TheStrat Candles

This indicator will draw a label above or beneath every candle based mostly on Rob Smith’s The Strat as they develop over time in your chart.

As value evolves, a candle can change between three states. When the candle first opens, if it sits fully inside the earlier candles excessive and low, then it can begin as a Kind 1. As time strikes on, if it breaks both the excessive or low of the earlier candle, it is going to be come a kind 2, and may the value motion be risky and directionless, it might then break the other aspect of the earlier candle and turn out to be a kind 3.

Candles

Every candle is outlined by its relationship to the earlier candle.

Kind 1 – Inside candle– The candle is solely inside the excessive and low of the earlier candle. An inside candle reveals the market is at some extent of indecision.

Kind 2 – Trending candle– The candle extends above or beneath both the Excessive or low, however not each, of the earlier candle.

Kind 3 – Outdoors candle– The candle has damaged each the excessive and low of the earlier candle. An outdoor candle reveals value is broadening, producing increased highs and decrease lows on a decrease timeframe.