TTF Candles AM

This indicator is based on the idea of a popular Trend Trigger Factor indicator. The indicator determines a price movement direction comparing high and low of the current candle with high and low of a price for a longer period.

The indicator parameters

• longTTFbars - number of candles to calculate the price movement direction for a longer period of time (cannot be less than 2)
• shortTTFbars - number of candles to calculate the price movement direction for a shorter period of time (cannot be less than 2)
• indBarsCount - this parameter affects only the display of the indicator and determines a number of candles where the indicator is displayed (if 0, the indicator will be displayed on all candles of the chart)

If set by default, the indicator generates following signals:

• A formed candle has Lime color - the indicator confirms consistent growth of highs and lows of the price. There are good reasons to place Buy Stop orders on high of the first candle having such color.
• A formed candle has Red color - the indicator confirms consistent fall of highs and lows of the price. There are good reasons to place Sell Stop orders on low of the first candle having such color.
• A formed candle has Gray color - the indicator shows that the trend is weak. If you have an open position, it makes sense to place Stop Loss orders on the High/Low of the first candle having such color.

The indicator does not redraw.