Candle Factor Pro

1/ What is Candle Factor Pro?

The Candle Factor Pro is a custom indicator designed to provide traders with detailed insights into the strength and potential of candlestick patterns. Unlike basic candlestick pattern recognition tools, Candle Factor Pro goes beyond simple pattern detection by factoring in the context, volatility, and significance of each candle's structure.

Key features of the Candle Factor Pro include:

1. Advanced Candle Analysis: It evaluates candlestick formations by incorporating additional factors such as volatility and market context to enhance the accuracy of its signals.
2. Breakout Confirmation: The indicator helps confirm breakouts by analyzing not just the pattern but also the underlying market behavior .
3. Custom Alerts: Traders can set alerts for when specific candle conditions are met, allowing for proactive trading.
4. Customizable Settings: Users can adjust the sensitivity of the indicator based on their preferred strategy, timeframe, and asset class.
5. Seamless TradingView Integration: It works smoothly with TradingView, offering a user-friendly experience and easy chart integration.

2/ Indicator settings: 

Please note that there are 2 parts to this product: Candle Factor Pro and Candle Factor Pro Panel. Please add them both from your Invite-only scripts.

• Averaging Period , 0 = Disable : This is the number of periods (e.g., minutes, hours, days) over which the indicator will calculate an average. Setting the averaging period to 0 would mean that the averaging or smoothing function is turned off, and the indicator will display raw data without any averaging applied. 
• Bars Count for Highest High / Lowest Low Calculation: The number of bars (or candles) that the indicator will analyze to determine the highest high and lowest low within a specific period.
• Threshold Level %: a predefined percentage level used to filter signals or define certain conditions within the indicator's calculations.
• ATR Period for SL Shift: Choose the time period for Average True Range to adjust the stop loss.
• SL Shift Coefficient (from ATR): Determines how much the ATR affects the stop loss movement.
• TP Coefficient (from SL): Sets the take profit level based on the stop loss setting.
• TP Color: Sets the color for illustrating take-profit levels on the chart, aiding in quick identification of profit targets.
• SL Color: Sets the color for illustrating stop-loss levels, facilitating immediate recognition of risk management thresholds.
• Max Bars to Calculate: Specifies the maximum number of bars over which the indicator performs its calculations, optimizing performance and focusing analysis on the most relevant data.

3/ Alert set-up:

To stay updated on potential trading opportunities, you can set up alerts within the Candle Factor Pro indicator.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's Alert icon. 

Step 3: Select Candle Factor Pro  from the” Condition” dropdown list.

Step 4: A pop-up will appear as follows. Click on“Notification”.

Step 5: Choose the types of notifications you'd like to receive, and click the “Create” button.