CANDLE FILTER

27. Mai 2022

Todays scripts is based on my Pullback And Rally Candles with other meaningful candles such as Hammers and Dojis.

You can choose which Candles to show on the cart and if you want to candles to appear above or below a moving average.

If you follow my work, you may recognise some of these candles which I'm about to show you however these candles are 1) more refined and 2) has moving average filters.

Ive included a D,6H,1H Candle in this script as on different timeframes - each swing low on average has a different amount of bars within the swing low / swing high so the DPB and RD will only work on the Daily

//Pullback candle
This candle is very powerful when used with simple Price Action such as Market Structure//Demand zones and support zones. (((((WORKS BEST IN UPTRENDS AND BOTTOM OF RANGES)))))

Ive included a D,6H,1H Pullback Candle in this script as on different timeframes - each swing low on average has a different amount of bars within the swing low so the DPB will only work on the Daily

//DAILY PULLBACK (Swing Traders)
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//4H PULLBACK (Swing Traders)
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- this signal will produce more signals due to the swing low filter on the 4H

//1H PULLBACK
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- this signal has been refined due to too many candle displaying in weak areas


!!!IF YOU DONT WANT TO USE PULLBACKS DURING DOWNTRENDS THEN USE THE EMA FILTER TO TURN OFF THE PULLBACKS WHEN PRICE IS BELOW THE MOVING AVERAGE!!!


//Rally candle (My personal Favourite) (((((WORKS BEST IN DOWNTRENDS AND TOP OF RANGES)))))

This candle is very powerful when used with simple Price Action such as Market Structure//Supply zones and Resistance zones.

//DAILY RALLY(Swing Traders)
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//4H RALLY(Swing Traders)

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- this signal will produce more signals due to the swing high filter on the 4H


!!!IF YOU DONT WANT TO USE RALLIES DURING UPTRENDSTHEN USE THE EMA FILTER TO TURN OFF THE RALLIES WHEN PRICE IS ABOVE THE MOVING AVERAGE!!!

//POWERFUL DOJIS (INDECISION)

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We look for indecision in key areas to see if momentum is shifting. When combined with Pullbacks or Rallys - this will enhance the odds of a probably area.

//HAMMERS
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//MOVING AVERAGES

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Short EMA = 50
Long EMA = 200
This filter can be used when the market is trending - look out for rejections off the moving averages
Also you can chance the Short And Long EMA to choose which MA cross you want to use

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ALSO ALL THE CANDLES HAVE A ALERT CONDITIONS WHICH YOU CAN ACCESS - THIS WILL ALERT ANY CANDLE YOU CHOOSE


Please leave a like/comment on this post as this is much appreciated....