Three (3)-Bar and Four (4)-Bar Plays Strategy

tormunddookie Updated   
This strategy analyzes the three and four-bar play which is when price action has a wide igniting bar that has a full body, then one or two narrow bars which have a relatively equal high for long plays and relatively equal low for short plays, then a continuation bar. You should not take plays that will encounter resistance. The stop loss is placed for long plays below the 2nd bar (or 3rd bar for 4-bar play).

This is commonly used on 1m, 2m, 5m, and 10m charts.

Jared Wesley is one of the more notable traders that use this setup. You can edit as an input the start date, end date, igniting bar size, the body percentage of the igniting bar, the relative equality of the 2nd bar (and 3rd bar for 4-bar play) compared to the igniting bar, and profit multiplier.
Release Notes:
Updated igniting bar body size to 70% default. Added donchian channels. Updated comments.
Open-source script

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