ReLSOved indicator is primarily directed at traders using trading strategies based on the price action patterns.
The "rails" are the four patterns of the famous Price Action strategy - Rails, Outside bar (OVB), Reversal pivot points (PPR) and Wide range bar (WRB). They can be used together or in various combinations (the display of each pattern is customizable).
How it works
The indicator operation principle is based on searching for the patterns. Detected patterns are displayed as rectangles. It also specifies the aim of each detected pattern calculated using the Fibo level (Fig. 1). Besides, if the triggered pattern display mode is available (ShowWorkedPattern), the patterns with a broken target level are re-painted in a different color, while the ones with unactivated target levels keep their bullish or bearish pattern colors (Fig. 2). Even if ShowWorkedPattern is disabled, you can still see the pattern status by hovering the mouse cursor on the pattern's rectangle or target line keeping an eye on "ACTUAL" or "WORKED" words in the tooltip (Fig. 3). The indicator also sends notifications on newly formed patterns both to terminals and mobile devices.
The parameters allow you to set ReLSOved display parameters:
- IsShowRailsPattern - display the Rails pattern;
- bodyGreatPercents - maximum difference between the candle bodies, %;
- bodyToHeightPercents - minimum percentage of a candle body related to the total candle height, %;
- IsShowOVBPattern - display the OVB pattern;
- IsShowPPRPattern - display the PPR pattern;
- IsShowWRBPattern - display the WRB pattern;
- BodyRatio - minimum ratio of the first and third candle bodies to the second body one;
- HighLowClearance - minimum clearance between the extreme values of the first and third candles;
- OverLaidPattern - display overlapping patterns;
- indBarsCount - number of bars in history used for searching and displaying the patterns;
- RegcolorBulls - bullish pattern color;
- RegcolorBears - bearish pattern color;
- IsRectangleShow - display the pattern rectangle;
- FillRectangle - rectangle filling;
- Showtarget - show a target level;
- FiboTarget - target level;
- ShowWorkedPattern - show triggered patterns (with broken levels);
- WorkedPatternColor - triggered pattern color (similar for bullish and bearish patterns);
- LineWidth - rectangle and target level line width;
- LineStyle - rectangle line style (solid, dotted, etc.);
- isAlert - pattern signal;
- isPush - send pattern alerts to mobile devices;
- soundpattern - alert audio file.