This is the area where the back testing will use to calculate the Profit/Loss. Changing this value will have an impact on the Profit amount. By Default the value is 2. There will be a blue diamond on the chart above the Green Alpha Candle or below the Red Alpha Candle indicating the price level …
Read more “Change Target1 Reward Value to :”
This input field is to inform the trader, has no effect on anything. Back testing with real time data might require to change this, please go to Properties Tab of this script and un-check “On Every Tick” under Recalculate’
If you want to test the strategy between two dates, turn it ON from above and adjust the END date from here
If you want to test the strategy between two dates, turn it ON from above and adjust the START date from here
If you want to test the strategy between two dates, turn it ON from here and adjust the dates down below. Change the back ground Colour from the Settings/Style-Background Color
This will allow to buy more if another Alpha Candle forms in the same direction, 4 times total. This will allow to profit more, but again it is all up to the individual’s trading rule.
This will allow you to exit the trade if an opposite Alpha Candle forms while waiting for the target. Overall profit will change. Experiment with it.
You can test the strategy or use it as an Indicator if you choose “Indicator Mode” in conjunction with Recalculate On Every Tick under Settings/Properties Tab of this script. Basically test is for Long Signal, Short Signal or for Both Long and Short
Pull back is a long section. There are many ways to play pull backs. In our case, we will show how a pull back play we do on an Alpha Candle. We draw a mid line for the Alpha Candle. If the pullback stays there as a support area we get into the trade on …
Read more “Pull back”
Gaps happen for a reason. The news is out and market reacts to it at the open. Just put the high volume gapers on the radar screen, and watch for the Alpha Candles and PinBars. Observe them for a while and you will start seeing the patterns.