The standard is a two bar pattern. Our enhanced version is a multi-bar pattern. We filter the patterns for you so that you only get the best and most effective patterns and ignore the noise.
The pattern is a simple and effective pattern to trade.
The strategy that comes with the is based on price action.
The indicator was developed with the expertise of Justin Mueller. The indicator uses same rules as Justin who is an expert trader using the pattern for a while now. You can visit Justin Youtube channel, like and subscribe.
The indicator does what he was designed for: displaying patterns. Don't expect to follow the up and down arrows and make money. Trading is not that simple. The pattern is a starting point. The arrow is not a confirmed BUY and SELL signal in itself. The indicator alerts you that the market might be at a turning point now. Then you must use other elements of your strategy (trend, momentum, , , daily bias, and other indicators) to confirm the signal and place a trade.
The Pro version let users define their own pattern definition. This version is meant for expert traders who want to use their own optimized settings.
Inputs of the indicator are:
MaxBars: maximum number of bars back to calculate searching for signals
Settings (automatic/manual): you can either use the defaults settings optimized by Justin Mueller (automatic) or use your own settings (manual).
TrendPeriod (20 as default): number of candles the indicator should look back to determine current trend direction.
CandleSize (0.5 as default): minimum size for candles to consider pattern as valid (0.0:no filter, 0.5:middle size candle, 1.0:big candle only).
SameTailsSize (0.9 as default): check accuracy of same candle wicks size to validate pattern (0.0:ignore wick size criterion, 0.8:strict same size, 0.9:very strict same size).
SameOpenClose (0.9 as default): check accuracy of same open and close for the candles (0.0:ignore criterion, 0.8:strict same open/close, 0.9:very strict same open/close).
UseEngulfingFilter (true/false): if set to true then ignore patterns that do not include pattern.
UseEngulfingEvenAfter (true/false): if set to true then will also consider pattern with the next candle after the formation.
For BUY: wait for a ( ) to print on a after a down trend. Wait for price to break high of the pattern (5 pips above the high for H1 and higher time frames). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
For SELL: wait for a ( ) to print on after an up trend. Wait for price to break the low of the pattern (5 pips below the low for H1 and higher time frames). Immediately enter in the trade once low is broken. You also can use a SELL STOP order place 5 pips below the low of the candle. Stop Loss should be placed above the high of the pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The indicator can be used with any time frame.
The indicator can be used with any class of asset: Forex, Stocks, Indices, , and Cryptos.
Please read documentation from our website for complete information.
These new features will give full flexibility to expert traders to define their own patterns with high accuracy.
Other settings and features of the indicator remain same as before.
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TradingView tidak mencadangkan untuk membayar untuk sesuatu skrip dan menggunakannya sehingga anda adalah 100% mempercayai penulisnya dan memahami bagaimana skrip itu berfungsi. Dalam banyak kes, anda boleh mencari alternatif sumber terbuka yang bagus secara percuma di Perpustakaan Awamkami.
Please contact me in private to get access to this Tweezer Pro indicator.
Amaran: sila baca sebelum memohon akses.