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The indicator analyzes the chart and determines the Japanese Doji candlesticks. Shows their appearance and signals the appearance of such a candle (if allowed in the parameters). Also, this indicator shows the strength of the reversal in the form of columns of different colors (the more green, the more likely the growth, the more red-the price drop). The direction of the signal depends on the direction of the previous candlesticks, as the “Doji” signals a reversal or correction.  In the indicator settings, you can change the parameters of the Doji candle, the closing of which will be a signal. Often the signal is strongly influenced by the number of previous candles in one direction before a reversal Doji (the longer the trend was to turn, the more reliable can be a signal, but with a large amount of candles in one direction signals will be very rare). 

In the settings, you can also set the possibility of signaling and the colors of the arrows on the chart.

  • History – the chart history period (the number of previous candles), where to search for previous Doji signal candles;
  • MinLongShadowPercent minimum length of the candle shadow (the longer the candle shadow, the better the reversal signal, but fewer signals), 1-99%;
  • MaxCandleBodyPercent the maximum length of the candle body (the larger the candle body, the less it looks like a Doji and the weaker the reversal), 0.1% – 20%;
  • CountLastCandles the number of previous candles in one direction before the Doji reversal (1-10);
  • MinCandleLenghtPercent – the minimum length of the Doji candle as a percentage of the previous few (0 = off, 1-200%);
  • EnableAlert-enable or disable the alert when the “Doji” signal appears when the last candle is closed;
  • ArrowBuyColor – the color of the arrow when a buy signal appears;
  • ArrowSellColorthe color of the arrow when a sell signal appears;
  • IndicatorBarsThickness-changes in the thickness of the indicator lines (0-bars of the same size are drawn, depending on the timeframe).
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For automatic trading, there is a trading advisor based on this indicator:

https://www.mql5.com/en/market/product/57430

Our Useful Features & Services

Published

22 November 2020

Updated

29 November 2020

Current Version

1.2

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Aleksandr Tamonin February 15, 2021 2:55 am
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An easy indication.