Price Action Trainer


This indicator helps the new traders to tune-in to the price bar formations
as the market unfolds.

It reads the Price Action at the micro level,
then prints the formation names on the screen.

Formations:
ib = Inside Bar
FTP = Flat Top Pennant
fbp = flat bottom pennant
ccc = congestion, convergence, centering





This indicator is in beta;
comments and suggestions are welcome.
I will collect all the suggestions and make an update when possible.
You are invited to post your renditions as well.
If you want to be notified of updates, please make sure you press the "Mark as Installed" key.


The code should run in MultiCharts and tradestation,
but I am not sure about OEC.
I have uploaded a PLA file for MultiCharts.
tradestation users: if you don't know how to import the code into your software,
please spend 5 mins on your users manual to find out how.

[Tams]

Originally Posted by bomberone1 »

The main mistake is to not insert a stop loss but to try to average the price buying again and again untill money end.

...

if you had followed the price action,
the indicator would have told you to reverse instead of double down.

[Tams]

Originally Posted by bomberone1 »

...
Tams do you copy the code from here?

Forums - EasyLanguage Treasure Chest

that's a different indicator.

have you compared the code?

[bomberone1]

What do you think it's better?

[Tams]

Originally Posted by bomberone1 »

What do you think it's better?

one is a trainer... the other is is a swing labeller.

both are good indicators.

[Logic]

Hey Tams,
Is there somewhere that shows how to use your definitions objectively to trigger trades?

[bomberone1]

Couls someone convert this trainer in price action strategy?