xGhozt Consecutive Candle Count with Backtest simply counts consecutive positive or negative candles, and allows you to get the live statistics of how many times this consecutive candle series occurred in the past, with the probabilities of the next candle to be a reversal, and the average past gains from that reversal. You can select the number of consecutive candles you're tracking, and select a start and end date. When your desired pattern is met by the indicator, it will indicate you on the chart if it's worth shorting or longing the next candle.
You also have the possibility to set up alerts when your consecutive candles patterns are met. To do so, go into the indicator's settings, select your time frame, the consecutive number of candles you are tracking, your success rate, and the number this pattern occurred in the past. Once it's done, open the alerts box, and set up your alerts accordingly.
You will have 2 options: - Green Candles Followed by Red = short next candle. - Red Candles Followed by Green = long next candle
Now that the backtest is added, you can try different combinations and figure the best outcome to get the best returns!
One thing to note with the backtest: you cannot run the backtest with take profits / stop loss AND candle closing, it has to be one of the two.