Candlestick Shadow Length

[tdrogersnt]

I am trying to develop a strategy in the Wizard that will allow me to identify the candlestick shadow length based on some input that I can optimize. An example would be to take some action based on the length of the shadow. This can be based on ticks, percentage of total size (high to low), etc. I may want to enter a trade long if the previous candlestick has a long shadow on the short side. I want to optimize based on shadow length. I also want to look backwards and identify that the previous (X number of bars) bars are a certain size and not trade if the previous candlestick has a certain size of body or shadow. Sorry, hard to explain. Hence my issue with trying to program in the wizard. I think if I had a hint I would be able to outline my thoughts more clearly. Thanks!

Todd

[NinjaTrader_JC]

Hello Todd,

I am not sure that I fully understand what you are trying to accomplish, so I do not know if it is possible to do inside of the Strategy Wizard. With that said, the only variables that you can set the values to in the Wizard is the "User variables" predefined inside of a strategy.For an example of how to set these variables you may view our following example from the thread below.

http://www.ninjatrader.com/support/forum/showthread.php?t=15417

If you wanted to a set number of ticks off or percentage off you can use the "Offset" to be able to do this. You may see our Help Guide under the section "How to offset an item value" for detailed information and an example of this at the following link.

http://www.ninjatrader.com/support/helpGuides/nt7/condition_builder.htm

As for Optimizing the number of "Bars Ago" you may define a User Defined Input for to use as a "BarsAgo" value. Please note that if you use a User Defined Input as a "Bars Ago", you will have to make sure that the "Min Bars Required" is greater than this variable otherwise you may get an error.

Let me know if this helps, or if you can provide a more detailed example so that I may further assist you.

[tdrogersnt]

I want to detect a candlestick that has a shadow (up or down), 6 ticks (or N ticks) in length with a body that is half the length of the shadow (3 ticks). I'm sure these are user defined inputs. However, what do I use on the left and right side of the wizard input area? May not be possible. Thanks!

Todd

[NinjaTrader_JC]

Hello Todd,

Without a custom Indicator to get the Shadow (Wick) length this would not be possible to do inside of the Strategy Wizard and I am not aware of an Indicator that will do this. You may have to unlock your strategy for this unless you want to code an Indicator that will calculate this for you.

Happy to be of further assistance.

[tdrogersnt]

OK, Here's another shot. What if I want a minimum body size of 5 and a minimum wick of 5.

If one bar ago, the close + 5 is < the open; and one bar age, the low + 5 is < the close; Enter Long. Also using MarketPosition = flat.

Shouldn't this give me a minimum body size of 5 ticks with a minimum wick of 5 ticks also? Of course, this would be a bearish bar of at least 5 ticks in length with a wick below the bar of at least 5 ticks. I have my "bars ago" as 1.

I am using a user defined variable of BodyLow, BodyHigh, ShadowLow, and ShadowHigh. I am then placing these variables into the offset section.

Doesn't work. Can you direct me to my failed logic? Thanks!

[NinjaTrader_JC]

Hello Todd,

This logic will make sure that the body has to be a minimum of 6 tick (since it is only less than not less than or equal to) same with the Wick/Shadow. Are you using a higher time frame to make sure that there is enough price movement?