In CandleScanner you can also use Patterns Dictionary panel available in the ribbon bar HOME » New Window menu as a quick reference. Notwithstanding, rather than take and implement a rigid approach, the software also provides the opportunity for users to control various parameters. CandleScanner attempts to remain true to the spirit of the original Japanese formulation(s). It so happens, that even between well-known authors, and their publications, there are differences, and even contradictions, on how to apply and interpret candlestick patterns. The team responsible for developing CandleScanner has spent a considerable amount of time (spanning several years) on the analysis, on comparisons and on tests between what different authors had to say on the subject of candlesticks and candlestick patterns. Greg Morris ( Candlestick Charting Explained: Timeless Techniques for Trading Stock and Futures).Thomas Bulkowski ( Encyclopedia of Candlestick Charts).To do this, the comparison of close to close 1 day ago is needed. For example, a screen for a bar setup or candle pattern might want to find a point where a close is above a prior days close. Steve Nison ( Japanese Candlestick Charting Techniques) The key to building candlestick screens is an understanding of the comparison of day high/low/open/closing values between other days.Seiki Shimizu ( The Japanese Chart of Charts).The following list of authors, and their books, had the biggest influence on how the CandleScanner scanning algorithms were implemented: CandleScanner recognizes in total 106 patterns: 20 basic candles and 86 candlestick patterns.
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