart pro , will consider to buy if low price version available.
as for metastock explorer formula for doji may be simple like o=c which scan last days dojis
i think amibroker require much more skill and also error sensitive compare to metastock and fcharts.means if u dont know fully well about about ami function dont ever try any smart thing.
 
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#9
Hi , I am trying to identify the stocks that had candlestick signs using Fcharts. Is there a formula which can search for a specific candlestick sign ? For example is it possible to get a list of all the stocks that had doji on a particular day ? Hoping to hear from you. Thanks in advance.
Hi,

Before attempting to experiment on candlestick patterns, I suggest you read the following (in case you haven't done so)

1. Candlestick Charting Techniques
2. Beyond Candlesticks
3. The Candlestick Course

All written by Steve Nison.

You can also read the following post on my blog:

http://vsundy.blogspot.com/2009/03/how-to-trade-two-day-candlestick.html

It has to be remembered that overall picture of the security in question must be analyzed first (of course using Elliott Wave Theory) before using candlesticks for reversal or continuation patterns.

Regarding formulae, there are several variations for each pattern. The most common engulfing pattern has the following variations:

1. Entire red candle, including the shadows is engufled by the real body of the green candle.

FCPro: (dojibody[1] = true or redcandle[1] = true) and greencandle = true and high[1] <= bodytop and low[1] >= bodybase

I write dojibody because a small green real body engulfed by a large green real body is also called engulfing pattern.

2. The real body of the red candle is engulfed by real body of the green candle and the shadows of red candle are engulfed by shadows of green candle.

FCPro: (dojibody[1] = true or redcandle[1] = true) and greencandle = true and bodytop[1] <= bodytop and bodybase[1] >= bodybase and high[1] <= high and low[1] >= low

3. The real body of red candle is engulfed by real body of green candle. The shadows are ignored.

FCPro: (dojibody[1] = true or redcandle[1] = true) and greencandle = true and bodytop[1] <= bodytop and bodybase[1] >= bodybase

Please note that a scan with the third formula will also include results obtained from 1 and 2.

However the effectiveness and reliability of the pattern will depend on various other factors like:

1. trend i.e whether the stock is in 1st, 3rd or 5th wave;
2. sizes of real bodies;
3. location of candlestick pattern i.e. an important support area;
4. volume;
5. confirmation on the next session.

I suggest you to read the checklist included in my blog post.

Cheers
Sundy
 
#10
Hi
I am a novice as far as charts are concerned. Would you mind giving me some information on availability of various types of charts and their utility.
sunkesrao
 

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