Can You Scan for a Hollow White Candle?

SCAlchemist

Can you scan for a Hollow White Candle?

Can you specify that it is tall, and if the wicks are tall or short"

markd

Not sure what you mean by hollow white candle - but there are two possibilities in the drop downs -

Under "Candlestick patterns" there is this:

and [Hollow Red Candle is true]

And under "Candlestick Building Blocks" there is this:

and [Long Body is true] // may have wick and/or tail

Or,

and [Marubozu is true] // no wick or tail

For longer wicks and tails, you could test out the various candle names (Doji, Hammer, Shooting Star, etc.) under "Candlestick Building Blocks".

But, if you want to fine tune things your own way, read on.

If you want to specify that the range of the entire candle is above average, you could use:

and [range > ATR(?) ] // you choose the parameter for "?" - default is 14, but you might want more or less

If you want to specify the wicks and tails, it can get complicated.

The simplest way would be to just test for a "not long" body:

and [Long Body is not true]

That will get candles with wicks or tails longer than acceptable for a Long Body, but it doesn't specify whether the tail or wick is longer, or how long they are.

If you want to specify the size of the body, you need to add more lines to say where the close is vs the open, to get a positive number to compare to range (the absval( ) function only works with indicators, not scan math):

// close above open
and [range > atr(14)]
and [close > open]
and [ [close - open] < [range * .5]]

If close is below the open, you have to change things around

// close below open
and [range > atr(14)]
and [close < open]
and [ [open - close] < [range * .5]]

For a small body candle (less than half the range), if you want to test for which is longer, the wick or the tail, you again have to consider where the open or close is versus the high. For a longer wick, the open or close should be below the mid point

// looking for a longer wick, close below open, and open below midpoint

and [close < open]
and [ [open - close] < [range * .5]]
and [ open < low + [range * .5]]

// looking for a longer wick, close above open, and close below midpoint

and [close > open]
and [ [close - open] < [range * .5]]
and [ close < low + [range * .5]]

It's pretty much the same, but in reverse for a longer tail. The close or open has to be ABOVE the midpoint of the range.

SCAlchemist

Many Thanks, marcd.

Amazingly, You Continue To Impress Us Every Time!