This indicator is an all-in-one "The Strat" script. This script displays the following:
The Strat candle numbers (1's, 2's, & 3's)
The Strat Combo labels along with trigger line
Pivot Machine Gun ( PMG ) dynamic labels
Hammer & Shooter candle labels
The Strat Candle Numbers label each candle, on any timeframe, either a 1, 2, or 3. 1's are inside bars of the previous candles. 2's take out only one side of the previous candle. And 3's go outside both sides of the previous candle.
The Strat Combo labels (which are made of the 1's, 2's, 3's outlined above) display labels when a Strat Combo occurs. The script displays a label, direction arrow, and trigger line for each Strat Combo. This indicator finds the following Strat Combos:
2-1-2 bullish reversal (BLR)
2-1-2 bullish continuation (BLC)
3-1-2 BLR
3-2-2 BLR
1-2-2 rev strat BLR
2-2 BLR
2-1-2 bearish reversal (BRR)
2-1-2 bearish continuation (BRC)
3-1-2 BRR
3-2-2 BRR
1-2-2 rev strat BRR
2-2 BRR
Double inside candles
The Pivot Machine Gun (PMG) labels any 5 or more consecutive candles that make higher lows or 5 or more consecutive candles that make lower highs. A PMG can continue going in its direction or it can reverse and come back through the range. The logic in this indicator dynamically finds each level in a PMG and draws a line for easy identification.
The script also identifies if the candle type is a Hammer, Inverted Hammer, Shooting Star, or Hanging Man. These candle types are highly likely reversal points in price action.The indicator will plot a shape with a color coded icon identifying the candle. The distance between the shape and the candles can be manually adjusted in the inputs section.
This indicator has many style options. The user can independently toggle on/off the Strat numbers, boxes around the Strat Combos, and Hammer and Shooter shapes. Also all of the colors used in this script can be changed from the inputs section, so a user can easily change colors to match their current color scheme.
amazing work! any chance for the alert to be 'Any alert() function call' for The Strat Combo labels?
Infinity_Trading_
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@Willthebill, Thank you so much for the coins! I really appreciate it! ... It would be possible to add the alert() function, but I don't think it would provide a good user experience for everyone. I imagine most people wouldn't want a lot of alerts firing for every Strat Combo. But if I come across an elegant solution to adding alerts I'll give it some thought.
thank you for this by the way, question - i thought hammer would be bullish and shooting star would be bearish. in your notes you have it opposite or am i missing something?
paxsigrid
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@Infinity_Trading_, I think @schmurdatrades is correct. your hammer and shooters key contains incorrect info. hammer and inverted hammer after a downtrend can be BULLISH reversal signals and the shooting star and hanging man appear near the top of an uptrend and are signs possible BEARISH reversal. other than that all i have to say is THANK YOU this is a really great indicator. cant wait to try it out.
shooting star and hanging man are bearish and hammer or inverted hammer after downtrend is bullish
tomatoemartini
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Hey @Infinity_Trading_ - absolutley great script. Question, do the BBR and BLR signals appear on the day when a candle stick/stock is reversing or the day after ?
Infinity_Trading_
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@tomatoemartini, Thanks so much! When the chart is on the daily timeframe the moment the Strat Combos forms the lines and labels appear
Jon-Wyckoff
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AMAZING JOB!!! Really appreciate the time and effort in this script, saves me so much time and is very helpful learning the combos.