Happy to contribute to the community request for indicators that TheStrat community find useful, I have published the requested 2U/2D flip indicator with built in 'alert' feature.
Adding this indicator to your chart will allow you to use the awesome Tradingview 'alert' functionality to register an alerts when either of these two conditions are true:
- When the candle colour of TheStrat 2U green candle turns RED
- When the candle colour of TheStrat 2D red candle turns GREEN
The significance of this event is an indication that price might have reversed and is more applicable on higher timeframes .
Explanation of 'TheStrat' trading technique
‘TheStrat’ technique works off the basis of labelling whether the focus candle did or did not break any of the previous candles high or low values. There are three possible label definitions; either a 1 candle, 2 candle or a 3 candle.
1 bar (inside) - If price movement on the new candle remains within the high and low of previous candle.
3 bar (outside) – If price movement went above both the high and the low of the previous candle.
2 bar (directional) – If price movement only broke with the high (called a 2-up) or if price movement only broke the low of the previous candle (called a 2-down).
How does the indicator work?
This indicator will allow the user to be alerted when this colour change happens on any ticker and timeframe you have added the indicator to and then register an alert. The key decisions are which TICKER and which TIMEFRAME to register the alert. It will alert for both these conditions within the single alert.
When a registered alert is running it will continually monitor for these conditions and once per bar it will immediately generate the alert notification using the existing built-in TradingView alert feature. This indicator is not market or timeframe specific, in fact this alerting indicator can be used to register alerts on multiple tickers and timeframes simultaneously.
Example of how to use the indicator
Assume you are interested in being alerted for any colour changing candle on AAPL on the 30min timeframe. You would simply go to that chart (APPL on 30 min), add '2U2DFlip' indicator to the chart, then using the built-in TradingView - 'Create Alert' feature to register the alert that will listening to '2U2DFlip' indicator monitored events. In this example the alert will specifically trigger if it finds a 2U candle turning red or a 2D candle turning green and sends the alert allowing you to jump to the chart to review.
Description of the script
The script defines two conditions that incorporate the specific definition of TheStrat 2U and 2D candles, meaning, that in relation to the previous candle it only 'broke' one side of the previous candle and then adds another condition that monitors if the colour changes (close > open) of the current candle.
How is this useful to a trader?
The 2U and 2D candles are known as 'directional' candles in TheStrat community so the fact that a directional candle has 'changed' direction is a significant indication of a reversal. When this event happens a trader would be notified and is in a position to determine if a reversal play might be in order.
Note to moderators
This code is my own code, based on my other popular indicators. It encompasses the definitions of TheStrat community and trading style and was requested by the community users that trade using TheStrat technique. The reason for the source being protected is that it contains my own method of defining TheStrat and source code of my paid indicator.
Good Luck with trading and I hope this indicator helps to increase the profitability of your portfolio. Happy Trading.
Adding this indicator to your chart will allow you to use the awesome Tradingview 'alert' functionality to register an alerts when either of these two conditions are true:
- When the candle colour of TheStrat 2U green candle turns RED
- When the candle colour of TheStrat 2D red candle turns GREEN
The significance of this event is an indication that price might have reversed and is more applicable on higher timeframes .
Explanation of 'TheStrat' trading technique
‘TheStrat’ technique works off the basis of labelling whether the focus candle did or did not break any of the previous candles high or low values. There are three possible label definitions; either a 1 candle, 2 candle or a 3 candle.
1 bar (inside) - If price movement on the new candle remains within the high and low of previous candle.
3 bar (outside) – If price movement went above both the high and the low of the previous candle.
2 bar (directional) – If price movement only broke with the high (called a 2-up) or if price movement only broke the low of the previous candle (called a 2-down).
How does the indicator work?
This indicator will allow the user to be alerted when this colour change happens on any ticker and timeframe you have added the indicator to and then register an alert. The key decisions are which TICKER and which TIMEFRAME to register the alert. It will alert for both these conditions within the single alert.
When a registered alert is running it will continually monitor for these conditions and once per bar it will immediately generate the alert notification using the existing built-in TradingView alert feature. This indicator is not market or timeframe specific, in fact this alerting indicator can be used to register alerts on multiple tickers and timeframes simultaneously.
Example of how to use the indicator
Assume you are interested in being alerted for any colour changing candle on AAPL on the 30min timeframe. You would simply go to that chart (APPL on 30 min), add '2U2DFlip' indicator to the chart, then using the built-in TradingView - 'Create Alert' feature to register the alert that will listening to '2U2DFlip' indicator monitored events. In this example the alert will specifically trigger if it finds a 2U candle turning red or a 2D candle turning green and sends the alert allowing you to jump to the chart to review.
Description of the script
The script defines two conditions that incorporate the specific definition of TheStrat 2U and 2D candles, meaning, that in relation to the previous candle it only 'broke' one side of the previous candle and then adds another condition that monitors if the colour changes (close > open) of the current candle.
How is this useful to a trader?
The 2U and 2D candles are known as 'directional' candles in TheStrat community so the fact that a directional candle has 'changed' direction is a significant indication of a reversal. When this event happens a trader would be notified and is in a position to determine if a reversal play might be in order.
Note to moderators
This code is my own code, based on my other popular indicators. It encompasses the definitions of TheStrat community and trading style and was requested by the community users that trade using TheStrat technique. The reason for the source being protected is that it contains my own method of defining TheStrat and source code of my paid indicator.
Good Luck with trading and I hope this indicator helps to increase the profitability of your portfolio. Happy Trading.