MT5-Three Candles Pattern

The patterns of 3 (three) Candles:

1. Three White Soldiers;
2. Three Black Crows;

These are reversal patterns widely used by traders, as they have a high probability of showing the inversion of the current market movement.

For example, if in a bullish trend there are three black crows, there is a high probability of reversing the current bullish movement.

The Three White Soldiers have the following characteristics:

1. There are 3 consecutive candles with a good body, that is, the difference between the closing and opening prices has a value significantly higher than the average;
2. The closing price of the subsequent candle exceeds the closing price of the previous one;
3. The opening price of the subsequent candlestick exceeds the opening price of the previous one;
4. The beginning of the formation of the pattern occurs in a bearish movement.

The Three Black Crows have the following characteristics:

1. There are 3 consecutive candles with a good body, that is, the difference between the opening and closing prices has a value significantly higher than the average;
2. The closing price of the subsequent candle is less than the closing price of the previous one;
3. The opening price of the posterior candle is less than the opening price of the previous one;
4. The pattern formation begins in an upward movement.

Parameters :

• Active Symbol ON: OFF: turns the symbol on or off over the standard (Default value: true);
• 3 Candles symbol code: Wingdings font ASCII code (Default value: 142);
• Arithmetic Average of the absolute value of the Opening Price - Closing Price (Default Value: 52);
• Minimum shadows (Default value: false);
• Active RSI ON: OFF: if enabled, the levels of the relative strength index will be considered for certification of the standard (Default Value: true);
• Upper RSI indicator level (Default value: 55);
• Lower RSI indicator level (Default value: 35);
• RSI Arithmetic Average (Default Value: 14);
• Three White Soldiers active ON: OFF: enables or does not search for the pattern (Default value: true);
• Three Black Crows active ON: OFF: enables or does not search for the pattern (Default value: true);
• Volume Filter ON: OFF: if enabled, the average volume will be considered for standard certification (Default Value: false);
• Average Volume Period: calculates the average volume of candles prior to the standard. (Default value: 22);
• Disable Gaps before the Three Candles ON: OFF: if true does not allow gaps before the Three Candles pattern;

Hugs,

Edson Cavalca Junior

System Analyst

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