Candle Sequence Dictionary Builder

Traders name individual 3-bar candlestick patterns constantly, but rarely test the full set at once with a single consistent method. This script classifies every bar as Up, Down or Doji, encodes each rolling window of three consecutive bars as a base-3 digit (0..26 - 27 possible 3-bar shapes), and for every occurrence of each code measures the price return a fixed number of bars after the sequence completes. The result is a ranked dictionary: 27 rows, each with a sample count, a frequency percentage, and an average forward return in pips. A bar is classified as a Doji when its body is small RELATIVE TO ITS OWN RANGE, not against a fixed pip threshold. A fixed pip cutoff would call every bar Up/Down on a volatile instrument and every bar a Doji on a quiet one; using the bar's own range keeps the classification meaningful across very different symbols without retuning the input each time. Every possible 3-bar shape is reported, not just the "interesting" ones a human might name - including the codes that turn out to carry almost no edge, which is itself useful information when deciding which named patterns are worth watching for. Notes and limitations - The pattern code and its 3-letter label (D = Down, . = Doji, U = Up, oldest bar first) both identify the same shape; the label is there so the log reads without a lookup table on hand. - A zero-range bar (a data feed glitch with identical high and low) is treated as a Doji rather than causing a division by zero. - The output table is ranked by the absolute size of the average forward return, so the top rows are the most informative sequences, not necessarily the most frequent ones. - This is a descriptive study, not a trading signal. Codes with a small sample count can show a large average return purely by chance - check the count column before trusting a row.

Script · MT4 · v1.0 · Free

Tags: Candlestick Patterns · Alerts · MT4 Script · MQL4 Source Code

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