Topic: Candle Color

Candle Color indicator: http://forexsb.com/repository/repositor … ndle-color

This indicator detects White and Black candles.

It takes two parameters:
* Minimum body height;
* Minimum consecutive candles.

This indicator can be used as a Opening and ia Closing Logic Condition.


http://s28.postimg.org/lrx4qmyml/screenshot_954.png


We have here short entry because there were 4 consecutive white candles formed. The exit is at TP.

http://s28.postimg.org/stv2cu28d/screenshot_953.png

Re: Candle Color

Questions about Candle Color received by email:

Email 1:

Hello Miro,
Please find enclosed a Candle Color strategy and some screeshots that show - I believe - contradictory bevior.
I simplified the case to set min candle body height to 1 and have used bar close to avoid "previous bar" to be set.
I believe that somehow it works/is displayed in just to opposite and/or and in an awkward way.
Would you agree?
Regards

http://s13.postimg.org/7og1k15hf/screenshot_1143.jpg

http://s13.postimg.org/9rqgrp5ab/Cadles_strategy.jpg

I don’t see a problem.
On the attached chart you have short entry because it is a “white” bar.
You have entry at Bar Closing when “Black Candle is formed”.
Because our entry is at Bar Closing, the Candle indicator considers the current bar. On the screenshot, the current bar is “White” – Close is higher than Open, so the strategy opens short position.

Email 2:

The only thing then I do not understand, that the color of the body of the current bar in the display is black, not white

,

“White” bar means a rising bar. It has nothing with the colour of the current colour scheme. Some platforms paint the bars with green and red. The original Japanese candlestick was painted in white for the rising bars and black for the falling bars. The default colour scheme of FSB uses these colours.

Email 3:

I may misuderstand what you are writing.
On the screenshot, the bar in question is black while you are saying that it must be white.
I do hope that the cross points to the bar that's data are displayed.

Probably I cannot explain well.
What do you think. Is the bar with the cross white or back?

http://s13.postimg.org/psj24o35v/screenshot_1143.jpg

Re: Candle Color

To prevent further misunderstanding I renamed candles to "Bullish" and "Bearish".

The color of painting doesn't matter.
Bullish candle is a candle that opens low and closes higher.
Bearish candles is a candle that opens high and closes lower.

The bar below the cross on the previous post is a "Bullish" candle.

You can download the new version of the indicator form the Repo or directly from FSB Pro.