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TTF Candles AM

This indicator is based on the idea of a popular Trend Trigger Factor indicator. The indicator determines a price movement direction comparing high and low of the current candle with high and low of a price for a longer period.


The indicator parameters

  • longTTFbars - number of candles to calculate the price movement direction for a longer period of time (cannot be less than 2)
  • shortTTFbars - number of candles to calculate the price movement direction for a shorter period of time (cannot be less than 2)
  • indBarsCount - this parameter affects only the display of the indicator and determines a number of candles where the indicator is displayed (if 0, the indicator will be displayed on all candles of the chart)

If set by default, the indicator generates following signals:

  • A formed candle has Lime color - the indicator confirms consistent growth of highs and lows of the price. There are good reasons to place Buy Stop orders on high of the first candle having such color.
  • A formed candle has Red color - the indicator confirms consistent fall of highs and lows of the price. There are good reasons to place Sell Stop orders on low of the first candle having such color.
  • A formed candle has Gray color - the indicator shows that the trend is weak. If you have an open position, it makes sense to place Stop Loss orders on the High/Low of the first candle having such color.

The indicator does not redraw.

No reviews
Version 4.0 2016.06.21
Revised the code.
Added auto correction of invalid settings.
Version 2.0 2016.05.04
The description added to the indicator code.
Version 1.4 2015.07.21
Fixed display of a limited amount of candles.
Fixed checking the indicator calculation data sufficiency.
Version 1.3 2015.06.01
In the updated indicator version, the candlesticks, on which the indicator signal on a longer period conflicts with the signal on the shorter period, are painted in a gray color. The indicator values equal to zero are also colored in gray.