TRO BUY ZONE - KEEP IT SIMPLE

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TheRumpledOne
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Postby TheRumpledOne » Sat Jun 09, 2007 5:43 am

After you enter a trade, PRICE is the only indicator that matters!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby Shane280us » Sun Jun 10, 2007 4:04 pm

TRO I'm trading the AUD and the JPY agains the USD. So what I see is once the price has crossed the zone it generally trends in that direction for the remainder of the session. Not really providing me with multipule times to gain 2-3 pips, unless I trade out of the zone (I know you've advised not to do it). So should I just set a trailing stop and let it ride ? Once the price enters the buy zone at aroun 17:00, I make my couple of PIPs then exit, missing out on what then occurred as the price continued. Should I be using a Stop+Trailing Stop?

I've attached a picture of what I mean.
Attachments
Tradezone AUD.png
Tradezone AUD.png (23.71 KiB) Viewed 1294 times

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Postby TheRumpledOne » Sun Jun 10, 2007 4:21 pm

Shane:

Don't let the LURE OF THE BIG PIPS get you! You are NOT MISSING OUT!!

If you net 2 - 4 pips a day, every day, you are rich!!

In the chart you post, I see one short and one long trade from 16:00 to 17:00. Why push it?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby Shane280us » Sun Jun 10, 2007 5:34 pm

TRO - Gotcha, thats where I had started from initially, just small PIP grabs each time 2-4. But wanted to make sure I wasn't doing something wrong. Thanks for setting me straight and I'll go back to being 2% consistant each day as I gain more experience.

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Postby TheRumpledOne » Mon Jun 11, 2007 12:31 am

Code: Select all


{ _TRO_BuyZone }
   

{Attn: TradeStation
if this indicator is posted on the TradeStation Forum, I, TheRumpledOne, did NOT post it there,
so I can't be blamed for this indicator having my contact info.}


{Programmer:  Avery T. Horton, Jr.  aka TheRumpledOne,
gifts and donations accepted, PO Box 43575, Tucson, AZ 85733 }

{ ? Copyright 2007 Avery T. Horton, Jr.}


// Value1 = GetAppInfo(aiApplicationType);        // returns a value that identifies the calling window type

// cUnknown = 0 cChart = 1  cRadarScreen = 2 cOptionStation = 3


inputs:
iDecimals(4),
iOpen(dailyopen),   
iOpenBuyZone(.1),
   
iBuyZoneHI(.2),           {inside ask must be <= (OPEN + iBuyZoneHI) to place buy order}
iBuyZoneLO(.2),          {inside bid must be >= (OPEN - iBuyZoneLO) to place buy order}

iPlotOpen(true),
 
   
   ShortBotColor( red),
   ShortTopColor( red),
   OpenColor(white),
   LongTopColor( blue),
   LongBotColor( blue) ,

TLSize( 0 ),        // 0 - 6 for thin to thick
TLStyle( 2 ),      //  1 = solid, 2 = dashed, 3 = dotted, 4 = dashed 2, 5 = dashed 3

TL_Text_HVal ( 0 ) ,    // HVal: 0=left, 1=right, 2=centered,
TL_Text_VVal ( 1 ) ;   //  VVal: 1=Top, 0=Bottom, 2=Centered
 
   
variables:

FG1(white),
BG1(black),

FG2(white),
BG2(black),

FG3(white),
BG3(black),

FG4(white),
BG4(black),


   PrevSessionDate( 0 ),
   PrevSessionTime(0),
   PrevSessionHigh( 0 ),
   PrevSessionLow( 0 ),
   PrevSessionClose( 0 ),
   PrevSessionMid( 0 ),
   PrevSessionOpen( 0 ),   
   SessionDate( 0 ),
   SessionTime(0),
   SessionOpen( 0 ),
   SessionClose( 0 ),
   SessionHigh( 0 ),
   SessionLow( 0 ),
   PrevSession(999999),
 

