This is an indicator for the Candle By Candle (CBC) Flip strategy as created by @maplestax It’s useful to traders because it’s a simple approach to gauge if bulls or bears are in control for any particular candle. The logic is as follows: If the most recent candle close is above the previous candle high, then bulls are in control. If the most recent candle close is below the previous candle low, then bears are in control. If neither of these 2 conditions are met, then whoever was already in control remains in force until one of the 2 conditions is met and the sentiment is flipped, hence the name CBC Flip.
My script is original because there are no other CBC Flip scripts available on TV. This is the first, which is why I created it, to help other traders benefit from the power of CBC Flips. The indicator output is simply interpreted as follows: Triangle up = bulls in control Triangle down = bears in control
In my experience this script is best used on the 5 or 10 minute time frames, as it helps to keep you in the trade for the bigger moves once a trend is established, while not getting shaken out from the “noisy” up/down candle price action of lower time frames like the 1 minute.
I’ve also had more success with this indicator when only taking long trades once the green triangle appears and price is above VWAP, and only taking short trades once the red triangle appears and price is below VWAP.
Phát hành các Ghi chú
⋅
In the original version, a generic alert appeared when either the bulls or bears were in control. I've now created separate alerts, one alert for bulls, another for bears.
Phát hành các Ghi chú
⋅
As per the updated chart above, When CBC flips long, suggested risk is candle low When CBC flips short, suggested risk is candle high
Phát hành các Ghi chú
⋅
Removed the = in the <= >= to eliminate fake outs when it closes on the high or on the low of the previous candle. It needs to close above (not on) the high of the previous candle for longs, and close below (not on) the low of the previous candle for shorts.