odinofcrypto

Pascal's 4h Compression Breakout

This indicator aims to identify areas of price compression, by looking for two consecutive "inside candles" on the 4h chart.

An inside candle is simply when the current candle's high is lower than the previous candle's high, and the current candle's low is higher than the previous candle's low.

Once price compression is identified, the indicator draws a range based on the highest high and the lowest low of the two inside candles.

1) A break above the range is bullish .
2) A break below the range is bearish .

The script ALSO paints candles in blue that are likely to become strong horizontal S/R levels. This is, again, based on a candle pattern.

Please note:

1) This indicator is only meant to be used on BITMEX:XBTUSD (on the 4h or 1h chart).
2) You will have to apply some discretion to profitably trade with this indicator. Use SFPs and horizontal S/R levels to judge if a breakout is worth trading.

Finally, use the indicator at your own risk. I am not responsible for any losses you may incur.

My objective with this indicator g is to hopefully give you something that you can build upon, and NOT a script to blindly copy trade.

The concept of market compression is powerful. There are countless ways in which you can build a system around it.

This is just the tip of the iceberg.

Cheers.
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תגובות

This is a great concept. I'm definitely building on this. I've been developing something similar to your Market Compression Oscillator to filter mean reversion and trend signals. Will possibly look at incorporating this as well. Is there any reason you've set this to pull just from the 4h timeframe instead of the current timeframe? Appreciate you sharing the code, it's a great way for others (like myself) to learn and develop a deeper understanding of ways to analyse the market. Thanks
+1 השב
@TJ_667, the script looks for "inside candles" to identify compression zones and I found these candles to be the most relevant on the h4 timeframe.
השב
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