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Master candle strategy scanner

Features

  • Can monitor all symbols visible in your Market Watch window at the same time. Apply the indicator to just one chart and instantly monitor the entire market.
  • Monitors every timeframe, from M1 to MN, and sends you a real-time alert when a Master candle formation is identified.

You can place the indicator on for instance EURUSD M5 chart and receive an alert from any symbol and any timeframe of your choice.

Please note that due to the multitimeframe function this indicator is not supported in the strategy tester.


Parameters

  • Amount of inside bars: For best signal quality it is recommended to set it to 4. Please see the strategy explanation below.
  • Minimum master candle size in pips: Please see the strategy explanation below.
  • Maximum master candle size in pips: Please see the strategy explanation below.
  • Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma. If you put a symbol not visible in the Market Watch window, that symbol will not be scanned.
  • Timeframes: Set to True for each timeframe you would like to monitor.
  • Alerts: Set to true for each alert type you would like to receive.


Strategy

Master Candle (MC) is a trading strategy based on a candle formation where the first (master) candle is followed by 4 smaller candles which are inside the first candle. The whole formation is built of 5 candles, independent of if bearish or bullish.

Timeframes: H1 and H4 graphs.
Even if the MC strategy works best on H1 it can be traded on all timeframe and currency pairs. Mainly on H4, H1 and M30 graphs.

Currency pairs: Trades best on volatile pairs such as GBP/USD and GBP/JPY.

After breaking MC high/low a position will be taken in the direction of the break. It is recommended that the MC has a size of 40 to 100 pips (but it depends on the volatility of the currency pair in question). It is also recommended to put stop orders for instance 5 pips above and below the MC high/low.

Some traders also use the rule that a break in any direction should occur during the next 3 candles after the MC creation (5th candle). Anyway, it is highly recommended to cancel any stop order if there is no break after 24 hours.

Finally it is for better results recommended to trade in the direction of the trend as well as to avoid trading at strong and important price levels – resistances and supports. It is also advisable not to trade MC which appears inside another MC.



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Version 1.1 - 2017.05.23
- minor bug fix