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 RedAlpha, we might want to see only the ones breaking from it’s support. Support is between 4 and 40 candles back. The default support is 20.
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 lowest low. When you see the RedAlphaCandle breaking from the support, you will see the short opportunity.
Here is an example. You will see a Dark Pink color of a support, floowed by the RedAlpha Candle breaking down from the support on 5min chart. It was drawn by the software.
Click on the image below to see what you would normally see in your trading platform.
