TRO 2 CANDLE TRADE INDICATOR

[TheRumpledOne]

While in my PalTalk chatroom, I was calling out the AAPL trade direction based on the 5 min and 60 min chart. So why not just make an indicator!?!?




ELD and Workspace attached.

Download and import the ELD first, THEN download and save the workspace.

[jgear55]

esignal ones coming along? thanks TRO
your the man.

[TheRumpledOne]

LOL... Yes, I could do one for eSignal... but I don't really need to.

Use the TRO_SM_CONTROL_PMSM5.

[rkave]

The concept is to go long at previous bar mid point when candles in 2 different time frames (of your choise) are green. This indicator plots a blue cross (user input) when price is above the open of the larger time frame and the current bar open is below the previous bar mid point. If that price is reached then it will plot a magenta dot inside the cross to let you know that conditions were met.
The reverse is true for shorts.
THIS HAS NOT BEEN TESTED IN REAL MARKETS PLEASE USE WITH CAUTION AND NOT BEFORE PAPER TRADING IT FOR A FEW MONTHS.
Inputs:
1) BarsToStudy is used to simulate the larger time frame, for example if you are using 5 min chart and you input 3 on the BarsToStudy then you will be simulating a 15min candle (5min X 3).
2) Distance2Open is used to filter some trades and it is used to compare
previous bar mid with large time frame open and if they are too close then it will not plot a cross.



ELD is attached

[reb]

On the Tro2CandleTrade, I have the colors Yellow, Cyan and Magenta. I don't know how they are used.

reb

[jtrade]

The concept is to go long at previous bar mid point when candles in 2 different time frames (of your choise) are green. This indicator plots a blue cross (user input) when price is above the open of the larger time frame and the current bar open is below the previous bar mid point. If that price is reached then it will plot a magenta dot inside the cross to let you know that conditions were met.
The reverse is true for shorts.
THIS HAS NOT BEEN TESTED IN REAL MARKETS PLEASE USE WITH CAUTION AND NOT BEFORE PAPER TRADING IT FOR A FEW MONTHS.
Inputs:
1) BarsToStudy is used to simulate the larger time frame, for example if you are using 5 min chart and you input 3 on the BarsToStudy then you will be simulating a 15min candle (5min X 3).
2) Distance2Open is used to filter some trades and it is used to compare
previous bar mid with large time frame open and if they are too close then it will not plot a cross.



ELD is attached

Thanks, rkave, for an interesting indicator.

J.

[TheRumpledOne]

On the Tro2CandleTrade, I have the colors Yellow, Cyan and Magenta. I don't know how they are used.

reb

cyan = go long

yellow = wait

magenta = go short

[Blue Rhino]

On the Tro2CandleTrade, I have the colors Yellow, Cyan and Magenta. I don't know how they are used.

reb

cyan = go long

yellow = wait

magenta = go short

Thanks!

[Susana]

Avery,

Possibly a bit tricky but ever thought of coding a 2 Candel Trade Indicator for tick/volume charts ?

ie 89 tick chart and 377 tick chart

At the present time it cannot be done with conventional methods.

I know it would very useful for me as I'm not a fan of time based charts yet love the 2 Candle Trade indicator.

Hope Belgium is going well.

Susana

[TheRumpledOne]

Just load the indicator into a chart that has 89 and 377 ticks and it should work.

Today, it's raining in Antwerp.