Whew! Just finished reading entire thread. Some very good thoughts. Thanks to all. A special thanks to hzs10 for excellent thread management!
My current research (which is not extensive yet) shows a correlation between candle size and win/loss ratio. Generally speaking, candles much larger than average are not a good play. At this point it looks like 2 of 3 mongo bars are losers. If you find something different, please let me know.
• Add ATR to chart to determine average candle size. Check far back in history. At least 3 years but not more than 5, due to more robust PA, prior to 2013. Once you have this figure for current pair, decide on maximum candle size you want to risk.
• Add "Momentum Candles v1.ex4" to chart, and size to your specs.
------- This indicator has only 2 settings, besides color.
1. "candlepipvalue" This refers to candle real body.
2. "hilowpipvalue" This is total candle size, wick to wick.
Default color is Magenta set to size 5. This makes my eyeballs bleed, so changed to white 2 or 3, depending on which shows up more clearly, without hiding actual candle body.
Good pippin'
My current research (which is not extensive yet) shows a correlation between candle size and win/loss ratio. Generally speaking, candles much larger than average are not a good play. At this point it looks like 2 of 3 mongo bars are losers. If you find something different, please let me know.
• Add ATR to chart to determine average candle size. Check far back in history. At least 3 years but not more than 5, due to more robust PA, prior to 2013. Once you have this figure for current pair, decide on maximum candle size you want to risk.
• Add "Momentum Candles v1.ex4" to chart, and size to your specs.
------- This indicator has only 2 settings, besides color.
1. "candlepipvalue" This refers to candle real body.
2. "hilowpipvalue" This is total candle size, wick to wick.
Default color is Magenta set to size 5. This makes my eyeballs bleed, so changed to white 2 or 3, depending on which shows up more clearly, without hiding actual candle body.
Good pippin'
Attached File(s)
Momentum Candles v1.ex4
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