The TD sequential fans are going to love that one. TD Sequential has two parts โ TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count. When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely.
The Candle Meter strategy counts the sequence of candles in one direction. Gives also the number of consecutive candles in one direction.
The direction is based on open and close.
Script screenshot
In the script screenshot just above, I'm using a bar meter of 7. The 7 count estimates whenever 7 consecutive candles are vaidated
๐Filters๐
I included some cool backtest filters:
- date range filtering - flexible take profit in USD value (plotted in blue) - flexible stop loss in USD value (plotted in red) - closing on opposite signal (if we count N consecutive bar down, this will close a LONG if opened)
The take profit and stop loss should work with Forex pairs also
@OutsourcE, it's not a strategy to be used for real live trading as it is. It misses some basic risk, trading and money management components
TD sequentials guys often use the 9 to identify a possibility of a beginning of an eventuality of a reversal
totoroha
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Can i try the indicator, plus read the document about it to understand how to use it?
Daveatt
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@totoroha, it's free. Sure you can :)
It's in the public library
JoshuaMcGowan
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dude, you're pretty good at this trading/coding thing :) YOU DA MAN!
Daveatt
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@JoshuaMcGowan, this is a simple script though. Thank you my friend :)
navyiho
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Thanks, excellent addition to my trading research. Can you add BUY/SELL signals as well to the code?