First of all, let’s explain what is Alpha. It is the biggest candle in the group we have defined in the program.
When the candle is a GreenAlpha, we might want to see only the ones breaking from it’s resistance. Resistance is between 10 and 40 candles back. The default resistance is 30.
When you turn this input variable on, I mean set it to TRUE, the program will draw a line from the current bar back to the resistance lookback from the highs. Also another line will be drawn from the current bar low to the low of the bar that is lookback period ago. It will create sort of an ascending triangle. If it looks weird, most likely it is not a good chart pattern.
Here is an example. You will see a Turquoise color ascending triangle. It was drawn by the software.
Click on the image below to see what you would normally see in your trading platform.
