JustUncleL

Candlestick Trend Indicator v0.5 by JustUncleL

Requested Update to this Indicator alert project. In this update I have added the option to be able select which Price Action candles you want included in the display and the generated alarm Alert. Other changes also included in this update:
  • Also added a Price Action candle for "Last Fractal S/R Break", this also a good continuation indication.
  • Added option to select a different moving average types for directional MA line.
  • Modified some default settings, using HullMA instead of Zero Lag EMA and standard MACD settings(12,26,9).

Description:
This is a trend following indicator and alert for Binary Options based on Candlestick patterns and trend line -
NOTE: original system was a forex trading system.
This code combines a number of indicators to create an overall trading strategy.
The indicator recognises and displays some useful candle named defined patterns that are used to support trend continuation:
Also recognises main Price Action candles from ChrisMoody ( CM             ), the four(4) price action patterns are colored coded bars:
  • Yellow = Inside Bar - breakout/continuance
  • Orange = Outside Bar - breakout/continuance
  • Aqua/Fuschia = Up/Down Shaved Bars - Buying/Selling pressure
  • Red/Green = Possible reversal PinBars - Reverse Down / reverse Up

The highlighted candles (maroon and darker green) represent the defined PA patterns that have been confirmed following the current trend direction that is indicated by the Hull MA(20) line (can select a different type of MA, or even disable) and confirmed by MACD direction (can be disabled). The confirmed Alerts are indication by green (buy) and red (sell) dots at the bottom of the chart. An alert is generated from this selection for the alert condition of the alarming system.
The fractal upper/lower break lines are also draw, if the (optional) last fractal break line is broken by a highlighted bar then this indicates a stronger trend conformation.
The MACD indicator MACD DEUTER 2 colour(12,26,9) you can visually see the MACD histogram colours with MACD direction - needs "MACD DEUTER 2 colour" indicator.

This multi-indicator set up is suitable for 1hr, 4hr and daily charts with 1-4 candle expiry.

References and Inspiration from:
  • Fractal Levels by RicardoSantos
  • Almost Zero Lag EMA
  • Candlestick Patterns With EMA by rmwaddelljr
  • CM_Price-Action-Bars by ChrisMoody
  • http://www.forexstrategiesresources.com/candlestick-forex-strategies/1-candlestick-trend/
  • "Scalp Jockey - MTF MA Cross Visual Strategizer by JayRogers"

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@JustUncleL very useful work. Appreciate it a lot, gonna be setting up alarms to support my strategy with this one. Thanks!!
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Hi, please I would like this indicator:-) Thanks .Marek
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Both indicators are available in the public script library. Just press the "Indicator Button" (not the arrow next) on top of chart and search for my indicators in the public library.
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xxmark83 JustUncleL
Please link for download:-) Will this indicator work in MT4? many thanks
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Pinescript is not compatible to MT4. I repeat these indicators are already freely available in the public library, you have access to them when you create a chart in TradingView.
+1 Reply
VinobaPrinson JustUncleL
i have 4 100% accurate binary option 1 min trading method . know i need to create some indicator for that can you help me .
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nnld218 VinobaPrinson
what's strategy ? can you share it ?
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This indicator is a tool for your own trading style, so it depends on how you trade, however, I will give you some Hints for using this indicator and chart set up:
- When a red or green dot appears at the bottom, that is the event to evaluate the position: is it in a strong trend or is it slowin down, is MACD showing strong support, what do the previous candles look like ie. short wicks and good size bodies indicate good contination support, etc...
- Don't use the CM Price action bars unless you understand them. You will get plenty of good entries from the default set up.
- Don't trade near nor directly after major market news (sometime better no trade day) for at least 30mins before and after..
- High probability trades occur when the MACD passes through zero or a few bars after, so look for candle pattern alert or the bar passing through the last Fractal break line in direction of trend.
- Do not trade when the MACD is flat and close to the zero line, this indicates a ranging market.
- You can add optional EMA(20) trend line, when HullMA(20) above EMA(20) trade calls only, when HullMA(20) below EMA(20) trade puts only. The crosses also normally act as a confirmation of trend direction changing.
- The indicator should be effective on currency pairs, commodities and even indices but stick to just a few major ones and practise them, suggested expiries are:
15min Chart use 1hr expiry.
30min & 1hr Charts use 4hr or end of day expiry.
4hr charts use end of day or end of next day expiry.
Daily charts end of week or even longer.
- When looking for End of Day positions, start looking for a MACD zero cross with matching alert or Fractal break after the London session starts.
- Please practise this system in DEMO first, before committing real money, be patient the more you practise the better and more confident you should be. If after two weeks practise you are not showing any profit in DEMO, then it might be time to look at a different indicator that will suit your trading style.

Please be aware that this indicator tool has a diverse amount of settings that can be altered to suit your trading style, the default settings will not suit everybody.
+1 Reply
Hi
I am trying to download the indicator but with no success. could you please post a link?
thanks
A
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Why you need to download? The links are already there in the public library, just select the indicator from "Indicators" button in the Trading view chart.
+1 Reply
ernie76 JustUncleL
@JustUncleL, can i use this on 1min chart at 5minute exp.?, and also can i use this on 5min chart at 30minute expiry? thanks
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@ernie76, I have not tried this tool on 1min charts, so cannot comment. I believe 5min at 15min to 30min expiry should give good results. Make sure you look for the best opportunities, don't trade every alert, study the chart price action approaching the alert and practice in Demo account first to see optimal setups.
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ernie76 JustUncleL
@JustUncleL, Sir pardon me for this inquiry, when you say dont trade every alert what do you mean by that? is there an alert alarm just like in mt4 to set it up? if so may you tell me the step by step procedure,set up to utilize it thanks again
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@ernie76, Yes the script generates alerts for the Tradingview Alarm subsystem, the Clock icon on the right hand sidebar. Onece you have selected the options and time frame chart you want the script run: Press the clock, press '+' to add alert and make settings like this
https://postimg.org/image/ag3et40rx/54641d5d/

hope that helps.
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JustUncleL PRO JustUncleL
@JustUncleL, sorry image is here:
https://postimg.org/image/ag3et40rx/
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i have 4 100% accurate binary option 1 min trading method . know i need to create some indicator for that can you help me . my email id is viprinson@gmail.com and my contact is +918754916662
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cristian.d VinobaPrinson
@VinobaPrinson, you lost me at 100%
+2 Reply
@cristian.d, ahahha true
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