theStrat by MyntBit

21 Ağu 2024

"MyntBit theStrat" is a comprehensive trading indicator designed to analyze and display significant price levels and patterns across multiple timeframes. It retrieves and processes key market data from various intervals, including daily, weekly, monthly, and even intraday timeframes. The script captures essential information such as the high, low, open, and close prices for these periods, and it calculates the Average True Range (ATR), which is used to assess market volatility. This data helps in identifying critical support and resistance levels that are relevant to the current price action.

Furthermore, the code includes logic to detect specific candlestick patterns, such as the "Hammer" and "Shooting Star," which are often used to identify potential market reversals. It also tracks and plots the appearance of these patterns on the chart, helping traders to spot them visually. The script can generate alerts for these patterns and other specific price action setups, such as the "2-1-2" and "3-2-2" reversals, which are part of the Strat trading strategy. Additionally, it includes a feature to track premarket data, which is particularly useful for understanding market sentiment before the regular trading session begins. The indicator is designed to provide traders with a robust tool for analyzing market trends and making informed trading decisions.

21 Ağu 2024

Sürüm Notları

Updated the ATR and DTR calculations to adjust for each timeframe, rather than having it fixed for Daily timeframe