Amibroker AFL: After testing many candlestick pattern indicators and having hands-on experience with Amibroker AFL Code, we trailblazers, at Trading fuel got Indicators that were ranked by their ability to identify strong reversal patterns.
CANDLESTICK PATTERN INDICATORS FOR AMIBROKER AFL
Amibroker AFL – Software for Technical Analysis
1 ) Pattern identification Master
The Pattern identification Master indicator helps to Identified 10 popular candlestick patterns i.e. 5 of bullish and 5 of bearish patterns.
Each individual candlestick pattern can be turned on or off. The special alerts for each individual pattern can also be turned on or off. The pattern also can be set in a separate colour for each different pattern.
Only this indicator will allow you to assign a separate colour to each candlestick pattern. This indicator uses different abbreviated labels which keeps the chart less cluttered and include onscreen legend to identify each pattern that is highlighted.
This indicator will not be able to identify morning or evening star patterns for some reason. Also, it seems to think with a long wick that is a shooting star or hammer and regardless of how the large real body is.
It also doesn’t identify the hanging or inverted hammer candle. The Candlestick patterns are ineffective if they are not traded within the proper circumstance of the market.
2 ) Candle Patterns Indicator
The next candlestick pattern indicator for Amibroker is slightly better in terms of recognizing patterns even though it falls short in every other aspect.
The candle patterns indicator was designed to identify 30 different popular candlestick patterns. But unfortunately one cannot turn each individual candlestick pattern on or off. One can choose from strong reversals, continuations, unclassified and weak reversals patterns.
The Morning and Evening star patterns are identified by this candlestick pattern indicator, which is an improvement over the previous indicator. It can identify hanging and inverted hammer patterns more accurately.
3 ) Nison Candle Highlighter
This is the best indicator that we can recommend for recognizing candlestick patterns. We believe this is the best indicator for selecting patterns in Amibroker AFL.
Steve Nison is THE power on candlesticks. He is legally responsible for introducing Japanese candlestick trading to the Western world.
The Nison Candle Highlighter is designed in order to identify 28 candlestick patterns. They are according to Steve own specifications and know that the patterns are accurate. The highlighter has that ability to turn the individual candlestick pattern on or off. So, you should focus on the patterns that you are interested in trading.
The Nison Candle Highlighter improves accuracy in identifying candlestick patterns within the proper situation of the stock market. To conclude that’s the reason we the experts at trading fuel believes it is easily best candlestick pattern indicator for Amibroker AFL.
More Info : Steve Nison’s Candlestick Chart Software