This tool was inspired by a low period MA (3-9) crossover and standard deviation channel breakout frequently used in different strategies as entry signals (signals of the wave end or start). This indicator uses the change of a candlestick (bar) color to the opposite one as such signal. Scaling is done automatically depending on the number of visible bars. There is a possibility to enable the alert signal and a notification via email.
The analysis of its performance has shown that it can independently be used as a core of a simple trend strategy on H1-H4 time frame where MA with a high period is used to filter trades.
To ensure the correct display of the indicator, you should set the "line color" to "None" and select "Line" type for the Japanese candlesticks in the Properties window.
- Length - similar to the deviation parameter in StdDev Channel.
- Nbars - number of bars for calculation.
- Candles - candlesticks or bars.
- AlertON - alert signal.
- EmailON - notification via email.