- Also added a Price Action candle for "Last 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 and standard settings(12,26,9).
This is a trend following indicator and alert for Binary Options based on patterns and -
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:
- Bearish + PinBars
- Dark Cloud Cover
- Piecing Line
- Bullish + Harami
- Bullish + Candle
- Bullish + Last S/R break
- Yellow = - 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 upper/lower break lines are also draw, if the (optional) last break line is broken by a highlighted bar then this indicates a stronger trend conformation.
The indicator DEUTER 2 colour(12,26,9) you can visually see the histogram colours with direction - needs "MACD DEUTER 2 colour" indicator.
This multi-indicator set up is suitable for 1hr, 4hr and with 1-4 candle expiry.
References and Inspiration from:
- Fractal Levels by RicardoSantos
- Candlestick Patterns With by rmwaddelljr
- CM_Price-Action-Bars by ChrisMoody
- "Scalp Jockey - MTF MA Cross Visual Strategizer by JayRogers"
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.