White Crow Indicator
by VArmadA
A simple yet powerful candle analysis based indicator using the White Soldiers & Crow patterns.
Works with timeframes 1H and higher and tested on all major pairs. Pay attention to the signal: An arrow indicating a long or short entry.
How It Works:
Arrows indicate a ongoing trend. After multiple bullish or bearish candles in a row the chances for another candle towards that trend is higher.
Instructions:
- Crow Count: Set the number of candles that need to support a bearish trend in a row. Default is 2.
- White Soldiers Count: Set the number of candles that need to support a bullish trend in a row. Default is 2.
Recommendation for setting SL and TP:
Set the SL slightly below/above (bullish/bearish) the opening of the signal candle. Set the TP for a similar amount towards the other direction and use a trailing stop loss. Using a trailing stop loss is essential for this strategy!
Disclaimer:
Use this indicator as decision support and do not enter trades purely on the signal. Depending on Volume and other factors the signals might be misleading.
