TheStrat Candles MT5
- Indicadores
- Robert Gerald Wood
- Versão: 1.30
- Atualizado: 20 janeiro 2023
- Ativações: 10
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.
Candles
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.
Settings
ShowInside
When true, the candle number is shown for Inside candles.
ShowTrending
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.
ShowOutside
When true, the candle number is shown for Outside candles.
LabelPosition
Choose between AboveCandle or BelowCandle.
FontName
The font to use for the candle numbers.
FontSize
The size of font to use for the candle numbers.
AutoSizeFont
When true, the candle numbers will be scaled according to the chart zoom levels. When false, the candle numbers will use the FontSize setting.
InsideFontColour
The colour to use for an Inside candle number
TrendingFontColour
The colour to use for an Trending candle number
OutsideFontColour
The colour to use for an Outside candle number
LookbackBars
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.
