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Dear Freelancer, I have an Indicator which is having, some fixings so, modify it as per mine requirements (Which is provided in the word document in an archived file). Thank you.
PLOTTING LINES
In plotting our Price Action Lines, there are some certain criteria that have to be met before
taking our trades, which are,
1. There must be a Matching Top or Bottom. Japanese candlestick pattern calls this a Twizzer, this a situation whereby the candlestick top or bottom are equal at the reversal
2. There must be an Engulfing. An engulfing is referred to as when the new candlestick covers the previous.
3. The Candlestick engulfed must have a long week than body
This is an example of a typical candlestick
Below is an example that matches the 2 criteria:
An Example in MT5/MT4
Now that we have known the criteria let’s look at how to place a valid trade.
To ensure we have a valid short-break point after reversal confirmation, we apply a method I call the candlestick back-counting, this method will enable us to have a perfect entry point.
How does candlestick back counting work?
1. We place a line on the Matching top or bottom as seen in the image above
2. We draw the line 8 candlesticks forward (This might be challenging for new formations because there is no candlestick forward, but you should be able to use the same length of a past traded line drawn to apply in a new formation.)
3. We draw the line back to the highest/lowest candlestick before the reversal was made (Maximum of 14 candlesticks back)
Ex:
Now let’s take a recap on how to take trades from MT5/MT4
1. On the Toolbar in MT5/MT4 click on the Crosshair icon and match the tops and bottom to make sure they match
2. Click on the Draw Trend line Icon
3. Draw the line on where you spotted the candlestick 8 candlesticks to the front
4. Draw the line back to the lowest/highest before the reversal
5. Place an arrow after the break candlestick(whether up or down)
6. Log into your broker and take the trade 20 to 30 mins ( Minimum of 4 candlestick
Maximum of 6)
And then...
Requirements:
v Call or Put signal will generate after Trend-line crosses and after crossing the trend-line candlestick must not touch the trend-line.
Example:
1st candlestick breaks trend-line but 2nd candlestick reversed and touches the trend-line. 3rd candlestick completely doesn’t touch the trend-line so, on the generation of 4th candlestick, it generates the PUT signal. Same like for CALL signal.