INVITE-ONLY SCRIPT
Master/Last Candle
Updated
Master/Followers: Master candle is defined as the start of a trend (bullish/bearish) and followed by a series of candles in the same direction (bullish/bearish) called followers.
Last/Reversals: Last candle is defined as the end of a trend (bullish/bearish) and followed by a series of candles in the opposite direction (bearish/bullish) called reversals.
This indicator marks master/last candle, whether it is master or last depending on the breakout direction of the next candle. Next, we have to look for support (medium/low) and resistance (medium/high) to determine the target, which is not covered here. Remember that, target must cover sell-buy spread or commission offered by broker. When the two points are taken into considered, it is that time to decide making a trade (buy/sell) or not.
Detailed prices at entry and stop loss are included in alerts.
Markets: All.
Timeframes: All.
Usage: Used in combination with support/resistance.
Last/Reversals: Last candle is defined as the end of a trend (bullish/bearish) and followed by a series of candles in the opposite direction (bearish/bullish) called reversals.
This indicator marks master/last candle, whether it is master or last depending on the breakout direction of the next candle. Next, we have to look for support (medium/low) and resistance (medium/high) to determine the target, which is not covered here. Remember that, target must cover sell-buy spread or commission offered by broker. When the two points are taken into considered, it is that time to decide making a trade (buy/sell) or not.
Detailed prices at entry and stop loss are included in alerts.
Markets: All.
Timeframes: All.
Usage: Used in combination with support/resistance.
Release Notes
Add tags.Release Notes
Tighten conditions to be a master/last candle (A1, B1, C1).Add new types of master/last candle (A2, B2, C2).
Release Notes
Update chart illustration.Release Notes
• Tune Min Price Breakout % from 10 to 20.• Add new parameter: Max Benchmark Candle Distance.
• Truncate numbers in alerts.
• Optimize buy/sell zone alerts.
Release Notes
• Minor change in condition to be a Cx master/last candle.• Important note added to the original description: There is sometime when the market is in ranging mode, the buy/sell zone has only one bar. We have two options when falling into this situation.
- o One, use the stop loss suggested in the alert to exit the trade, life is still wonderful and we absolutely have no problem with a trade of very little loss.
- o Two, however, in my own observation so far, we will not regret if following this popup one-time signal as there would be profitable time after that, at least within the same timeframe of the signal. Strictly follow the market, do not leave the screen and exit the trade at the profitable time with low profit expectation, we would be safe and have a comfortable day amidst the ever-changing market.
• Add new types of master/last candle: x3 (A3, B3, C3). If we are satisfied with the previous revision, we just simply uncheck (A3, B3, C3).
Release Notes
Add status table.Release Notes
• Add option to change background color of status table.• Add option to change color of status table header.
• Important: Increase Percentile % definition of Cx master/last candles to 55.
Release Notes
• Add option to hide status table header.• Update author’s instruction.
Release Notes
• Add methods: percentile nearest rank, percentile linear interpolation.• Change default percentile of Cx candles to 50. Inactive = 50 (day and above), 55 (intraday).
• Add No Master/Last Candle In Buy/Sell Zone option. Default: true. If unchecked, it is the same with previous revisions.
Release Notes
• Add Channel option: ML, MLPP1, MLPP2. Default: ML. If ML is chosen, it is the same with the previous revision. Detailed explanation of why we need this option will be given in the coming Monthly Update to Patrons.• Add Min Height of Benchmark Candle %. Range: 0 – 100. Default: 0. Recommendation: 65. If 0 is chosen, it is the same with the previous revision. Detailed explanation of why we need this measure will be given in the coming Monthly Update to Patrons.
• Add license and disclaimer.
• Add Current Reward-Risk Ratio (CRRR) %. Example: If we entered the trade at the upper side of the channel and price went up to CRRR of 100%, the profit now would be equal to the loss if price went wrong to the lower side of the channel. Detailed discussion of how to use will be given in the coming Monthly Update to Patrons.
• Note: Please backup your tested settings before moving to a new revision of an indicator.
Release Notes
• Only Show Active-Volume Candles in Buy/Sell Zone. Default active-volume percentile: 55. By default, this new feature is turned off, users need to see the effectiveness in their own cases before applying it into trading. (Inspired, developed and tested on US100 5m)• Add Zone Area: number of candles in zone.
• Change default display: Only show buy/sell zone, not show master/last candle.
• Support multiple layouts of status table (7x1, 4x2).
Release Notes
Add master/last candle type 4. By default, this new feature is turned on, users could come back to the previous version by unchecking this feature. (Inspired, developed and tested on US100 30m)Release Notes
Add Status Table 4x3: Volatility measures (Average True Range ATR, Standard Deviation STD, Max True Range MaxTR) for stop price and limit price.Release Notes
Add super-type X master candle. A super-type master candle only depends on the very basic condition of price changes between itself and the benchmark candle, i.e., it does not depend on other conditions such as volume or BHR/height of the benchmark candle. When a super-type master candle appears, no matter what we choose the channel calculation (ML/MLPP1/MLPP2), only ML is applied.Release Notes
• Add super-type Y master candle. While a super-type X master candle requires a lower high for absolutely bearish and a higher low for absolutely bullish, a super-type Y master candle only requires a strongly lower low for bearish and a strongly higher high for bullish.• When a super-type master candle (X, Y) appears, Min Price Breakout % also does not affect the calculation of the buy/sell zone.
• Change the default value of Stop Price from 2 to 1 (ATR).
Release Notes
Add information ‘Strong Candle When TR > ATR’ (Volatility), shown in Status Table 4x3.Release Notes
Add Doji Master supertype.Release Notes
Add x5 types.Release Notes
Add x6 customizable type.Fix Doji Master (S1).
Add special types: S2 (Composite-Doji Engulfing), S3 (Composite-Doji Near-Engulfing), S4 (Composite-Hammer Near-Engulfing), S5 (Composite-Tail Near-Engulfing), S6 (Balance Hammer Near-Engulfing), S7 (New Ice Cream and Hammer 180 Degree), S8 (Strong Move with Strong Pullback and Tail 180 Degree).
Release Notes
Update core principles.Release Notes
Update core principles.Auto adjust sample length for intraday.
Add special types: S9-S11.
Release Notes
Update core principles.Add special types: S12-S13.
No Late Entry.
Release Notes
Add special types: S14-S16.Update core principles.
Release Notes
Add special types: S17.Update core principles.
Release Notes
Add special types: S18.Update core principles.
Release Notes
Update core principles.Add exit types: S1x.
Release Notes
Add customizable types: x7.Add special types: S19.
Update core principles.
Release Notes
Add special types: S20.Invite-only script
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License and Disclaimer: tinyurl.com/4rtrwhfd
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