Hi Optuma, I’m currently investigating heikin ashi candles but can’t find any forum scripting comments incorporating these candles. I’m specifically looking at trialing the Optuma backtesting tool and would like a script which, among other criteria, will allow me to enter a trade when the first green(bullish) heikin ashi bar appears after at least three consecutive red(bearish) bars have occurred. Can anyone help please.
Hi,
With it being based on Heikin-Ashi candles, it’s a bit tricky, but it can be done.
We have a Heikin-Ashi script function, so you need to be sure the other scripts are being wrapped around that. Here is an example using the bullish candle after 3 bearish candles in a row:
//Set Heikin-Ashi Candles C1 = HAC() ; //Find Open and Close values using HA Candles V1 = MA(C1, CALC=Open, BARS=1); V2 = MA(C1, CALC=Close, BARS=1); //Find Bearish Candles RES1 = V1 > V2; //Find where 3 or more Bearish candles happen in a row RES2 = BARSTRUE(RES1, LOOKBACK=3) >= 3; V3 = RES1 and RES2; //Find Bullish Candle V4 = V1 < V2; //Find where 3 Bearish Candles are followed by a Bullish Candle SIGNALAFTER(V3,V4)
Here are the candles that match the criteria (grey shaded zone):
Keep in mind, you can’t apply this script to a Candlestick chart with Heikin Ashi candles already enabled, it would become a Heikin Ashi of a Heikin Ashi and the results wouldn’t match. This script has been written to work with the Back Tester.