📒 INDICATOR OF THE DAY 📒
The TD sequential fans are going to love that one.
TD Sequential has two parts – TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count.
When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely.
The Candle Meter strategy counts the sequence of candles in one direction.
Gives also the number of consecutive candles in one direction.
The direction is based on open and close.
In the script screenshot just above, I'm using a bar meter of 7.
The 7 count estimates whenever 7 consecutive candles are vaidated
I included some cool backtest filters:
- date range filtering
- flexible take profit in USD value (plotted in blue)
- flexible stop loss in USD value (plotted in red)
- closing on opposite signal (if we count N consecutive bar down, this will close a LONG if opened)
The take profit and stop loss should work with Forex pairs also
All the BEST
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
TD sequentials guys often use the 9 to identify a possibility of a beginning of an eventuality of a reversal
It's in the public library