The Indicator Shadow Alert generates an alert when a Doji candlestick has been generated. A Doji candlestick is a candle pattern that usually lead to a reversal movement in price tendency, no matter the timeframe.
The alert sounds when the candle before current has a long shadow and a small body, which are the main characteristics of a Doji candlestick. You also can choose what timeframe you are monitoring the candlestick pattern and if you want to be notified about upper shadows or lower shadows.
- Min. Shadow pips: How many pips must be a candle's shadow larger enough to be alerted. A candle's shadow larger than this number of pips will be alerted. Otherwise, it won't.
- Min. Number of candle's bodies in a shadow: This is the ratio between the candle´s shadow length and the candle's body's length. This number means how many times the shadow must be larger than the body.
- TimeFrame: Is the timeframe where you are expecting the candlestick pattern.
- Expected Shadow: Here you can select if you want to be notified about upper shadows, lower shadows or both.