The Candlestick X-Ray™ is a multifaceted indicator/tool that is designed to be used in a variety of ways so that it can be personalized to fit into any type of trading method. Below is an overview of each of the 4 different indicators/setups that compose the Candlestick X-Ray™ Package. The extensive user guide that is included with your package will show you how you can turn your new arsenal ofCandlestick Patterns into a simple-to-use, organized trading strategy.
(Click on Image to View the Full Product Details)
◊ 94 Candlestick Patterns fully integrated with customizable PaintBar, Indicator, RadarScreen, and Scanner tools
◊ Fibonacci-based formulas and strict conditionals ensure that only the strongest patterns within the markets are registered as valid; thereby avoiding weak, unreliable, and "border-line" patterns
◊ The final answer to all your candlestick pattern needs; Undoubtedly the most comprehensive and customizable candlestick pattern indicator to date
This tool uses a PaintBar Analysis Technique. When a valid candlestick pattern occurs, it will change the color of the bar in addition to providing a text label of the pattern name. This tool is fully customizable, giving the user the ability to choose whether to show all patterns or only specifically desired ones. The tool comes with a default of Cyan for bullish patterns, Magenta for bearish patterns and Yellow for indecisive or neutral patterns (since most traders use green and red colored bars to display price action).
This tool is an Indicator that plots colored histogram (vertical) bars when a valid candlestick pattern occurs; it is less obtrusive than the PaintBar text tool and can easily be changed to display only the selected patterns that you desire. The tool comes with a default of Green for bullish patterns, Red for bearish patterns, and yellow for indecisive or neutral patterns. We specifically designed this indicator to be user-friendly and fully customizable so that it can be personalized to fit any trading strategy.
The built-in RadarScreen component has the ability to constantly scan the market in real-time for any valid candlestick patterns on any time, tick or volume chart. Only currently valid patterns will display a red or green colored “TRUE” label.
We have included a custom workstation with the RadarScreen already fully setup and loaded with a complete list of S&P 500 symbols. You can easily add, change or remove any or all of the symbols; create your own custom lists of key issues or replicate complete industry groups and indexes in just seconds!
We have found that using the Candlestick RadarScreen on an intraday basis to scan for our favorite patterns can be quite useful as an “early warning” detection system, since it will show valid daily patterns before the trading day has ended. In other words, you can see which stocks have daily dojis or daily piercing lines at 10 AM rather than having to wait for the close at the end of the trading day. Yet, while this allows for aggressive pre-emptive strategies, please exercise extreme caution when doing so because a pattern that is valid at 10 AM may prove to be invalid at 4 PM on close. We prefer using the RadarScreen to keep an eye on which patterns are developing within a specific group of key issues at around 10:30 – 10:45 am, 2:15 – 2:30 pm and once again at 3:35 – 3:50 pm.
We use the Candlestick X-Ray™ Scan Indicator with Tradestation’s Scanner tool after the close to compile organized lists of patterns on all DJIA, S&P 500, NYSE and NASDAQ-100 equities as well as dozens of commodity, currency and index futures contracts. We then have the signals emailed to us each day for further review so that we can isolate prime setups as trade candidates.
(Clicking the Button will take you to the Product Page)