TimeFrame: Works best in 3mins & 5mins TF.
Power Candles are the high momentum candles that are coded by taking price-movements w.r.t in a particular timeframe into consideration.
Plots are 9/21/50 EMAs which are colour coded to represent a multi-timeframe trend in 5min/15min/30mins respectively.
PB (Pull-Back Indicator) considers the & price change in adjacent during the breakout to judge the confirmation of pullback.
BLUE CANDLE - momentum
BLACK CANDLE - momentum
SILVER CANDLES - Ordinary Candles
PB - Shows a high probability of PULL-BACK from that candle.
How to take entry:
1. Confirm Trend using Multitimeframe Trend Analyzer.
COLOURED PLOT - REPRESENTS CURRENT TREND IN THE SELECTED TIME-FRAME (BLUE: / BLACK: )
2. FOR ENTRY
1st BLUE candle shows probable BUYING ENTRY. 2nd BLUE candle closing above the 1st BLUE candle gives CONFIRMATION.
After CONFIRMATION, BUY at candle's HIGH with last wave's LOW as SL for TARGET R:R - 1:1.
9/21/50 EMAs can be used to make exit decisions as well.
Remember to keep booking profits partially and trail SL for the next target.
3. FOR ENTRY - Follow the same rules.
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Added higher timeframe trend options for traders who want to trade in 30mins, 45mins & 1 hour timeframe.
Added 100/200/400 EMAs; color-coded to represent a particular trend.
Removed trend colors from 9/21 EMA due to issues with higher timeframe trend-anticipation. Now use "Current Trend" option instead. Works in all timeframes.
Colors are customizable.
- Now get buy/sell signals on the chart.
- 1st buy/sell signal candle acts as an "alert candle".
-- Buy when adjacent candle "CLOSES" above the alert candle.
-- Sell when adjacent candle "CLOSES" below the alert candle.
- Stoploss could be either swing High/Low or High/Low of the "first" alert candle.
- Trail stoploss to the high/low of the alerts candles.
- Option to set Volume MA length
- Option to define Volume Multiplier to calculate "more than average" volume.
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