its indicator searches to get these PriceAction patternRails(Rails).
this pattern consists of two adjoining multidirectional bars. The opening and closing costs of two adjacent bars included in this pattern ought to be near each other. it is desired that the shadows of the candles are modest.
for a bearish pattern (the ideal candle of the bearish pattern), a pending SellStop order is set just below the minimum of the pattern. The initial stop is placed just over the maximum of the pattern. For a design pattern (the right candle of the bullish pattern) – mirror.
It should be borne in mind that often (in about 80% of cases) the price after the formation of the pattern rolls back in the direction of the initial stop. The rollback can be quite significant. But as long as the rollback does not exceed 50% of the height of the pattern, it is considered working. If this level is exceeded, it is better to remove the order, even with a small loss, and look for opportunities to enter later.
The indicator has six configurable parameters:
- Shift between the opening and closing prices – the offset between the closing and opening prices of bars in the pattern. 0.1 = 10% of the pattern value.
- Relative size of the pattern – relative size of the pattern. The smaller the value, the smaller the size of the candlesticks in the pattern will be included in the search.
- ATR’s period for calculate relative candle size – the ATR period used to calculate the relative size of candles in patterns.
- Use Alerts-display alerts about the found pattern.
- Send Push-notifications-send push messages about the found pattern.
- Send mail – e-mail-informing about the found pattern.
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