Congratulations, you made it here. This is a brief description of the software and and the intended audience.
First of all, you have to have Trading View subscription. Once you have this, then this software will be used as an indicator.
There are two scripts available. One is for finding Alpha Candles in any given time frame, second finding Alpha Volume in any given time frame.
The charting software, Alpha Candle Breakout Signal on Momentum from Support Resistance is intended to traders 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 can 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 look back period for the stock, and depending on your needs, you could tweak it the way you want. We are using 20 bars back. The look back 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 resistance areas once the AlphaCandle is drawn. They could be adjusted between 20 and 55 bars back or could be turned off from the input settings of the indicator.
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 grey so we focus only on the Alpha Candles. You could change all the colours to your liking. White bars are the Alpha Green Candles and purple ones are the Alpha Red Candles. Stock rises with the white candles and falls with the red ones.
Just to mention, the code will find the Alpha Candles 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, so you could start acting on it as it is happening.
Alpha Candle Breakout Signal on Momentum from Support Resistance: This code is responsible for painting the candlesticks, drawing resistance areas, risk / reward target areas and finally stop loss areas on the chart. It has the capability of back testing, since it is written as a strategy in Pine Script v5.
FindAlphas_Volume: This code is responsible for showing the abnormal activity on the volume area. Any spike above the red line is an indication of abnormal volume activity. You could set this to show histogram or normal volume with Alpha Volume colour coded.