Update: Please download the indicator again. I fixed a bug.
Awesome @Femo!
I hope its not too confusing. Having many settings and different interpretations can be difficult. I want to give everyone many options to play with so you can figure out the best settings that fits your system and personality. It can be used for different style of trading as well, you can use it for scalping the next candle, or for swing trading, or for long term directional bias. I think mastering this indicator could produce very good results.
As for the main logic of this indicator, what it’s doing is its looking for candles where the previous is a bullish/bearish and the current one is bearish/bullish. Opposite setups. And then measures the strength at these locations. The strength I hypothesis as the previous Low to current Close for bullish and previous High to current Close for bearish setups. Here is how to interpret it and what’s going on..
Please ask me if you have any questions.
Focus, Patience, Determination & Order in chaos
