LongLeggedDoji

Description

A Long Legged Doji is a Doji with an upper shadow. The Real Body is approximately at the center of the range.

Formula

LongLeggedDoji(INPUT, Stringency=2, DojiPercentage=10)=begin

  retval = NONUM

  targetBar = 0

  bMid = BodyMidPoint($1, targetBar)

  rbHigh = RealBodyHigh($1, targetBar)

  rbLow = RealBodyLow($1, targetBar)

  tQtr = BodyTopQuarter($1, targetBar)

  bQtr = BodyBottomQuarter($1, targetBar)

  if DojiForm($1, targetBar, DojiPercentage) then begin

    if rbHigh > bMid AND rbLow < bMid then begin

      if Stringency <= 2 then retval = 'Long Legged Doji'|clr_gray|below|ftiny|vertical|arrow

    end

  end

  retval

end

Parameters

INPUT

The INPUT directive makes this formula available as a Formula Overlay. INPUT refers to the instrument in the chart.

Stringency

The Stringency argument is used by nearly all candlestick overlays. It controls how many tests must pass in the evaluation of a Long Legged Doji. The lower the number, the more strict the interpretation.

The Stringency argument is an overlay parameter. You can adjust it using the Parameters dialog. The default is 2.

DojiPercentage

The RealBodyPercentage parameter represents a percentage. This parameter serves as the basis for determining whether a candlestick is Doji or near Doji. The smaller the value assigned to RealBodyPercentage the more stringent the test. The default is 10, or ten percent.

Return Value

This neutral indicator is rendered "Long Legged Doji" in gray below the candlestick.

Examples

Comments

This overlay uses a ratio between the high low range and the real body length to determine whether a candlestick is Doji. See RickshawMan for an alternative method of identifying this pattern.