Recruitment of participants TheStrat Indicators for MetaTrader

TheStrat Indicators for MetaTrader

TheStrat Candles
TheStrat Patterns
TheStrat Levels
TheStrat Full Timeframe Continuity (FTFC)
TheStrat Timeframe Continuity Monitor



TheStrat Candles
As price evolves over time, a candle can switch between three states. When the candle first opens, if it sits completely within the previous candles high and low, then it will start as a Type 1. As time moves on, if it breaks either the high or low of the previous candle, it will be come a type 2, and should the price action be volatile and directionless, it may then break the opposite side of the previous candle and become a type 3.

To make it easier to see on your chart, this indicator will draw a label above or below each candle based on Rob Smith's TheStrat as they develop over time on your chart.

Types of Candle:

Each candle is defined by its relationship to the previous candle. A group of candles can make a tradable pattern. See the Patterns Indicator for more details.

Type 1 - Inside candle - The candle is entirely within the high and low of the previous candle. An inside candle shows the market is at a point of indecision.

Type 2 - Trending candle - The candle extends above or below either the High or low, but not both, of the previous candle.

Type 3 - Outside candle - The candle has broken both the high and low of the previous candle. An outside candle shows price is broadening, producing higher highs and lower lows on a lower timeframe.

The indicator is configurable, allowing you to choose which types of candle you wish to be labelled, and how they should be displayed. Works with any symbol, and with configuration, will display nicely on any chart.



TheStrat Patterns
This indicator will draw patterns based on Rob Smith's TheStrat as they emerge in real time on your chart.

As price evolves over time, TheStrat defines 18 distinct price action patterns that can help you get good entries in the market. Each pattern involves two or three candles, and the indicator will draw a bounding box around the candles and name the pattern. The colour of the box will visually indicate the direction of trade expected by the pattern.

Supported Patterns

This indicator supports and displays the following patterns (image below):

Spoiler: ACTIONABLE

1-2-1 - Potential reversal into a 1-2-2
2-1-1 - Potential reversal or continuation into a 2-1-2
3-1-1 - Potential reversal into a 3-1-2
3-2-1 - Potential reversal into a 3-2-2

Spoiler: IN-FORCE

2-1-2u Continuation
2-1-2d Continuation
2-1-2u Reversal
2-1-2d Reversal
3-1-2u Reversal
3-1-2d Reversal
3-2-2u Reversal
3-2-2d Reversal
1-2-2u Reversal
1-2-2d Reversal
1-3u Reversal
1-3d Reversal
2-2u Reversal
2-2d Reversal
2-2u Continuation
2-2d Continuation
1-2u Breakout
1-2d Breakout

TheStrat Levels
When trading using TheStrat, you are looking at price across multiple timeframes, looking for a good entry as price breaks out of prior highs or lows.

This indicator draws the prior Highs and Lows for multiple timeframes, extending the lines to the current time, or optionally off the chart. this helps you to see all the information on one chart and timeframe, rather than having to flip between charts or timeframes trying to remember price levels.

These are potential entry points, or alternatively potential targets for open positions. I like to use them in both ways. On a lower timeframe, say 5 minutes to get a good entry on a daily or weekly level, and then as a potential target. Very small stops are required giving an excellent risk/reward ratio.

New in Version 2 of the Indicator, available now, is the drawing of potential Take Profit and Stop loss levels together with the potential Risk/Reward value.

Pivot Machine Gun (PMG) scenarios are also identified and shown on each level with that potential.

• Levels from Hourly, Four Hourly, Daily, Weekly and Monthly timeframes
• Potential Take Profit levels
• Potential Stop Loss levels based on the current or higher timeframe
• Risk / Reward calculated continuously for each potential target level based on potential stop level
• Pivot Machine Gun identification
• Labelling for each level so you can identify what there
• Comprehensive options to make it look as you wish

TheStrat Full Timeframe Continuity (FTFC)
FTFC refers to Full Timeframe Continuity as defined by Rob Smith's TheStrat .

Trading in line with FTFC increases your chances of profiting as you are essentially following the trend, but rather than using a lagging indicator, FTFC is based on current price only, and as such gives a much clearer signal.

This indicator draws two lines on the chart, one of the highest of the Quarterly, Monthly, Weekly, Daily or Hourly opening levels, and the second of the lowest of those values. This gives you a channel above or below which trading is more likely to be very strongly in one direction. Between the lines, price action will be choppier and you may with to use wider stops.

A third dashed line is also drawn to show the mid point between the higs and lows. This is often a good place to find support or resistance as the market tries to push price in a certain direction. This line can be turned off if you choose by setting the colour to NONE.

There is only one setting, IncludeQuarterlyLevel, which simply allows you to choose to include the Quarterly open price in the calculation as some people prefer to ignore it.



TheStrat Timeframe Continuity Monitor
When trading using TheStrat, it is important to keep an eye on multiple timeframes.

This indicator will show the Hourly, Daily, Weekly, Monthly, Quarterly and Yearly state of the current candle for each timeframe.

• A Circle icon shows that the candle on that timeframe is currently an Inside, or Type 1 in TheStrat terminology. An Inside Day candle is consolidating price action, and we are looking for a breakout of the range.
  
  
• A Triangle icon, pointing up or down, is a trending candle, or Type 2 in TheStrat terminology. A Trending candle can be either Bullish or Bearish, indicating that it has broken out of the previous candles range and is now trending in one direction.
  
  
• A Square icon is an Outside candle, or Type 3 in TheStrat terminology. This indicates two things, one that price is undecided about direction on that timeframe, and likely quite choppy, and two, that on lower timeframes there are likely good opportunities for trading short reversals. The square will be either a Bullish or Bearish colour to show which side is currently winning.

The colours used for each icon can be configured to your tastes, and the size of the text and icons are also configurable.

We have also added the ability to select the timeframes you wish to see. For example, as a day trader, you might only want the Hourly, Daily, Weekly and Monthly on your chart. Or maybe as a longer term investor, you're interested in the Weekly, Monthly, Quarterly and Yearly states.

 

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