Candle(0),
CandleDaily(0),
ShortDiff( 0 ),
LongDiff( 0 ),
tShortDiff( "" ),
tLongDiff( "" ),
BuyZone( 0 ),
xBuyZone(0),
tBuyZone(""),


sSession(false),


sFirstPass(true),
xAppType(0),

TL_TextTime( 0 ),    
 

xDailyOpen(0),

xBuyZoneHI(0),           {inside ask must be <= (OPEN + iBuyZoneHI) to place buy order}
xBuyZoneLO(0),          {inside bid must be >= (OPEN - iBuyZoneLO) to place buy order}

textShortBot(0),
textShortTop(0),

textLongTop(0),
textLongBot(0),

textOpen(0),

TLOpen( 0 ),

   HavePrevLines( false ),
   TLShortTop( 0 ),
   TLLongTop( 0 ),
   TLLongBot( 0 ),
   TLShortBot( 0 ),
   ShortBot( 0 ),
   ShortTop( 0 ),
   LongTop( 0 ),
   LongBot( 0 ) ;

{commentary variables}
      
variables:
         
xcomm(0),
oComm1( "" ),    
oComm2( "" ),    
oComm3( "" ),    
oComm4( "" ),    
oComm5( "" ),
oComm6( "" ),
oComm7( "" ),
oComm8( "" ),
oComm9( "" ),    
oComm10( "" );
   
 


{first time through}

if sFirstPass
then begin
   
sFirstPass = false;

xAppType = GetAppInfo(aiApplicationType);        // cUnknown = 0 cChart = 1  cRadarScreen = 2 cOptionStation = 3

end; {if sFirstPass}


{ INITIALIZE }

FG1 = WHITE;
BG1 = BLACK;

fg2 = WHITE;
bg2 = BLACK;

fg3 = WHITE;
bg3 = BLACK;

fg4 = WHITE;
bg4 = BLACK;

{*************************************************}
{    C A L C U L A T I O N S                      }
{*************************************************}

Commentary(" ");

Commentary("CurrentSession(0)  = ", numtostr( CurrentSession(0), 0 ) , NewLine);
Commentary("PrevSession  = ", numtostr( PrevSession, 0 ) , NewLine);

sSession = false ;

if CurrentSession(0) <> PrevSession
then begin
   
   sSession        = true ;
   PrevSessionOpen  = SessionOpen;
   PrevSessionDate  = SessionDate;
   PrevSessionTime  = SessionTime;
   PrevSessionClose = close[1];
   PrevSessionHigh  = SessionHigh;
   PrevSessionLow   = SessionLow;

   SessionDate      = date;
   SessionTime       = time;
    SessionOpen      = iOpen;
    SessionHigh      = iOpen;
   SessionLow       = iOpen;
   PrevSession      = CurrentSession(0);
   PrevSessionMid   = ( PrevSessionHigh + PrevSessionLow ) * .50  ;

end; // if CurrentSession(0) <> PrevSession

if High > SessionHigh then
SessionHigh = High ;

if Low < SessionLow then
SessionLow = Low ;

 
if d <> currentdate
   then xDailyOpen = Opend(0) 
   else xDailyOpen = SessionOpen ;
 
   
// xDailyOpen = SessionOpen ;

LongTop      = xDailyOpen + iBuyZoneHI;
LongBot      = xDailyOpen + iOpenBuyZone;

ShortTop   = xDailyOpen - iOpenBuyZone;
ShortBot   = xDailyOpen - iBuyZoneLO;

ShortDiff   = ShortTop - close  ;
LongDiff   = close - LongBot  ;

tShortDiff   = numtostr( ShortDiff , iDecimals ) ;
tLongDiff   = numtostr( LongDiff , iDecimals ) ;


if xAppType = 1
then begin
   
TL_TextTime = AddTime( Time , 2 * BarInterval ) ;

{*************************************************}
   
      
if date this bar = currentdate
then begin

if HavePrevLines
then begin

If TLShortTop > 0
   then value9      = TL_Delete( TLShortTop ) ;

