Traders' Tips from TASC Magazine

Candlestick Filtering

To create the Candlestick Filtering system, by Rudy Teseo, in MetaStock 6.52 or higher select System Tester from the Tools menu, click New and enter the following code:

Name: Candlestick Filtering

Enter long:
     Enter:= (EngulfingBull() OR MorningStar() OR Hammer()) AND MO(14)>0
     AND RSI(14)>50 AND RSI(14)<70;

     Ref(Enter,-1) AND H>Ref(H,-1)

Close long:
     Exit:= EngulfingBull() OR EveningStar() OR DarkCloud() OR RSI(14)<50 OR
     MO(14)<0;

     Ref(Exit,-1) AND L>Ref(L,-1)

Click OK, then click Options, on the Testing page under Trade Price set the Entry Price to High and the Delay to 0, set the Exit Price to Low and set the Delay to 0.


Contents