The code will find the Alpha Candles in REAL Time as the data comes in. It is not calculated at the end of the time frame and NO offset value is used. So everything is real time. If you have the chart open, and if the price is going up, the Candle will start changing the colour,
Here we will go through each of the user input fields, and what they mean and what they do.
Articles
- Risk Tolerance in dollar amount to calculate # of shares to buy/short
- Test the strategy as :
- Close any open position if an Alpha candle forms in the opposite direction before the target
- Pyramid the same trade upto 4 levels when another Alpha candle forms in the same direction
- Test the strategy between the following dates
- Start Time
- End Time
- You acknowledge that…Strategy will update the chart in the same fashion as an indicator when “On Every Tick” is Turned ON, which is “ON” by default.
- Show Risk Tolerance label on Chart
- Show Target1, Target2 Reward area on the chart
- Change Target1 Reward Value to :
- Change Target2 Reward Value to :
- Show Reward Value Label
- Do NOT show previous Reward Value Labels on the chart
- Show Reward Target $ amount in the Reward Value Label
- Stop Loss calculation value [5-50]
- Show Green Alpha Stop Loss Area
- Show Red Alpha Stop Loss Area
- Show Stop Loss Value under the Alpha Candle
- Do NOT show previous Stop Loss Values on the chart
- Show Green Alpha Resistance before the breakout
- Show Red Alpha Support on the breakdown
- Green Alpha Resistance Lookback Period [1-55]
- Red Alpha Support Lookback Period [1-55]
- Show Alpha Candle Midline (%50 Retracement area)
- Delete Previous Support / Resistance Lines from the chart
- Green Alpha Candle Colour
- Red Alpha Candle Colour
- PinBar Candle Colour
- Show a diamond on top of the PinBar Candle
- Risk Tolerance Label Colour
- Target1, Target2 Reward area color
- Stop Loss Line Colour
- Stop Loss Line Thickness
- Small triangle color for Stop Loss
- Green Alpha Resistance Color
- Green Alpha Resistance Thickness
- Red Alpha Support Thickness
- Red Alpha Support Colour
- Alpha Candle Midline Colour
- Alpha Candle Midline Thickness