If TLLongTop > 0
   then value9      = TL_Delete( TLLongTop ) ;

If TLLongBot > 0
   then value9      = TL_Delete( TLLongBot ) ;

If TLShortBot > 0
   then value9      = TL_Delete( TLShortBot ) ;

If TLOpen > 0
   then value9      = TL_Delete( TLOpen ) ;

end ;  // if HavePrevLines

{ insert the new lines and set their colors/extents }

      TLShortTop = TL_New( SessionDate, SessionTime, ShortTop, Date, Time, ShortTop ) ;
      TLLongTop  = TL_New( SessionDate, SessionTime, LongTop, Date, Time, LongTop ) ;
      TLLongBot  = TL_New( SessionDate, SessionTime, LongBot, Date, Time, LongBot ) ;
      TLShortBot = TL_New( SessionDate, SessionTime, ShortBot, Date, Time, ShortBot ) ;
      
      TL_SetColor( TLShortTop, ShortTopColor ) ;
      TL_SetColor( TLLongTop, LongTopColor ) ;
      TL_SetColor( TLLongBot, LongBotColor ) ;
      TL_SetColor( TLShortBot, ShortBotColor ) ;
   
      TL_SetStyle(TLLongTop,TLStyle);
      TL_SetStyle(TLLongBot,TLStyle);
      TL_SetStyle(TLShortTop,TLStyle);
      TL_SetStyle(TLShortBot,TLStyle);

      TL_SetExtLeft( TLShortTop, false ) ;
      TL_SetExtLeft( TLLongTop, false ) ;
      TL_SetExtLeft( TLLongBot,false ) ;
      TL_SetExtLeft( TLShortBot,false ) ;

      TL_SetExtRight( TLShortTop, true ) ;
      TL_SetExtRight( TLLongTop, true ) ;
      TL_SetExtRight( TLLongBot, true ) ;
      TL_SetExtRight( TLShortBot, true ) ;

      if iPlotOpen
      then begin
      TLOpen     = TL_New( SessionDate, SessionTime, xDailyOpen, Date, Time, xDailyOpen ) ;
      TL_SetColor( TLOpen, OpenColor ) ;
      TL_SetStyle(TLOpen,TLStyle);
      TL_SetExtLeft( TLOpen,false ) ;
      TL_SetExtRight( TLOpen, true ) ;
      end;  //    if iPlotOpen


      { set flag }
      if HavePrevLines = false
         then HavePrevLines = true ;

end ; // if date this bar <> currentdate


If textShortBot > 0
   then value9      = Text_Delete( textShortBot ) ;

      textShortBot = Text_New(Date, TL_TextTime ,ShortBot,"ShortBot ("+ NumToStr(ShortBot, iDecimals )+")");
      Text_SetStyle(textShortBot, TL_Text_HVal , TL_Text_VVal );
      Text_SetColor(textShortBot, ShortBotColor );
      Text_SetLocation( textShortBot , date , TL_TextTime , ShortBot );

If textShortTop > 0
   then value9      = Text_Delete( textShortTop) ;

      textShortTop = Text_New(Date,  TL_TextTime  ,ShortTop,"ShortTop ("+ NumToStr(ShortTop, iDecimals )+")");
      Text_SetStyle(textShortTop, TL_Text_HVal , TL_Text_VVal  );  //   HVal: 0=left, 1=right, 2=centered, / VVal: 0=Top, 1=Bottom, 2=Centered
      Text_SetColor(textShortTop, ShortTopColor );
      Text_SetLocation( textShortTop , date , TL_TextTime , ShortTop );

If textLongTop > 0
   then value9      = Text_Delete( textLongTop) ;

      textLongTop = Text_New(Date,   TL_TextTime ,LongTop,"LongTop ("+ NumToStr(LongTop, iDecimals )+")");
      Text_SetStyle(textLongTop, TL_Text_HVal , TL_Text_VVal  );  //   HVal: 0=left, 1=right, 2=centered, / VVal: 0=Top, 1=Bottom, 2=Centered
      Text_SetColor(textLongTop, LongTopColor );
      Text_SetLocation( textLongTop , date , TL_TextTime , LongTop );

