I
spent two and a half months checking charts, looking for best variations for FTB trades and adjusting this indicator to get this final
version. I think these are best rules to get as many FTB setups as you can. My aim was to make trading more comfortable as I cant imagine myself
going through at least 36 tabs and search for FTRs and then again checking FTBs. FTB setup is pretty straight forward and easy to make
indicator for so I said to myself why should I bother when I can have indicator to do most of the job. But the hardest part was to come up with rules
which eliminate shitty setups. Of course you cant just blindly take every alert and expect to be successful. This is just tool to save you
time, you decide if setup meets your rules. I hope you appreciate work I put into this and that this indicator will save you lot of time and
stress.
These minimum requirements for a setup are implemented:
-one candle before and after FTR
-candle after FTR has to engulf FTR body
-the zone is whole FTR with the wicks and its drawn automatically (color can be changed)
-candle has to close outside the zone (this eliminates a lot of bad looking trades)
-two candles coming back to FTR zone have to be closed minimum in order to get alert (I dont like setups with one candle back
to the zone)
-if candle coming back closes beyond the zone setup is invalid so you dont get alert (again removes bad setups)
-this indicator can measure range, so you set minimum pips you want. For up formation the range is measured from bottom of
the FTR body to the top wick of first candle closed coming back to the zone…why? Because most of the time that wick is filled (this feature
eliminates a lot of small range setups not worth taking)
-whatever candle touches the zone you get alert on opening next candle (but at least 2 candles coming back need to be closed),
usually its confirm candle but anyway you have plenty of time to set your lot size, check compounding and risk etc.
- EMA is implemented in the way where if FTR candle closed above EMA you get only up formation alerts and vice versa (this
eliminates counter trend setups)
- if traffic candle is closed you will not get an alert, only pure setup
-notifications for App and email
