The Futures Candle Size Strategy is a comprehensive tool designed for futures trading, offering precise control over trading conditions and enhanced visualization features. It identifies and trades significant price movements based on candle size, with added features to limit trade frequency, specify trading hours, and highlight alert candles. This strategy is tailored for futures instruments like ES, NQ, or CL, where tick-level precision is crucial.
Key Features:
Candle Size Threshold: Trades are triggered when the candle's high-to-low range exceeds a customizable threshold in ticks (default: 25 ticks).
Alert Candle Highlighting: Candles that trigger a trade are visually highlighted in white, providing instant recognition of trade signals on the chart.
One Trade Per Day: Limits the strategy to a single trade per day, resetting eligibility at the start of a new trading day.
Time Filter: Trades are restricted to specific trading hours (default: 7:00 AM to 9:15 AM CST) to focus on high-volume periods.
Start Date Filter: The strategy starts generating trade signals only from January 1, 2025, ensuring alignment with your desired historical or live trading range.
Take Profit and Stop Loss: Predefined exit levels in ticks to manage risk and lock in profits.
Long and Short Trades: Automatically places buy or sell orders based on the candle's direction (bullish or bearish).
Alerts: Sends real-time alerts when a trade is initiated, keeping you informed of strategy triggers.
Backtesting Compatibility: Includes features for accurate historical testing, such as daily trade limits, date filters, and time-based execution.
How It Works:
The strategy evaluates the size of each candle in ticks. If the size meets or exceeds the user-defined threshold, and the current time and date fall within the specified range, a trade is triggered.
Once a trade is executed, no additional trades are allowed for the rest of the day, regardless of subsequent signals.
The candle triggering a trade is automatically highlighted in white for easy visualization.
Take profit and stop loss levels are applied to manage trades automatically.
Recommended Usage:
Use this strategy for intraday futures trading during active market hours.
Ensure the tick size of your chosen futures instrument is correctly set in TradingView.
Adjust inputs such as take profit, stop loss, candle size threshold, and time range to align with your trading objectives.