If textLongBot > 0
   then value9      = Text_Delete( textLongBot ) ;

      textLongBot = Text_New(Date,  TL_TextTime ,LongBot,"LongBot ("+ NumToStr(LongBot, iDecimals )+")");
      Text_SetStyle(textLongBot,TL_Text_HVal , TL_Text_VVal  );  //   HVal: 0=left, 1=right, 2=centered, / VVal: 0=Top, 1=Bottom, 2=Centered
      Text_SetColor(textLongBot, LongBotColor );
      Text_SetLocation( textLongBot , date , TL_TextTime , LongBot );


If textOpen > 0
   then value9      = Text_Delete( textOpen ) ;

      textOpen = Text_New(Date,  TL_TextTime , xDailyOpen ,"Open ("+ NumToStr(xDailyOpen, iDecimals )+")");
      Text_SetStyle(textOpen,TL_Text_HVal , TL_Text_VVal  );  //   HVal: 0=left, 1=right, 2=centered, / VVal: 0=Top, 1=Bottom, 2=Centered
      Text_SetColor(textOpen, OpenColor );
      Text_SetLocation( textOpen , date , TL_TextTime , xDailyOpen );


end ; // if xAppType = 1


if xAppType = 2
then begin


candle = close - open ;

//CandleDaily = close - closeD(1)  ;
CandleDaily = close - PrevSessionClose  ;
   
{ Alert criteria }


If candle    > 0
then begin
   Fg3 = BLACK;
   Bg3 = green;
end
else
If candle    < 0
then begin
   Fg3 = BLACK;
   Bg3 = red;
end
else
begin
   Fg3 = yellow;
   Bg3 = BLACK;
end;

If CandleDaily    > 0
then begin
   Fg4 = BLACK;
   Bg4 = green;
end
else
If CandleDaily    < 0
then begin
   Fg4 = BLACK;
   Bg4 = red;
end
else
begin
   Fg4 = yellow;
   Bg4 = BLACK;
end;

If close < xdailyopen
and close > ShortTop
then begin
   tBuyZone = "Wait " + tShortDiff ;
   FG1 = RED;
   BG1 = YELLOW;
end
else
If close > xdailyopen
and close < LongBot
then begin
   tBuyZone = "Wait " + tLongDiff ;
   FG1 = BLACK;
   BG1 = YELLOW;
end;

If close crosses below xdailyopen
then begin
   tBuyZone = "X Open " + tShortDiff ;
   FG1 = RED;
   BG1 = YELLOW;
end
else
   
If close crosses above xdailyopen
then begin
   tBuyZone = "X Open " + tLongDiff ;
   FG1 = BLACK;
   BG1 = YELLOW;
end
else

If close crosses below LongTop
then begin
   tBuyZone = "X LgTOP " + tLongDiff ;
   FG1 = RED;
   BG1 = YELLOW;
end
else

If close crosses above LongBot
then begin
   tBuyZone = "X LgBOT " + tLongDiff ;
   FG1 = BLACK;
   BG1 = YELLOW;
end
else
   
If close > LongTop
then begin
   tBuyZone = "ABOVE " + tLongDiff ;
   FG1 = GREEN;
   BG1 = BLACK;
end
else

If close crosses below ShortTop
then begin
   tBuyZone = "X ShTOP " + tShortDiff ;
   FG1 = red;
   BG1 = YELLOW;
end
else

If close crosses above ShortBot
then begin
   tBuyZone = "X ShBOT " + tShortDiff ;
   FG1 = black;
   BG1 = YELLOW;
end
else
   
If close < ShortBot
then begin
   tBuyZone = "BELOW " + tShortDiff ;
   FG1 = RED;
   BG1 = BLACK;
end
else
   
If close > LongBot
and close <= LongTop
then begin
   tBuyZone = "BUY " + tLongDiff ;
   FG1 = BLACK;
   BG1 = green;
end
else
   
