Alert when the candle tail is twice as long as the previous 4 candles

Discussion in 'Ask A Question' started by Customer Questions, May 23, 2016.

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  1. Customer Questions

    Customer Questions John @ timetotrade

    I am looking at setting an alert for when the tail is 2x the length of any of the previous 4 candles on a 15 min charting period.

    Thank you.
     

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  2. Customer Care

    Customer Care John @ timetotrade

    To calculate the ratio of the current candle tail length to the maximum tail length of the previous four candles, a custom indicator has been created and can be imported using the code: A986-17A8-1BB2. Click here to learn how to import custom indicators into timetotrade.

    The indicator is based on the TAIL length divided by the HIGHEST TAIL over the PAST 4 Candles:

    upload_2016-5-23_16-2-47.png


    To create an alert that will notify you when the current tail is greater than twice the length of the previous 4 candle tails, use the alert trigger rising threshold trigger:

    upload_2016-5-23_16-6-14.png


    Enter a message to remind yourself why the alert was created, select the preferred alert notification methods, then set the 'reactivate the alert after' interval if the requirement is to get repeated alerts when the chart conditions are met. Activate or Pause the alert and note that Email or SMS notifications will only be received from Activated alerts.


    The alert can now be back tested to verify that it has been set up correctly and to help develop your trading strategy. In the following example, the alert will be used to test a reversal trading strategy based on buying when the alert conditions are met and taking profit if the price increases by 3 pence or stopping losses if it decreases by 3 pence; the trades will only be executed if there is no position open when the alert conditions are met:


    upload_2016-5-23_16-10-10.png



    If the alert is activated it will execute trades in the simulated or live trading account associated with the deal ticket. Pause the alert to back test it to help develop your strategy:

    upload_2016-5-23_16-11-5.png


    which includes an analysis of the trading results:

    upload_2016-5-23_16-11-28.png


    To learn more about back testing and grouping alert triggers:

    Related content:

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