Filtering Candles by Direction, Size, and Wick Ratios
Summary
The document describes a chart indicator that identifies candles matching user-defined conditions and marks buy or sell signals. Its filters include candle direction, minimum high-to-low range, minimum body-to-range ratio, and separate upper- and lower-wick ratios for buy and sell setups. Users can configure alert notifications through email, push messages, or chart alerts.
The indicator is described as non-repainting, but the document provides no test results, examples, or evidence supporting that claim. It explains how to configure the filter inputs, but gives no rules for interpreting signals, managing positions, or assessing profitability. The method is therefore a customizable candle-screening and alerting tool, not a complete trading strategy. Its usefulness depends on the chosen thresholds and separate validation on the intended market and timeframe.
Key ideas
- The indicator filters candles using direction, range, body size, and wick proportions.
- Buy and sell signals can use separate upper- and lower-wick criteria.
- Users can choose among chart, email, and push alerts.
- The document claims signals do not repaint but provides no supporting evidence.
- No entry management, exit rules, or performance analysis is supplied.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.