If close >= ShortBot
and close < ShortTop
then begin
   tBuyZone = "SHORT " + tShortDiff ;
   FG1 = BLACK;
   BG1 = red;
end;


if close > prevclose
then begin
   FG2 = BLACK;
   BG2 = green;
end
else
if close < prevclose
then begin
   FG2 = yellow;
   BG2 = BLACK;
end;


{ PLOTS }

Plot1( tBuyZone, "BuyZone", fg1 ) ;
SetPlotBGColor( 1, bg1);

Plot2( xdailyopen, "dailyopen", FG2 ) ;
SetPlotBGColor( 2, BG2);

Plot3( candle, "Candle", fg3 ) ;
SetPlotBGColor( 3, bg3);

Plot4( CandleDaily, "Dly Candle", fg4 ) ;
SetPlotBGColor( 4, bg4);

Plot5( SessionTime, "Start", WHITE ) ;
SetPlotBGColor( 5, BLACK);

end ; // if xAppType = 2


xComm = _fCommentary(oComm1, oComm2, oComm3, oComm4, oComm5, oComm6, oComm7, oComm8, oComm9, oComm10);

CommentaryCl(oComm1 );

CommentaryCl(oComm2 );
CommentaryCl(oComm3 );
CommentaryCl(oComm4 );
CommentaryCl(oComm5 );
CommentaryCl(oComm6 );
CommentaryCl(oComm7 );
CommentaryCl(oComm8 );
CommentaryCl(oComm9 );
CommentaryCl(oComm10 );

Commentary(" ");
CommentaryCl( "CurrentDate: ", ELDateToString(CurrentDate) );
CommentaryCl( "Date: ", ELDateToString(Date) );
Commentary("CurrentSession(0)  = ", numtostr( CurrentSession(0), 0 ) , NewLine);

Commentary(" ");

Commentary("Prev.Open  = ", numtostr( PrevSessionOpen,iDecimals) , NewLine);
Commentary("Prev.High  = ", numtostr( PrevSessionHigh,iDecimals) , NewLine);
Commentary("Prev.Low   = ", numtostr( PrevSessionLow,iDecimals) , NewLine);
Commentary("Prev.Close = ", numtostr( PrevSessionClose,iDecimals) , NewLine);
Commentary("Prev.Mid   = ", numtostr( PrevSessionMid,iDecimals) , NewLine);

Commentary(" ");

Commentary("Open   = ", numtostr( Open,iDecimals) , NewLine);
Commentary("Opend(0)  = ", numtostr( Opend(0),iDecimals) , NewLine);
Commentary("xdailyopen  = ", numtostr( xdailyopen ,iDecimals) , NewLine);
Commentary("SessionOpen  = ", numtostr( SessionOpen ,iDecimals) , NewLine);

Commentary(" ");

Commentary("LongTop   = ", numtostr( LongTop,iDecimals) , NewLine);
Commentary("LongBot   = ", numtostr( LongBot,iDecimals) , NewLine);
Commentary("ShortTop   = ", numtostr( ShortTop,iDecimals) , NewLine);
Commentary("ShortBot   = ", numtostr( ShortBot,iDecimals) , NewLine);


Commentary("iOpenBuyZone   = ", numtostr( iOpenBuyZone,iDecimals) , NewLine);
Commentary("iBuyZoneHI   = ", numtostr( iBuyZoneHI,iDecimals) , NewLine);
Commentary("iBuyZoneLO   = ", numtostr( iBuyZoneLO,iDecimals) , NewLine);
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Mon Jun 11, 2007 1:08 am

Don't need it...

If you are using charts, use the chart section of the code.

If you are using radar, use the radar section of the code.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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Trade Review - first time with Buy Zone

Postby MR01 » Wed Jun 13, 2007 3:40 am

Hi TRO,
I was hoping you could provide some feedback on my first attempt with the Buy Zone (not a good trade) to nudge/kick me in the right direction.

