Free Candles Indicator - SierraChart

Discussion in 'Technical Analysis' started by simpleRT, May 25, 2012.

  1. simpleRT


    Yes... I am giving away a free candles indicator because I am pretty sure most people in here have no idea how to read candles... Price the BEST confirmation indicator!!! But, candles are 2nd to price.

    I'm pretty sure a few people on this forum actually know how to read candles engulfment's properly and would benefit from not having to analyze every single candle and just have them colored based upon it too...

    Normal candles are just noise, and Heikin Ashi’s strip out too much information you need to know on time charts from 15m to Monthly. So whats the best type of candle to use if you don’t want the noise but you still need trends? Engulf candles… I have used these for about a year I think. A CME trader taught me around a year and a half ago how to read candles properly and I coded those rules into an indicator…

    The only candles that really matter are engulfing candles. They tell you who has the ball… Ill give you a quick tip how these candles help with trades… I only short in situations where the bulls both have the ball and are in a weak position, and I only go long in situations where the bears have the ball but are in a weak position.

    My favorite is doing long trades on good dip setups when the bulls are trying to hold the ball on daily/hourly. I don't really care that much if they keep hold of it, but at least you know people will be trying to buy!

    Full Article with Indicator Download - - I have some examples of how it helps on the 15m/hourly chart to read the tape too.
    Direct link to indicator >

    Btw, If the bulls or bears have not managed a lower/higher close in two candles it prints a grey candle. These candles need a higher or lower close than the previous high/low to register an engulf. If the close is exactly the same previous high/low it won't show trend change. That is how I like it, if you like it the other way I can re-build it with that rule changed and upload the variation too.
  2. simpleRT


    There was a small bug in the real-time calculation of the candles. If you downloaded it before re-download it. Sorry, was just checking back through the code because I just noticed while trading that a recent fifteen minute non engulfing was colored when it shouldn't have been...