Version 1.021 - December 3, 2024
Added Buyer/Seller bars.
Introduced functionality to activate alerts upon the formation of a Buyer/Seller bar.
Buyer bars emerge when market conditions indicate that buyers may be entering the market to bolster a specific price level, aiming to push prices higher. Conversely, Seller bars emerge when market conditions indicate that sellers may be entering to sustain a specific price level with the intention of driving prices down.
The new settings for the Buyer/Seller bar are displayed below.
The chart illustrates the Buyer/Seller bars. In this instance, the Buyer bars are outlined in Cyan with matching wicks, while the Seller bars feature a Magenta outline and wicks.
My preferred method for using Buyer/Seller bars is as follows:
Upon the appearance of a Buyer/Seller bar at the close of a bar, I first ensure that there is no visible Point of Control (POC) near my entry point on my trigger chart (typically a one- or five-minute chart), as well as on my higher time frame charts. For a Buyer bar (indicating a long entry), I check that there is no Supply zone near my entry point. Similarly, for a Seller bar (indicating a short entry), I verify that there is no Demand zone near my entry.
When the first condition is satisfied and it indicates a Buyer bar, I set a buy stop order slightly above the bar's high, because if buyers are indeed driving the market, the price shouldn't drop below the bar's low. The stop loss is positioned one tick beneath the Buyer bar's low. Conversely, if it's a Seller bar, I place a sell stop order one or two ticks below the bar's low, as the price shouldn't exceed the bar's high if sellers have the upper hand. The stop loss is then set one tick above the Seller bar's high.
Note: In the case of a Buyer bar, if the price drops one tick below the bar before triggering the long order entry, the trade becomes invalid. Likewise, for a Seller bar, if the price rises one tick above the bar before the short order entry is activated, the trade also becomes invalid. Any pending orders should be cancelled.
You can get this new update by downloading the latest updates from the website below.
Note: Please read the document Q_PZone Indicator Upgrade Instructions to version 1021 before installing the new update.
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