Master candle strategy scanner

Features

• At the same time it keeps track of all the characters available in the "Market Watch". Attach the light to just one plan and immediately track the entire market.


• He watches every timeframe from M1 to MN, and sends you a real-time alert when the formations Master candle.

You can set the indicator, for example, on the EURUSD M5 and get an alert any symbol and timeframe of your choice.

The indicator can not be used in the strategy tester because of its multitaymfreymnyh functions.

Options

• Amount of inside bars: The number of internal bars. it is recommended to use a value of 4. Please see below the description of the strategy to ensure a better quality signal.


• Minimum master candle size in pips: Minimum size Master candle in pips. Please see the description of the strategy below.


• Maximum master candle size in pips: The maximum size Master candle in pips. Please see the description of the strategy below.


• Symbols to scan: all characters that you want to monitor. Each character must have the same form as in the "Market Watch" and separated by a comma. Characters that are not in the "Market Watch" is not tracked.


• timeframes: True for each of the monitored timeframe.


• alerts: True for each type of the alert that you want to receive.

Strategy

Trading strategy Master Candle (MC) based on the candle formation, wherein for the first (master) followed by 4 candles smaller candles, the candle inside the first range. All formation comprises 5 candle, regardless of whether they are bearish or bullish.

timeframe: H1 and H4.
Despite the fact that the MC strategy works best on H1, it can be used for trading in all time frames and currency pairs. Mainly on H4 chart, H1 and M30.

Currency pairs: Best of all trades on volatile pairs such as GBP / USD and GBP / JPY.

After the breakdown of the maximum / MC minimum is an open position in the direction of the breakdown. Desirably, MC size ranged from 40 to 100 pips (but it depends on the volatility of the currency pair under consideration). It is also recommended to place a stop order, for example, 5 pips above and below the maximum / MC minimum.

Some merchants also use the rule that during the subsequent spark 3 after formation of MC (the fifth candle) breakdown should occur in either direction. Anyway, it is strongly recommended to cancel any stop order when the breakdown occurs after 24 hours.

Finally, for best results it is recommended to trade with the trend and avoid trading on the strong and important price levels - support and resistance. Also not recommended to trade on the basis of formation of MC, which appears inside another MC.