Trading utilities for MetaTrader 4
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MetaTrader 4
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Overview
The Strat indicator is a full toolkit regarding most of the concepts within "The Strat" methodology with features such as candle numbering, pivot machine gun (PMG) highlighting, custom combo highlighting, and various statistics included.
Alerts are also included for the detection of specific candle numbers, custom combos, and PMGs.
? SETTINGS
? Pivot Machine Gun
? Pivot Combos
? Dashboard
Users can select the minimum sequence length of successive higher lows/lower highs required for a PMG to be detected, as well the amount of these successive higher lows/lower highs that must be broken.
Alerts are also included for the detection of specific candle numbers, custom combos, and PMGs.
? SETTINGS
- Show Numbers on Chart: Shows candle numbering on the chart.
- Style Candles: Style candles based on the detected number. Only effective on non-line charts and if the script is brought to the front.
? Custom Combo Search
- Combo: User defined combo to be searched by the script. Combos can be composed of any series of numbers including (1, 2, -2, 3), e.g : 2-21. No spaces or other characters should be used.
? Pivot Machine Gun
- Show Labels: Highlight detected PMGs with a label.
- Min Sequence Length: Minimum sequence length of consecutive higher lows/lower highs required to detect a PMG.
- Min Breaks: Minimum amount of broken previous highs/lows required to detect a PMG.
- Show Levels: Show levels of the broken highs/lows.
? Pivot Combos
- Pivot Lookback: Lookback period used for detecting pivot points.
- Right Bars Scan: Number of bars scanned to the right side of a detected pivot.
- Left Bars Scan: Number of bars scanned to the left side of a detected pivot.
? Dashboard
- Show Dashboard: Displays statistics dashboard on chart.
- Numbers Counter: Displays the numbers counter section on the dashboard.
- Pivot Combos: Displays pivots combo section on the dashboard.
- Show MTF: Showa MTF candle numbering on the dashboard.
? USAGE
(image 1) This script allows users with an understanding of The Strat to quickly highlight elements such as candle numbers, pivot machine guns, and custom combos. The usage for these concepts is given in the sub-sections below.
? Candle Numbers
- Number 1 - Inside bar, occurs when the previous candle range engulfs the current one.
- Number 2 Up - Upside Directional Bar, occurs when the current price high breaks the previous high while the current low is lower than the previous high.
- Number 2 Down - Downside Directional Bar, occurs when the current price low breaks the previous low while the current high is higher than the previous low.
- Number 3 - Outside bar, occurs when the current candle range engulfs the previous one.
The script can highlight the number of a candle by using labels but can also style candles by depending on the candle number. Inside bars (1) only have their candle wick highlighted, directional bars (2) (-2) only have their candle body highlighted. Outside bars have their candle range highlighted.
Note that downside directional bars are highlighted with the number -2.
Users can see the total amount of times a specific candle number is detected on the historical data on the dashboard available within the settings, as well as the number of times a candle number is detected relative to the total amount of detected candle numbers expressed as a percentage.
It is also possible to see the current candle numbers returned by multiple timeframes on the dashboard.
? Searching For Custom Combo
(Image 3) Combos are made of a sequence of two or more candle numbers. These combos can highlight multiple reversals/continuation scenarios. Various common combos are documented by The Strat community.
This script allows users to search for custom combos by entering them on the Combo user setting field.
When a user combo is found, it is highlighted on the chart as a box highlighting the combo range.
? Pivot Combos
(Image 4) It can be of interest to a user to display the combo associated with a pivot high/low. This script will highlight the location of pivot points on the chart and display its associated combo by default. These are based on the Pivot Combo lookback and not displayed in real-time.
Users can see on the dashboard the combos associated with a pivot high/low, these are ranked by frequency.
? Pivot Machine Gun (PMG)
Users can select the minimum sequence length of successive higher lows/lower highs required for a PMG to be detected, as well the amount of these successive higher lows/lower highs that must be broken.
