Breakout Candle
- Indicators
- Version: 1.2
- Activations: 5
This indicator is based the principle of breakout candle. Every candle that breaks out from the cluster may not lead to a rally. There are various factors that determine how a breakout candle will behave. This indicator calculates all those factors to suggest BUY/SELL signal once a breakout happens. This is a universal indicator that can work for all kind of instruments eg stock, currency, oil, crypto etc. This also works in every timeframe.
PARAMETERS
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move = 20
strongCandle = 70
rangeCandle = 15
rangeRange = 1
maxSLPercent = 1.5
numberOfCongestionCandles = 12
numberOfCandlesForExit = 4
buyClr = clrGreen
sellClr = clrRed
lowProbTradeClr = clrBlue
considerTrueRange = true
ignoreLowProbableTrades = true
topLevelFilter = true
noFollowupExit = false
showInnerZones = false
drawCogestionZones = true
referPriceactionRange = true
showSignificantCandles = false
sendAlert = true
checkCandleStrength = false
exitAtOppBreakCandle = false
You can try different inputs as per your trading plan and see what suits best but for default, above parameter values will suffice most of the trading conditions and instruments.
How To Trade
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Whenever an alert comes for trade go ahead with the trade. If the alert mentions, it's a low probable trade you can still go ahead with the trade albeit with low volume or based on your risk apetite.
P.S - The SL it will give is for reference only. You may put the actual SL a good 10 pips below or above it depending on the trade type. Exit the trade when it tells you to exit or an opposite trade signal comes. This will also guide you to trail your SL.
Please do message me once you purchase the indicator. I will share the complete know how of the indicator usage and what different colour signal arrows means.
