MatHold

Description

The Mat Hold pattern is a rare bullish continuation pattern. The first three candlesticks in this five candlestick pattern resemble the Two Crows pattern. The black bodied crows of the Two Crows pattern are followed by a third black body, and finally by a white bodied candlestick that gaps up.

Formula

MatHold(INPUT, Stringency=3)=begin

  retval = NONUM

  targetBar = 0

  cBase = RealBodyMidPoint($1, (targetBar+4))

  cOpen = GetPrice($1, BATE_OPEN, targetBar, 0)

  pClose = GetPrice($1, BATE_CLOSE, (targetBar + 1), 0)

  pOpen = GetPrice($1, BATE_OPEN, (targetBar + 1), 0)

  ppClose = GetPrice($1, BATE_CLOSE, (targetBar + 2), 0)

  ppOpen = GetPrice($1, BATE_OPEN, (targetBar + 2), 0)

  pppClose = GetPrice($1, BATE_CLOSE, (targetBar + 3), 0)

  pppOpen = GetPrice($1, BATE_OPEN, (targetBar + 3), 0)

  if WhiteBody($1, targetBar) AND WhiteBody($1, (targetBar + 4)) then begin

    if BlackBody($1, (targetBar + 1)) AND BlackBody($1, (targetBar + 2)) AND BlackBody($1, (targetBar + 3)) then begin

      if pClose > cBase AND ppClose > cBase AND pppClose > cBase AND cOpen > cBase then begin

        if Stringency >= 3 then retval = '3'|clr_green|below|arrow|vertical|ftiny

        if cOpen > pOpen then begin

          if Stringency >= 2 then retval = '2'|clr_green|below|arrow|vertical|ftiny

          if pppOpen > RealBodyHigh($1, (targetBar + 4)) then begin

            retval = 'MAT HOLD'|clr_black|below|arrow|vertical|ftiny

          end

        end

      end

    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 the Mat Hold pattern. 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 3.

Return Value

The return value is a string plot and varies depending on the value of the Stringency parameter.  The lower the number, the stronger the pattern.

Bullish indicators are rendered in green below the candlestick.

The string plot for a fully qualified Inverted Mat Hold pattern is "Mat Hold" rendered in black below the candlestick.

Examples

Comments

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