Hello Arshad...

Many thanks for your time and expertise. Yeah, I think I can do with this indicator. Atleast it saves my time in checking for the true Spike Bar. I am attaching the screenshot of an example. But before anything, I must tell you that this strategy does not belong to me. It belongs to Mr. Steve who I must say has taught me how to trade and I am still in the process of learning. You may be aware of the fact that Best things in life are meant to be FREE. So after having spent hell of a money in knowing how to trade and giving preferences to shorter time frame, I have atleast learnt something from Steve, AT NO COST - God Bless Him and give him all prosperity and success in life. I am not trying to advertise for any product here as advertisements are done for something that cost money. Steve provides all informations at absolutely no cost. They also have a Live Chat session - Cost - FREE. Mind you, they do not give any trade signals but once there, the way of your thinking and trading will change considerably. I am still Demo Trading after having blown 2 of my accounts while trading S&P Future Contract for almost 2 years and then I came across Steve. I started with Forex trading demo account with $1000, made it $3345 once in 9 trading days, reset the account back to $1000 and currently I am at $1976 after 12 trading days. You see I want to see failures and face maximum psychological setbacks so that I refine myself more and more to trade and think like they do. When I tripled my account for the first time, I thought it was by luck and I don't want to leave everything on luck, I say everything. So I decided that until I am able to triple my demo account for atleast 3 times consecutively, I am not going to trade Live. So here I am, happy because for the first time in my life, I see extra money in my account believe me. I am not a good trader but can judge what is good and my strong belief is a person who understand PA in the market and market sentiments well, knows where and at which levels the market is going to react and discloses these ideas to public, then you have probably found the so called Holy Grail in him/her. I am proud to say Steve is one of them. Give it a try, you have got nothing to loose. By the way you can find on his website a record of all his past trades and the startegy of his trading methodology in details. Go through each and every section of it thoroughly and spend some time on such valuable training. Steve also post his high probaility trades in advance, much much advance to look for and we wait until market finally gets there. Can you believe, all these stuffs for FREE. See it to believe it because I feel if I am benefitted then everyone else must who believe in helping others.

I am attaching screenshot of one such strategy. I have loaded your indicator on it so that I don't have to search through such spike bars. My setting for this indicator on 1 Hour chart would be 80 (I am still testing it for 80 or 100). Now do you see one such Spike Bar of range 104 marked blue. Just see what happens in the next hour. The market fell back to 1.3950 and then from there onwards it continued its uptrend. So the market has agreed to remain in the uptrend at retracement until 1.3950. I have drawn a horizontal Lime colored line at this level and I will watch for Price Action History at this level to make sure if this level has acted as Support, Resistance or Both in the past. Better if the level under consideration had acted as both support and resistances in the past. If it did, then you are done. Just wait at 1.3950 with a limit BUY order as the market retraces back to this level in the future. Make sure that it does not slice through the level, or you can wait for the confirmation of reversal in a smaller time frame (5 or 1 minute as you may prefer). Apply your own money management strategy to lock your profit. How much does one need. If on EURUSD, I am able to make 20 Pips daily and consistently, I am more than happy, whereas these trades are designed to give anyone between 40 to 250 pips as far as my understanding goes and if I am not trying to hype this strategy (Why would I?). You have seen what happened at BUY order at 1.3950 in the attached chart. If your set up allows and candle closes above 1.3950 showing reversal, you may re-enter if you want. You may accept the fact that market always rebounces from important levels but the extent of rebounce is not that big. It then continue its way back to test that same level once again infact a bit more deeper to test and check how far it can hold, mainly testing the stop orders and level strength and if it is held firm then it rebounce again as you can see from the attached chart. The second rebounce is much more stronger than the first one but it has equal chances of failures. I am still in the process of developing my abilities to trade these levels and hence I cannot say anything more than what Steve is preaching freely through his website. Have a go and let me know how you like it. If you have any difficulties, let me know. If you want I can post you my charts in advance to show you what levels I am looking at to trade. This way we can share some more ideas. You already have my chart for EURUSD posted in my 2nd post. Magenta lines are the lines where I will look for SHORT and Lime are the ones for LONG. That's it. I hope you enjoyed my explanation and you will enjoy more at NoBrainer as this is trading without indicators. Arshad, thanks once again for your time.

Can I ask you for one more favour Arshad. The indicator that you have designed is good but I believe, I was unable to explain the idea to you properly. Spike Bars are shown with Ranges on bars is very nice. Can we make it Optional like RangeDisplay set to True or False defined by user? Also did you see my chart attached to this post? All my bars are Grey in color. I do not have any indicators on this chart except SessionZones. So after loading Spike Bars on the chart, can we have the Color Rules applied to Spike Bars Only. I can see there are no color rules in this indicator or maybe you have applied it to those numbers representing the ranges on these Spike Bars. Well can we apply the same rule to the actual bars as well. This is what I was looking for and make these range numbers on top and bottom of the Spike Bars optional. If you can do it then very good, if not then also I must thank you friend for your time.

God Bless You,
Yusuf SHAIKH

Attached Images

spike bar explanation.gif (21.1 KB, 2304 views)