Core idea behind designing this tool is to CATCH REVERSALS in the live market.
Reversal can be a TREND REVERSAL or a TEMPORARY PULL BACK. This tool works perfectly in both situations.
HOW TO USE: AFTER YOU APPLY THE SCRIPT.
1. WAIT FOR THE FORMATION BLUE/YELLOW COLOURED BARS AT DAY HIGH/LOW. Accuracy is highest when the REVERSALS are caught at DAY HIGH/LOW. I would suggest you to work only on DAY HIGH/LOW candles. Do not jump into the trade. Wait for the candle to close.
2. BLUE represents the start of a BEARISH TREND or simply "SELL SIGNAL". YELLOW represents the beginning of a BULLISH TREND or simply "BUY SIGNAL".
3. If the BLUE candle is formed at DAY HIGH. SELL below it's LOW with DAY HIGH as Stoploss. (Keep some BUFFER).
If the YELLOW candle is formed at DAY LOW. BUY above it's HIGH with DAY LOW as Stoploss. (Keep some BUFFER).
NOTE: RECAT can be used in any timeframe. However, lower timeframes tend to have more noise as compared to 15mins and above. RECAT can be used with all the SCRIPTS. However, high volume scripts give better results. THERE IS ABSOLUTELY NO REPAINTING AFTER THE CANDLE IS CLOSED.
CONTACT ME FOR ACCESS. DETAILS IN SIGNATURE.
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1. Changes Signals and logic: - Colored candles replaced with signals - Filtered results. - Added Pullback signals
2. Entry and Exit Logic: - Entry above/below signal bar - SL is previous wave's low/high
3. Added customizable candle-size to the Signals and Alerts. - Now you can choose your SL only get alerts on the signals that meet your SL criteria. For example, for the 1% SL limit, input 0.01 in the Max candle size text box. - Similarly, you can filter small-sized "deceptive signal candles" by using Min Candle Size Filter.