Confirmation #2: during periods of price consolidation (See <Note 1>)
It exits when either (a) stop loss limit is reached, or when (b) price actions suggest trend is bearish.
<Note 1> Measuring price volatility to assume consolidation: For each candlestick, we quantify price volatility by referring to the value of standard deviations (2x) of closing prices over a look-back period of 20 candles. This is exactly what the Bollinger Band (“BOLL”) indicates by default.
Knowing the value of standard deviation (2x) of prices (aka the width of lower/upper BOLL bands), we then compare it with ATR (x2) over a user-defined length (can be configured in settings). Volatility is considered to be low, relatively, when the standard deviation (x2) of prices is less than ATR (2x).
Release Notes
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Bug fixed (exit message showing "stop loss" or "take profit")
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Improved conditional statements to determine bearish engulfing candlesticks.
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- improved price action indicators - modified entry condition, requires the current candlestick to be strong in support, or at least not work as bare minimum (as per price action indicators)
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Fixed bugs, and refactored codes.
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Values of parameters can now be further customized in settings.