Trade Date - 12/6/7 (last night), US date = 06/12/07 for you
Pair - USD/CHF
Dierction - Short
Entry - 12398.60
Exit - 12405.60
Entry Time - 22:05 AEST (8:05 NY/EST)
Entry reason - 12404 was NY open at 8am EST, Short Buy Zone was 12401-12400.


Reasons I shouldn't have taken the trade - 1) instrument was a CFD with a 4 pip spread so needed a 9 pip gross to make 1 pip net (very ugly)
2) CHF was making higher highs & higher bottoms on hourly so I was shorting an uptrend
3) I was shorting a stock that was at a weekly high & above last weeks high

Only good point was as I was learning this I only took one contract so only lost $A 60.

Any other learnings I should be taking from this. Also, how many s**wups do I have to do before I get the numnutts of the week award (given I'm batting 2 from 2 with my am vs pm mixup yesterday). :oops:

Cheers & thanks (again)

Mark from Melbourne

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TheRumpledOne
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Postby TheRumpledOne » Wed Jun 13, 2007 5:08 am

Entry reason - 12404 was NY open at 8am EST, Short Buy Zone was 12401-12400.

Entry - 12398.60
Exit - 12405.60

Looks like you entered outside the zone.

If you are using a fixed spread broker, you are giving your money away. I can't help you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

MR01
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Postby MR01 » Wed Jun 13, 2007 5:29 am

TRO - fair call on the fixed spread (which is why I ended up outside the zone on entry), I'd worked that one out & am in the process of setting up an EFX account.

Even if I was using a broker, the trade would've gone against me pretty quickly, any feedback on the reasons I shouldn't have taken the trade ?

Cheers
Mark

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Postby pipette4x » Sun Jun 17, 2007 1:34 pm

TheRumpledOne wrote:Hey BP:

It's simple... for AAPL, you plot one horizontal line .10 above the open and another .20 above the open... that is the LONG ZONE.

Then you plot one horizontal line .10 below the open and another .20 below the open... that is the SHORT ZONE.

Trading rules are simple.

1) You go long when the chart price candle is GREEN and is in the LONG ZONE and the 60 minute candle is GREEN

2) You go short when the chart price candle RED and is in the SHORT ZONE and the 60 minute candle is RED.

I use this on a 1 minute chart the first 15 minutes after the open and then switch to a 5 minute chart.

Rule of thumb while trading... NEVER GO SHORT ABOVE THE OPEN OR LONG BELOW THE OPEN. If you stick to the zones, this is not a problem.

But traders are tempted to trade outside the zones.

Stop loss - If the price crosses the open against you, it's time to give it up!

The most you should lose is a dime.

This method on a bad day, wins about 60% of the time. Once you get the hang of it, you'll be in the 80% or higher range.. that's right, 4 out of 5 winning trades.

Apply the money management matrix to this and you'll see you can rake it in!!

Yes, this works for other stocks, too. I posted my herd of cows - the top 20 stocks to trade. But, if all you trade is 1000 shares of AAPL each trade you should clear $400 or more in 30 - 60 minutes everyday. By focusing all of you attention on ONE STOCK, you should never miss a trade. But the minute you take your eye off AAPL, it'll be the time it pops and you would have missed it!

Anyone for AAPL juice?


hi TRO

I've read your explanation of the buy zone and, no surprise, i'm a little confused. i trade the forex market so i'll use an example to see if i get this.

the 7am est 1 hour candle on the cable is bearish so only look for a sell signal in the sell zone, which is 3-4 pips from the open price at 8am. once prce penetrates the sell zone, sell, using the open price as the s/l

I'm not sure how many pips you look for with this method? what criteria do you use to exit?

also, you mention that you drop down to the 1 min chart for the first 15 min then switch to a 5 min chart. i'm not sure why you need to switch away from a 60 min chart since the entry is based on price? how do you use the 1 min and 5 min.

So this method applies just the NY open? i can also interpret this to mean that you can apply this every hour based on the previous candle's color

I really appreciate an insight you can provide.

Pipette

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