This is my attempt to code up the rules of "The Strat." I've seen other scripts that do parts of what my script does, but this script combines all of them into one script and allows the user control over how they interact with each other.
What's in this indicator?
Show the Strat Candle Numbers (1 - inside bar, 2 - continuation bar, 3 - outside bar) on the chart.
Show a widget off to the right of the chart for multi-timeframe analysis. This widget tells you whether the D/W/M/Q candles are currently green or red as well as the Candle type (White Circle - (1) Inside Bar, Up Green Arrow - (2U) Continuation Bar, Down Red Arrow - (2D) Continuation Bar, Green/Red Square - (3) Outside Bar)
Integrates the long and short rules into the chart. These can also be turned off if you don't want to see them. Note: this is a simplified version of these rules - if you look at the cheat sheets floating around the internet, you'll notice that all trade initiations occur on a break of the high (for longs) or low (for shorts) of the previous candle as long as that previous candle was not a 2. So that's my only rule for going long or short. I think it matches well with the cheat sheets but is way simpler to code and to think of how it works. The other benefit is it shows you failed trades that the cheat sheet won't catch - where a 2 becomes a 3 in the other direction and stops you out. You'll see that now with this script.
Ability to filter out the long/short rules based on the timeframe continuity of the higher timeframe candles. This is user-configurable so that you can experiment with timeframe continuity and see how strict you want to be with this on your trades.
Show the high/low of the Day, Week, and Month on your chart as horizontal lines that you can use as a reference. This could be used for planning profit targets or seeing how likely a reversal might indicate moving into timeframe continuity.
הערות שחרור
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Added ability for user to control color of high/low price level lines for higher timeframe candles.
הערות שחרור
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Added the ability for the user to color inside bars (1s) to make it easier to identify them. Default is white to match the color scheme of the numbers and MTF widget for inside bars.
Thanks for this. I have tried to get a more 1980s blue background feel with changing the colours of the green bars to white and inside bars to yellow, but cannot change the top right FTC that are in green (DWMQ)
ironjaw
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@ironjaw, Okay, so I created a copy of the script and changed all values under the MTFC from green to white leaving the circles yellow, and that did the trick on the top right MTFC displaying in white. I also changed the colour settings of the bars as a default with the green to white up 2d/2up and inside bars a yellow, and opacity settings to 100%, shapes to black and red, and the lines of D, W and M to opacity 100% and colours to white, yellow, and red. It looks wonderful. First time playing with Pinescript. Thanks for making this script available.
millerrh
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@ironjaw, Great, I was going to point out to you how to do that, glad you figured it out. That's basically how I started with Pine script as well. Taking others' scripts and customizing bits and pieces to how I like it. You start to learn about how it works and now pretty much everything I look at is something I've created because it is just the way I like it.
cf711d620dda4d018d16f045443ed1
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I would like to add some more study features to this can you please contact me
millerrh
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@cf711d620dda4d018d16f045443ed1, you're welcome to leverage this for your own code variant and add some things to it. I am not interested in spending more time working with this though.
Jane777
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Amazing indicator!!! I can see FTFC in one snap shot. ... really appreciate your work!!!
delanammcguire
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This is AWESOME!!!
GarySethi19
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Great job, truly appreciate it
millerrh
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One comment about this script, it does have some repainting - the long/short signals are filtered based on real time timeframe continuity of a higher timeframe. It is possible to have that higher timeframe flip from green to red (or vice versa) in real time, which will negate historical signals that happened prior to the flip if you are filtering based on that TFC. I don't think there is a way around that and this is how the rules of the strat are intended to work. But please beware this is part of this script.