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Introduction

Congratulations, you made it here. This is a brief description of the software and and the intendent audience.

First of all, you have to have the Tradestation Desktop installed and have a valid subscription. Once you have this, then this software will be used as a plugin.

There are two parts to the software. Chart analysis, and scan. Chart analysis will be applied to all the charts and scan is the bare bone of finding the opportunities as they arrive through RadarScreen.

Charting

The charting software, _FindAlphaCandle_P is intended to people who has trading experience, chart analysis, candlestick formations and chart patterns. This is not an automated trading software. However it will find the opportunities faster than a person could scan with the naked eye, especially from thousands of stocks. All you have to look for is the Alpha Candles with Alpha Volume spikes. This is basically telling you that the price of the stock is gone up with a support of volume. That is all you need. If the stock is breaking to a new high from a consolidation period, or bouncing off the support, you will know it might be a good opportunity to buy or even sell ( in the reverse order, stock is falling from support).

Once you identify the stocks that are breaking to a new high from a good chart pattern and with the support of a volume, you could trade the stock.

Time frame for the trading is entirely up to the individual. Software will work for any time frame you choose. It could be setup for day traders, swing traders or investors looking for weekly charts or daily charts once a week. There is a lookback period for the stock, and depending on your needs, you could tweak it the way you want. We are using 30 bars back. The lookback period for volume is 20. Again you could change all those settings if you are looking to get more data into the calculation.

There is automated trendlines and and Pivot High and Pivot Low areas for those who prefer to see them. They could be adjusted to so many bars back or could be turned off from the settings.

Click on the image below to see what you would normally see in your trading platform.

Let’s take a look at the image above. It is set to a dark mode, and all the other candles are set to gray and light pink, so we focus only on the Alpha Candles. You could change this to your liking. Green bars are the Alpha Green Candles and red ones are the Alpha Red Candles. Stock rises with the green candles and falls with the red ones. If KHC was in your RadarScreen, you could have informed in two minutes, 5 min or 10 minutes settings

Scanner

The scanner part of the software, _FindAlphaCandle_R is to be used in conjunction with the RadarScreen. This will be added to the RadarScreen by simply adding a Study. It will allow you to find the AlphaCandles in real time from the stocks that are in the RadarScreen. Currently RadarScreen allows up to 1000 stocks.

One could have more than one Radarscreen Open, each could have different or same symbol list with different Interval. This will allow the user to focus on different time frames at the same time. Imagine you are a day trader and looking for 1min charts, but also curious in 5 or 10min setups. This will allow you that.

If you noticed the BarsAgo column on the RadarScreen, this is the notification to the user, when was the latest AlphaCandle. If it says 2 for example, and if the Interval is set to 2min, then it was 4 minutes ago there was an AlphaCandle formation on a 2min chart. So you could keep your focus on the latest formations, rather than the old stuff.

Click on the image below to see what you would normally see in your trading platform.

Naming Standards

In order to understand which code is doing what, we put a suffix at the end of the code name

_S stands for ShowMe

_P stands for Paintbar

_I stands for Indicator

_R stands for RadarScreen

Codes

_FindAlphaCandle_P: This code is responsible for painting the candlesticks, drawing High, Low Pivots, drawing the support / resistance lines, risk / reward target areas on the chart.

_FindAlphaVolume_I: This code is responsible for showing the abnormal activity on the volume area. Any spike above the red line is an indication of abnormal activity.

_FindAlphaVolume_S: This code is responsible for showing the dots under the candlebar, which is the duplicate of the _FindAlphaVolume_I but it is more precise. It shows which candle has the abnormal volume. It could be used together with the _FindAlphaVolume_I

_FindAlphaCandle_R: This code is responsible for finding the AlphaCandles in realtime in the RadarScreen as a plugin. At the time of writing, the RadarScreen has a 1000 symbol limit in all open pages. So you can not have two RadarScreen running at the same time and each having 1000 symbols.

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