In this software, candlesticks are divided into 3 major groups, namely price groups, size groups and type groups. The price group consists of the opening price O, the highest price H, the lowest price L, the middle price between the highest price and the lowest price M and the price between the opening price and closing price B. This group is then abbreviated as OHLCMB. The next group consists of the upper stalk named Shadow Top T, the lower stalk named Shadow Sub S, Body B and the magnitude of the value between the highest and lowest values is named Range R. This group is then abbreviated as RBTS. While the last group is based on the position of the opening and closing prices of the candlesticks. If the closing price is greater than the opening price, it is called BULL, if the closing price is less than the opening, it is called BEAR, while if the opening price is the same as the closing price, it is included in the DOJI group. This may be a little different from what you have learned so far, but for practical purposes these three groups are used.
From the description above, the candle filter can be seen as follows:
To filter the candlestick chart, we will adjust the shape of the candles one by one and the position of the index candle is located. Here's the explanation:
In this section you can choose a group of candles based on their type as explained earlier, namely the type of Bull, Bear, Doji. Or if you don't need the type then you can select the All Type tab
The group here is not the previously intended candle group. But later each candle will be identified according to this group (if we will later activate the group filter). Here there are 2 entries, namely Time Frame and Position Index Candle.
Deviation here is the distance range where 2 prices are considered equal. For example, at a glance on a chart the opening and closing prices look the same, but in very precise computer calculations the two values are different. This is where the importance of deviation, previously we have told you that the candlestick lesson here may be very different from what you learned earlier. For example, generally a candlestick with a small size is considered a doji, but here the definition is slightly different, a doji is defined as the same open and close value. Now with the deviation, you can determine the shape of the candle and give the deviation value so that later you don't have to worry that the candle is not found just because the difference in value is relatively small.
Here you can choose the allowed candle shape as a filter. Each candle shape has been coded in numbers which will make it easier for the computer to filter. Besides that, each candle has been given a name, this is actually not very important for the computer, this is just to make it easier for you to recognize it or maybe for your communication purposes with your friends or colleagues later.
In this section you can limit the size of the allowed candles, each component of the candle can be given a size condition and of course this is optional.
This filters the statistical value of the candle on the previous row of candles. Each consists of the size of the Range compared to the previous candles and the size of the body candle compared to the previous candles.
In this section you can compare the position of the price components on the candles that you observe against the bid and ask prices. As for the progress bar, it only applies if you observe a candle at the zero index or a candle that is currently being formed.
As explained in the candlestick filter section, regarding candle groups based on the index position and the tome frame used, this section will activate the filter. Please note that the combination of filter candles in reality is very diverse. For example, we can filter candles based on the position of the index in question, but with the requirement that not only one type of candle is eligible, but various. On the other hand, filters can also be done based on the arrangement of several candles with different index positions. Well, that way we need to group candles based on the index position and time frame used.
Resultant Series is a method for filtering by adding up a series of candlesticks according to the size of the price range for each candlestick. For example Body, Price Range between Open and High or between Close and Low, etc. Here we give positive and negative values depending on the input price range, for example in the Bull candlestick type the Body value is positive, but it is different with the Bear type candlestick the value is negative. The following is a list of values based on the type of candlestick
To create a filter from the 8 items above, you only need to click the button of each item. After that select the time frame, enter the initial index and the desired number of bars. Next you can make a filter based on the total value of the number of items you choose, or you can also filter by ratio, this is like describing the negative and positive strength of price movements.
The position of the prices in the arrangement of several candles is also very important to observe, not only the position of the price against other prices but also the position of the candle against the body and the midpoint of the previous candle.
For example, you want to filter as follows: The first candle of the closing price position is higher than the highest price position of the 2nd candle with a deviation of 10 points
In addition to price positions, the size of a candle is also very important. In this section you can not only compare the component size of a candle with other candle size components, but also compare the component size with other size components in the same candle.
Besides you can filter according to the size of the candle component, you can also filter according to the ratio of the two components. For example, you want to filter 2 candles with the size of the first candle body not being more than 75% of the size of the second body candle and not being less than 30% of the size of the 2nd body candle.