- Robert Gerald Wood
- Version: 1.30
- Updated: 19 January 2023
- Activations: 5
This indicator will draw a label above or below each candle based on Rob Smith's The Strat as they develop over time on your chart.
As price evolves, a candle can switch between three states. When the candle first opens, if it sits completely within the previous candles high and low, then it will start as a Type 1. As time moves on, if it breaks either the high or low of the previous candle, it will be come a type 2, and should the price action be volatile and directionless, it may then break the opposite side of the previous candle and become a type 3.
Each candle is defined by its relationship to the previous candle.
Type 1 - Inside candle- The candle is entirely within the high and low of the previous candle. An inside candle shows the market is at a point of indecision.
Type 2 - Trending candle- The candle extends above or below either the High or low, but not both, of the previous candle.
Type 3 - Outside candle- The candle has broken both the high and low of the previous candle. An outside candle shows price is broadening, producing higher highs and lower lows on a lower timeframe.
When true, the candle number is shown for Inside candles.
When true, the candle number is shown for Trending candles. I often leave this set to false (the default) as I find it distracts from the important signals given by Type 1 and 3 candles.
When true, the candle number is shown for Outside candles.
Choose between AboveCandle or BelowCandle.
The font to use for the candle numbers.
The size of font to use for the candle numbers.
When true, the candle numbers will be scaled according to the chart zoom levels. When false, the candle numbers will use the FontSize setting.
The colour to use for an Inside candle number
The colour to use for an Trending candle number
The colour to use for an Outside candle number
By default, this is set to 50, meaning only the most recent 50 candles will be labelled. You can modify this number to include more candles, or set it to 0 to label all historic candles.
Good indicator but it would be nice if you can change a 2d candle to red that will help out a lot other than that good job.