Same high/low — Strategy by Cherepanov_V
By Cherepanov_V
Performance Metrics
- Author: Cherepanov_V
- Symbol: NASDAQ:GPRO
- Timeframe: 1 week
Description
If you are using support/resistance level-based strategies in your trading then this indicator can help you. I think that the retest level strategy is the best for beginners due to its simplicity of risk/reward calculations and higher abundance on the market. There is a well-known method to recognize a big player (buyer/seller) by candlestick pattern where the last two candles have the same low or same high. Moreover, abnormal candles increase the probability of a retest of a strong level, so my indicator highlights these two situations. In my opinion, a higher timeframe of a candle chart increases the win rate for this indicator (>1h).So there are several patterns which my indicator can recognize:1. Same low/high: blue flag up - same low, blue flag down - same high.2. Mirror levels: high-low - green flag up, low-high - green flag down.3. abnormal candles: yellow body if >2*ATR (please tune atr in properties, the default value is 5).4. The red flag indicates the third candle with the same high/low in a row.Thanks for your attention and have a good trading time!