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  5. Red Alpha Support Lookback Period [1-55]

Red Alpha Support Lookback Period [1-55]

It is always good if the breakdown is from a lengthy period of consolidation. This field is responsible for the breakdown line length.

But more importantly it is the number that goes in to the calculation for the Red Alpha. If the Red Alpha Close is higher than the x number of bars back highest close, it will not be considered as a valid breakout. So, no stop loss point will be drawn

If there is no Stop Loss drawn under the Red Alpha Candle, it shows that it failed to close below X numbers back. In this case it is just another Red Alpha Candle, but no valid breakout.

lowestO = lowest(open[1], input_RedAlpha_Support_Lookback)
lowestC = lowest(close[1], input_RedAlpha_Support_Lookback)

It can be changed from 4 to 50 and default value is 20.

ThisThis will have a big impact on the back testing as well as giving the SELL signals. SELL signals will appear if the Alpha Candle breaks down this SUPPORT Level. Example: if Red Alpha closes below the lowest Open or Close for the n number of bars back, it will trigger a SELL signal

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