▋ INTRODUCTION : The “All Candlestick Patterns on Backtest” indicator generates a table that offers a clear visualization of the historical return percentages for each candlestick pattern strategy over a specified time period. This table serves as an organized resource, serving as a launching point for in-depth research into candle formations. It may help to rectify any misconceptions surrounding candlestick patterns, refine trading approaches, and it could be foundation to make informed decisions in trading journey.
_______________________ ▋ OVERVIEW:
_______________________ ▋ CREDIT: Credit to public technical “*All Candlestick Patterns*” indicator.
#Section Two: Backtest Setting (1) Backtest Starting Period. Note: If the datetime of the first candle on the chart is after the entreated datetime, the calculation will start from the first candle on the chart. (2) Initial Equity ($). (3) Leverage: Current Equity x Leverage Value. (4) Entry Mode: - “At Close”: Execute entry order as soon as the candle confirmed. - “Breakout High (Low for Short)”: Stop limit buy order, entry order will be executed as soon as the next candle breakout the high of last pattern’s candle (low for short) (5) Cancel Entry Within Bars: This option is applicable with {Entry Mode = Breakout High (Low for Short)}, to cancel the Entry Order if it's not executed within certain selected number of bars. (6) Stoploss Range: the range refers to high of pattern - low of pattern. (7) Risk:Reward: the calculation of risk:reward range start from entry price level. For example: A pattern triggered with range 10 points, and entry price is 100. - For 1:1~risk:reward would the stoploss at 90 and takeprofit at 110. - For 1:3~risk:reward would the stoploss at 90 and takeprofit at 130.
#Section Three: Technical & Candle Patterns
_______________________ ▋ Comments:
This table was developed for research and educational purposes.
Candlestick patterns are almost similar as seen in “*All Candlestick Patterns*” indicator.
The table results should not be taken as a major concept to build a trading decision.
Personally, I see candlestick patterns as a means to comprehend the psychology of the market, and help to follow the price action.
Please let me know if you have any questions. Thank you.
הערות שחרור
▋ UPDATES 09-07-2023: Added an option to choose the type of Stoploss Range : 1. ATR Range: Average True Range. 2. Pattern Range: High of Pattern - Low of Pattern.
הערות שחרור
▋ UPDATES 09-10-2023: — Improved a logic related to entering new trade for {Entry Mode = Breakout High (Low for Short)}. — Thanks to Strambatax for catching this.
הערות שחרור
▋ UPDATES 09-20-2023: Updated CandlestickPatterns library to version 2.
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