The Strat

The Strat indicator serves as a comprehensive toolkit embodying the core principles of "The Strat" methodology, offering features like candle numbering, pivot machine gun (PMG) highlights, custom combo highlights, and a variety of statistics. This tool comes with alert settings for identifying specific candle numbers, custom combos, and PMGs.

How to Use The Strat Trading Indicator?

If you're well-versed with The Strat methodology, this indicator helps you swiftly mark elements such as candle numbers, pivot stats, and custom combos. This guide will break down how to leverage these concepts effectively.

Understanding Candle Numbers

The Strat assigns significant numbers to candles based on their relationship with preceding candles, such as:

• Number 1: Inside Bar – Occurs when the current candle is engulfed by the previous candle's range.
• Number 2 Up: Upside Directional Bar – The high breaks above the prior high and current low drops below the previous high.
• Number 2 Down: Downside Directional Bar – Occurs when the current low breaks below the prior low with the current high exceeding the previous low.
• Number 3: Outside Bar – When the current candle's range engulfs the last one.

These identifiers can be labeled on the chart, and styling is also an option based on these numbers, with unique highlighting for different bar types. The dashboard, accessible in settings, shows the frequency and distribution of these candle numbers historically and in real-time.

How to Search for Custom Combos?

Combos consist of sequences with two or more candle numbers pointing towards specific market scenarios. This indicator helps locate custom-defined combos by using the Combo user setting field. Each discovered combo appears on the chart as a highlighted box, indicating its range.

Tracking Pivot Combos

This script reveals combos associated with pivots, crucial price action markers, on the chart's interface. The displayed combos aren't in real-time but are deduced based on the Pivot Combo lookback period. Users can review combo rankings by frequency on the dashboard.

Unveiling Pivot Machine Guns (PMGs)

A Pivot Machine Gun (PMG) describes a scenario where a single price movement breaks multiple prior successive highs/lows, prompting potential cascades in price behavior. Users can set criteria for sequence length and the number of successive highs/lows to detect PMGs effectively.

Configuring The Strat Indicator Settings

• Show Numbers on Chart: Highlights candle numbers directly on your trading chart.
• Style Candles: Stylizes candles based on detected numbers; works best on non-line chart types when the script is prioritized in the view.

Custom Combo Search Settings

• Combo: Define your series of numbers (e.g., 2-21) to track unique combinations.

Pivot Machine Gun Settings

• Show Labels: Displays labels for identified PMGs.
• Min Sequence Length: Establishes the minimum amount of sequential lows/highs.
• Min Breaks: Determines how many prior highs/lows must be broken to register a PMG.
• Show Levels: Visualizes the broken highs/lows levels.

Dashboard Settings

• Show Dashboard: Projects an informative statistics dashboard.
• Numbers Counter: Reveals sections for number analytics.
• Pivot Combos: Displays pivot combo analytics.
• % Display: Option to view combo detection as percentage rather than raw numbers.
• Pivot Combos Rows: Configures visible rows on the "Pivot Combo" dashboard.
• Show MTF: Multi-timeframe candle numbers exhibited on the dashboard.
• Location: Preset the dashboard’s location on your chart.
• Size: Adjusts the dashboard's dimension for better visibility.

FAQ

How can I access The Strat Indicator?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

This guide has been designed to be search engine optimized, shedding light on technical and strategy-focused keywords central to the trading indicator's effective utilization. Leverage this influential tool from LuxAlgo to analyze and enhance your trading strategy using The Strat method with unmatched precision.