High Wave Candle

The strategy takes a buy position when the stock advances in bullish direction after an indecision between bulls and bears. High Wave candle pattern has been used to identify indecision. The strategy is suitable for bullish trending markets.

Entry Conditions

Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) lower than ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Low(1) ) ) * Multitime frame(hour, 0.2 ) and Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) higher than ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Low(1) ) ) * Multitime frame(hour, 0.1 ) and ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Open(1) ) ) higher than Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) * Multitime frame(hour, 2 ) and ( Multitime frame(hour, Open(1) ) - Multitime frame(hour, Low(1) ) ) higher than Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) * Multitime frame(hour, 2 ) and Multitime frame(hour, Close(0) crosses above High(-1) )

BUY 100 shares when Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) lower than ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Low(1) ) ) * Multitime frame(hour, 0.2 ) and Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) higher than ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Low(1) ) ) * Multitime frame(hour, 0.1 ) and ( Multitime frame(hour, High(1) ) - Multitime frame(hour, Open(1) ) ) higher than Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) * Multitime frame(hour, 2 ) and ( Multitime frame(hour, Open(1) ) - Multitime frame(hour, Low(1) ) ) higher than Abs( Multitime frame(hour, Close(1) ) - Multitime frame(hour, Open(1) ) ) * Multitime frame(hour, 2 ) and Multitime frame(hour, Close(0) crosses above High(-1) ) at hour candle interval using Candlestick chart chart. Enter trade between 00:00 to 23:59

Exit Conditions

Close(0) crosses below Supertrend(7,3,0)

SELL 100 shares when Close(0) crosses below Supertrend(7,3,0) or at stop loss % of 2 or target profit % of 2 at hour candle interval using Candlestick chart chart.

Stop Loss

2

Target Profit

2

Stocks

• NSE

  ADANIENT

• NSE

  ADANIPORTS

• NSE

  APOLLOHOSP

• NSE

  ASIANPAINT

• NSE

  AXISBANK

• NSE

  BAJAJ-AUTO

• NSE

  BAJFINANCE

• NSE

  BAJAJFINSV

• NSE

  BEL

• NSE

  BHARTIARTL

• NSE

  COALINDIA

• NSE

  DRREDDY

• NSE

  EICHERMOT

• NSE

  HDFCBANK

• NSE

  ICICIBANK

• NSE

  M&M

• NSE

  NTPC

• NSE

  ONGC

• NSE

  SHRIRAMFIN

• NSE

  SBIN

• NSE

  SUNPHARMA

• NSE

  TATAMOTORS

• NSE

  TECHM

• NSE

  ULTRACEMCO

• NSE

  WIPRO