High-Low Candle

6. Okt. 2022

Simplified trading with only High Low candles. It uses CCI for trade selection and filtering. Use it either in normal candle mode or better in Heikin Ashi mode. Recommend using standard Stochastics and CCI 20 indicators to learn usage and behaviors.
Trading rules and color legend:

Teal (Green): Long
Red: Short
Grey/Silver: No trade zone, Indecisive candle
Yellow: Potential trend change (Outside Bar) needs confirmation on either side
Purple: Extreme momentum (CCI above 195/below -195) . Alert for reversal possibilities and divergences

Trading recommendations:
When color transitions from Grey or Purple or Red to Green - Enter long above high of this green candle
When color transitions from Grey or Purple or Green to Red enter short below low of this Red candle
Exit trade on 2 consecutive Red bars (for long) and Green bars (for Short) or Super Trend changes direction
Additionally can use Stochastics, CCI (and VWAP for shorter time frames) for validation/confirmation.

Thank you for looking this up. This is my first publish of an indicator/pine script so please judge me kindly! Happy trading.

8. Okt. 2022

Versionshinweise

Parameterized some CCI input variables

16. Dez. 2022

Versionshinweise

Fixed some bugs. Changed color scheme. Teal and Red for Up and Down bars. Green and Marron for extreme momentum (was purple earlier for both side extremes)

16. Dez. 2022

Versionshinweise

Minor bug fix

16. Dez. 2022

Versionshinweise

Bug fix for color scheme after return from excess momentum

20. Dez. 2022

Versionshinweise

Fixed issue with Outside bar with pre-open tick. Now outside bar look for previous 2 candles instead of 1.