Indicator Needed

There was a system in one of the Currency Trader on line magazines, that appears to have some merit to it.

It's pure price action. I have modified the rules and it looks to be even better.

One of the components of the pattern is a candle formation that is very tedious to visually isolate. An indicator to flag these bars would be a great help.

If I can get one, I'll backtest the method, a few months back, and post the results as well as the rules. I would give the rules now, but I'm sure I will change them, somewhat, as I visually back test.


This is the candle that needs to be identified:

Neither the top wick nor the bottom wick, of the candle, can exceed 25% of the total range of the candle (H-L).

It would also be good if there was a parameter to control the minimum range of the candle based on ATR(20).

0= no minimum
x.x = ATR multiplier

Thanks in advance. It will be greatly appreciated.

hope it suits your need. waiting for the rules...

Thank you!
Let me have a look at it and I'll be back.

It works perfectly.
I'll start my backtesting.
Thanks again.

Billbss,

How is the back testing going with this indicator?

Thanks.

Updated per request -> https://www.forexfactory.com/thread/...0#post14982180

you're such a genius, jblanked! thank you thank you thank you!!!

No thanks needed, best wishes!

What is the purpose of this indicator?

the purpose is somewhat mentioned in the first post on this thread. personally, i use it to see the "momentum" push/candle. however, you should not use this indicator on its own, it should be used to compliment your trading strategy.