AioBpa
This indicator is meant for anyone who is learning or already trading Brooks Price Action methodology. It contains all of the most important features:
- - Main 20 ema as well as 15 minute and 60 minute 20 period ema's
- - Bar count with highlighted hourly close bars and bars 18 (90% chance of seen high or low of the day) and 40 (midday reversal)
- - Open of the day, high, low and close of yesterday
- - Big round numbers
- - Current and last week levels
- - Current and last month levels
- - Breakout mode patterns
- - Microgaps
- - Gaps between swing points
- - Body Gaps
- - Info panel containing useful information, average daily range, average bar size, swing profit and stop loss based on formula from the Dr. Brooks book.
- - Gap size in absolute and relative units
- - Size of the previous closed bar in points
- - Size of the developing bar in points
Breakout Mode Patterns
This indicator detects three kinds of price action patterns:
ii - consecutive inside bars ( high and low inside of the previous bar), triangle on a lower timeframe
oo - consecutive outside bars ( high above the high of the previous bar and the low below the low of the previous bar), expanding triangle on a lower timeframe
ioi - inside outside inside, diamond pattern on a lower timeframe
Traders that trade these patterns are entering on breakouts above/below .When they appear in a trending market, they are good setups for both continuation and reversal swing trades. When they appear in ranging market, they are not nearly as powerful since most breakouts fail in this context. To achieve the highest probability, it is best to trade in the direction of the trend on the last bar in the pattern with a stop loss on the other side and going for a reward that is at least twice the risk.
Always In
This indicator defines market direction based on Brooks Price Action concepts.
Always In Short - for the market to become always in short, stop order bears that are selling below bars need to be able to push the market below a measured move down of the signal bar
Always In Long - for the market to become always in long, stop order bulls that are buying above bars need to be able to push the market above a measured move up of the signal bar
The market direction will stay unchanged until the side that is trapped achieves an Always In Flip
When market is in trading range, the direction will change quickly and many times. Therefore the traders have to either wait for trend or be agressive and scalp.