Quote:
Originally Posted by cja
I have had requests to make SuperTrend into a candle type indicator,
IMPORTANT !! This Candle indicator uses he iCustom function to call on the original indicator which means to use the SuperTrend Candle indicator you must have the original SuperTrend indicator in your MT4 indicator folder or the candles will not signal.
Attachment 75128
Attachment 75131
Attachment 75127
SuperTrend indicator & SuperTrend Candles indicator
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CJA,
You are a master in manipulating candles. I really like your art.
I am a conservative trader. I only use indicators as information reporters - average range calculators, hi-low candles, time zone indicators and border boxes.
I like live trading with a plan, watching the momentum and volatility.
The old tried and tested technique of box breakout trading will remain evergreen for anyone who is passionate about live trading and is disciplined. It requires watching the charts and tick chart constantly .
I take GBP/USD box breakout trades but only after it hits the high or low of the Asian or London or USA session twice. I enter only on pullback or retracement ( 1-2-3 pattern) on stop orders after the second candle has acquired at least 20 pips. Majority of the trades succeed because of low 30-50 pips target. I decide to take profit based on my actual observation of the momentum, volatility and factoring in the daily range statistics (high-low, open-close) . I use 1-2-3 pattern (for entry/exit) . If the momentum is good then I use trailing stops after locking 50 pips profit.
Is it possible for you to incorporate this old box breakout method using your different indicators like market profile, high-low candle structure, custom candles like the one you made for supertrend. In fact, you have all the indicators and you just have to put together in a new format.
Your candle rectangles can be a white color session box against light colored background (like a cut-out) with small stripe-like vetical zones. The Session candle should show hi/lo prices , median of the hi-lo and the total pips. There should be buffer (offset) for entry point and border lines to show stop loss.
There should be input to show up to 50 session rectangles so that backtesting can be done by anyone manually.
This session box will have six time bars or six thin border boxes - Asia, Europe, USA each having two time zones. Each session will have volatile and non-volatile zones. For for all three volatile zones - one color (watching this volatile zone a lot of traders will learn how big traders move markets) and for the other three zones different colors. Times of these zones should be by way of input. Each trader can decide the timings of the volatile zone (stop hunts, fake movements/gaps/fixing) from his own observation and experience.
You can either show the two candles in unique color or pointers/arrows to confirm entry. There will be no specific entry point. The first candle acquires unique breakout color when it enters high/low of the Asian box. Second candle (sometimes it happens after two hours) will acquire unique breakout color after having gained 20 pips after re-entry .
An alert on pop-up will be helpful.
Will you please make a 1-2-3 (pin bar) indicator like the one I saw in one of the forums? Picture is attached. It will be very useful.
Thanks again for providing useful and well-designed indicators.