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Dragonfly Doji Candlestick
On the TimeToTrade charts, an indicator can be added to detect Dragonfly Doji Candlestick patterns. The indicator can then be used to execute trades, provide an Email or SMS text message notification when your Candlestick chart patterns have been met or backtest trading strategies.
A Dragonfly Doji is formed when the opening and closing prices are near the same value and are positioned at the top of the shadow. When the market is over sold or at a point of support, a Dragonfly Doji can signal a bullish price reversal as there was buying before the candle closed:
If the close price is near the bottom of the shadow it is called a Gravestone Doji. If the Doji has a shorter shadow it is referred to simply as Doji or if the shadow is longer it is referred to as a Long-Legged Doji candlestick.
An overview of Candlesticks
A candle represents the changes in price over an interval of time such as 1 day or 1 minute. The main body of the candle illustrates the opening price at the start of the time interval and the price when the market closed at the end of the interval. The head and tail represent the highest and lowest prices during the interval.
The length of the 'Head' is the difference between the highest price during the interval and the greater of the Open or Close price. The length of the 'Tail' is the difference between the lowest price and the difference between lesser of the Open or Close price. The length of the 'Body' if the difference between the Open and Close price. The full length of the candle is referred to as the 'Shadow'.
If the price closed at a price above the opening price, then the candle is referred to as a 'bullish' candle and if the price closed below the opening price, then the candle is referred to as a 'bearish' candle. On the TimeToTrade charts the bullish candles are coloured green and the bearish candles are coloured red as illustrated:
Dragonfly Doji Indicator
The Dragonfly Doji indicator can be displayed on the TimeToTrade charts. It can be used to identify Dragonfly Doji chart patterns, where by the indicator will rise above 0 to 1 when the Dragonfly Doji chart pattern has been identified:
To add the Dragonfly Doji indicator to the TimeToTrade charts, go to the chart settings and click on the 'Add Indicator' button. Click on the search box and type the name of the Candlestick indicator that you are looking for, or for example type 'candle' and scroll through the results:
After adding the Dragonfly Doji indicator, within the chart settings, click on it to set the colour and tolerance:
The tolerance is used to 'soften' the Candlestick rules. For example, if there are two candles in a sequence, and the requirement is for the second candle high and low to be fully engulfed by the body of the first candle, adding a tolerance value, will allow the high or low of the second candle to be outside the body of the first candle, by the specified tolerance amount.
Dragonfly Doji Alerts
Alerts can be set up to provide an Email or SMS text message notification of when your Candlestick chart patterns have been met. The alerts can also be used to backtest trading strategies or execute demo trades. To learn more:
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