HamFon Radar01 Candlestick indicator
for TradeStation 7 RadarScreen
Indicator purpose
Ham Candlestick looks for the more common reversal and continuation candlestick patterns,
and displays the name of the pattern on the RadarScreen when identified.
Settings:General
- Maximum number of bars study will reference - default is 50.
- Update on every tick - default is Checked - you may Uncheck to improve performance,
but the indicator will not be recalculated until the end of the current bar.
- Load additional data for accumulative calculations - default is checked, with a
value of 10. No candlestick patterns in this indicator exceed 10 bars in length.
Settings:Inputs
- TrendLength specifies how many bars in a row are needed to define a trend. This
information is important because candlestick patterns signal either a reversal or a
continuation, which only apply when the chart is in a trend. A trend is defined
as the specified number of bars where the Close price is successively higher (for a Long
trend) or successively lower (for a Short trend). In addition, some patterns require that
each of the bars in the pattern must be moving in the right direction - that is, for a
Long trend, the bars must be green - the Close higher than the Open. For a Short trend,
the bars must be red - the Close lower than the Open. Set to 0 to not check the bars preceding
the specified pattern.
- AvgTrendLength can be used with or instead of TrendLength. This setting allows you to
look for an average trend preceding the specified pattern, instead of a specific set of bars.
Ham Candlestick compares the Typical Price (average of high, low, and close) of the first bar
preceding the pattern to the average Typical Price for the number of bars preceding, as
specified by AvgTrendLength. If higher, then candlestick patterns are determined based on an uptrend;
if lower, then a downtrend is used. Set to 0 to not check average trend length.
Settings:Alerts
This Indicator does not currently support Alerts, but that may be a feature of a future release.
Patterns identified by this indicator:
Notes about my candlestick charting Java applet:
- An arrow indicates a preceding uptrend or downtrend
- Green (open candle) indicates a bullish candlestick (close is greater than open)
- Red (filled candle) indicates a bearish candlestick (close is less than open)
- Blue (dot on candle) indicates a candlestick where the bullishness or bearishness is not important (either is
acceptable for pattern identification)
- Confirmation levels from none-to-required are: None, mildly suggested, suggested, strongly suggested, required
- This Java applet was written by HamFon and may not be used without the express written permission of the author
Bullish Reversal Patterns
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CandleName: Three Inside Up
Pattern type: Reversal
Indication: Bullish
Confirmation: none
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CandleName: Three White Soldiers
Pattern type: Reversal
Indication: Bullish
Confirmation: none
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CandleName: Morning Star
Pattern type: Reversal
Indication: Bullish
Confirmation: none
Notes: Gap from first to second required, gap from second to last desirable
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CandleName: Piercing Line
Pattern type: Reversal
Indication: Bullish
Confirmation: suggested
Notes: Next candle should be bullish
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CandleName: Three Outside Up
Pattern type: Reversal
Indication: Bullish
Confirmation: none
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CandleName: Engulfing
Pattern type: Reversal
Indication: Bullish
Confirmation: suggested (see Three Outside Up)
Notes: Next candle should be bullish
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CandleName: Kicker
Pattern type: Reversal
Indication: Bullish
Confirmation: none
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CandleName: Belt Hold
Pattern type: Reversal
Indication: Bullish
Confirmation: required
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CandleName: Doji Star
Pattern type: Reversal
Indication: Bullish
Confirmation: suggested
Notes: Gap from previous candle required, next candle should be bullish
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CandleName: Tweezer Bottom
Pattern type: Reversal
Indication: Bullish
Confirmation: required
Notes: Next candle should be bullish
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CandleName: Hammer
Pattern type: Reversal
Indication: Bullish
Confirmation: required
Notes: Next candle should be bullish with a higher open
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CandleName: Doji
Pattern type: Reversal
Indication: Bullish
Confirmation: required
Notes: Next candle should be bullish
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Bearish Reversal Patterns
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CandleName: Three Inside Down
Pattern type: Reversal
Indication: Bearish
Confirmation: none
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CandleName: Three Black Crows
Pattern type: Reversal
Indication: Bearish
Confirmation: none
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CandleName: Evening Star
Pattern type: Reversal
Indication: Bearish
Confirmation: none
Notes: Gap from first to second required, gap from second to last desirable
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CandleName: Dark Cloud Cover
Pattern type: Reversal
Indication: Bearish
Confirmation: none
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CandleName: Three Outside Down
Pattern type: Reversal
Indication: Bearish
Confirmation: none
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CandleName: Engulfing
Pattern type: Reversal
Indication: Bearish
Confirmation: suggested (see Three Outside Down)
Notes: Next candle should be bearish
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CandleName: Kicker
Pattern type: Reversal
Indication: Bearish
Confirmation: none
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CandleName: Belt Hold
Pattern type: Reversal
Indication: Bearish
Confirmation: required
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CandleName: Doji Star
Pattern type: Reversal
Indication: Bearish
Confirmation: required
Notes: Gap from previous candle required, next candle should be bearish
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CandleName: Tweezer Top
Pattern type: Reversal
Indication: Bearish
Confirmation: required
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CandleName: Hanging Man
Pattern type: Reversal
Indication: Bearish
Confirmation: required
Notes: Next candle should be bearish with a lower open
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CandleName: Doji
Pattern type: Reversal
Indication: Bearish
Confirmation: required
Notes: Next candle should be bearish with a lower open
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Bullish Continuation Patterns
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CandleName: Rising Three Methods
Pattern type: Continuation
Indication: Bullish
Confirmation: none
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CandleName: Mat Hold
Pattern type: Continuation
Indication: Bullish
Confirmation: none
Notes: Rising Three Methods with gap
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CandleName: Three-Line Strike
Pattern type: Continuation
Indication: Bullish
Confirmation: required
Notes: Also called Fooling Three Soldiers
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Bearish Continuation Patterns
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CandleName: Falling Three Methods
Pattern type: Continuation
Indication: Bearish
Confirmation: none
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CandleName: Mat Hold
Pattern type: Continuation
Indication: Bearish
Confirmation: none
Notes: Falling Three Methods with gap
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CandleName: Three-Line Strike
Pattern type: Continuation
Indication: Bearish
Confirmation: required
Notes: Also called Fooling Three Crows
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HamRadar01 is not guaranteed for any particular purpose. Trading involves a high level of
risk - and neither Prototech, Inc., nor Nelson Crowle (HamFon) will be liable for any losses
that you incur. HamRadar01 is licensed for individual usage - you may use it on any number of
machines, but only with the TradeStation Customer Number that you provide when you order. You
may not reverse engineer HamRadar01, or share it with other users.
If you have any questions, please email me.