The indicator operates based on a unique candlestick pattern. When the indicator generates a signal, there is a high probability of price reversal, and we can use it in trading.
Indicator use strategy
Market entry should be performed at the closure of the signal candlestick. Stop Loss should be set behind the signal cloud. We will have two take profits, the first one is equal to the stop loss value, 50% of lot amount should be closed at this level, and stop loss should be moved to breakeven. The second take profit is 2-3 times larger than stop loss.
We use two take profits in order to let profits grow while moving stop loss to breakeven after reaching certain profit to protect against risk.
I recommend using no more than 1-2 of your favorite indicators for additional filtering to catch only the most optimal signals.
Main settings of the indicator
- Length - the number of bars to form a pattern. I recommend setting from 3 to 10
- Size from % - the minimum pattern size as %, recommended value are from 25 to 55
- Size to % - the maximum pattern size as %, recommended value are from 60 to 100
These three parameters can be changed directly from the chart during indicator operation or testing using the quick panel without opening indicator properties.
In addition, the indicator has an alert function, an email and push notification features.
Good luck in trading!