Forex Doji Finder MT4 Indicator:
About the Forex Doji Finder MT4 Indicator
The indicator searches for and displays Doji candlesticks on the chart and signals the appearance of such a candle. The direction of the signal depends on the direction of the previous candles, as the Doji signals a reversal or correction. In addition to the possibility of signaling, the power of the reversal is graphically shown (the more green, the more likely growth, the more red, the price will fall). In the indicator settings, you can change the parameters of the Doji candlestick, the closure of which will be a signal: the minimum length of the candlestick shadow (the longer the candlestick shadow, the better the reversal signal, but fewer signals); the maximum length of the candlestick body (the larger the candlestick body, the less similar it is to Doji and the weaker the reversal). Also, the number of previous candles in one direction before the Doji reversal strongly influences (the longer the trend was before the reversal, the more reliable the signal can be, but with a large number of candles in one direction, the signals will be very rare).
- History – the period of the chart history (the number of previous candles) where to search for the previous Doji signal candles;
- MinLongShadowPercent – the minimum length of the Doji candlestick shadow for opening a deal (as a percentage of the entire candlestick, 1-99%);
- MaxCandleBodyPercent – maximum length of the Doji candlestick body (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 candlestick in percentage to several previous ones (0, off, 1-200%);
- EnableAlert – enable or disable an alert when a Doji signal appears at the close of the last candle.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)