Al Brooks - Suite

25 ต.ค.

This indicator is designed to identify some key terms and methodologies inspired by Al Brooks price action. It helps trades to easy recognize for example i/ii/iii patterns or shaved bars defined in his books.

• i/ii/iii: Single to triple inside bars. Every bar an inside bar to the previous. This can indiciate a potential contination or reversal pattern. (marked with "i")
  
• o/oo/ooo: Single to triple outside bars. Not defined by Al Brooks, but could be an interesting area to develop a strategy. (marked with "o")
  
• Shaved bar: A bar with little or no tail/wick on one or both sides. It can indicate strong directional movement or momentum. (marked with "s"
  

The timeframe is not important for the validation of the patterns.

25 ต.ค.

เอกสารเผยแพร่

Show reversal bars as defined by Al Brooks:
- An open near or below the close of the prior bar and a close above the open and above the prior bar's close
- A lower tail that is about one-thirt to one-half the range of the bar and a small upper tail
- Not much overlap with the prior bar
- vice versa for bearish reversal bar

The bars are marked with "R". The indicator provides some parameters to play around with. Like the min. overlapping to the previous bar or should the reversal bar close in counter trend.

26 ต.ค.

เอกสารเผยแพร่

This indicator suite is inspired by Al Brooks' price action concepts and is designed to help traders quickly and visually recognize key patterns that may indicate potential trends or reversals in the market. By focusing on a few core formations, this tool allows traders to observe the nuances of price behavior across different timeframes and adjust their strategies accordingly. Here’s a breakdown of each feature:

Inside Bar Pattern (i/ii/iii):
This feature marks consecutive inside bars with a label of "i," "ii," or "iii" to signify one, two, or three successive bars where each bar remains within the range of the previous bar. An inside bar pattern often indicates a period of consolidation, and the formation of multiple consecutive inside bars may suggest a potential breakout or continuation when followed by strong directional movement. This pattern is marked on the chart with labels colored red, yellow, or green based on the number of inside bars in succession, helping traders visualize this potential setup with ease.

Outside Bar Pattern (o/oo/ooo):
Building upon the inside bar concept, this indicator also highlights single, double, and triple outside bars, which are bars that fully encompass the prior bar's range. Although this pattern is not explicitly detailed by Al Brooks, it may provide insights into market volatility or the strength of trend reversals. The pattern is displayed with labels "o," "oo," or "ooo," also color-coded to distinguish between different levels of consecutive outside bars.

Shaved Bar Indicator:
Shaved bars, which have little to no tail on one or both extremes, suggest strong momentum, as they typically open near the high or low and close without a significant pullback. The indicator marks these bars with an "s" symbol, color-coded based on the degree of shaving and close position, to help traders identify these signals for potential entries or exits. Adjustable settings allow traders to control the allowed "delta in ticks" (a margin defining shaved boundaries) and choose between shaved highs/lows or only bars where the close is shaved.

Reversal Bars:
The reversal bar setup aligns closely with Al Brooks' definitions. For bullish reversals, bars must open near or below the prior close and close above both the open and prior close, featuring a longer lower tail (indicative of buying interest) and minimal upper tail. For bearish reversals, the criteria are mirrored. The indicator labels reversal bars with an "R" symbol and includes customizations, such as the minimum overlapping range with the previous bar and options to identify only counter-trend reversals. This makes it easy for traders to spot bars with high reversal potential while maintaining flexibility to adapt the pattern’s strictness.

Usage Tips:
This tool is versatile across various timeframes. The patterns do not require specific timeframe dependencies, allowing traders to adapt the indicator to intraday, daily, or weekly charts based on their strategy. Adjustable parameters provide further customization for matching individual trading styles, from scalping to swing trading.

26 ต.ค.

เอกสารเผยแพร่

updated chart

28 ต.ค.

เอกสารเผยแพร่

Single inside bars (i-pattern) can be hidden for less noise on the chart.

28 ต.ค.

เอกสารเผยแพร่

updated chart

28 ต.ค.

เอกสารเผยแพร่

Fixes error at oo-pattern recognition.

28 ต.ค.

เอกสารเผยแพร่

Adds EMA to suite.

29 ต.ค.

เอกสารเผยแพร่

Fixes "Show Reversal Bars" configuration.
Adds "Hide o-pattern" configuration.

30 ต.ค.

เอกสารเผยแพร่

Adds DoubleBottomTwin and DoubleTopTwin indication.

A DoubleBottomTwin are two consecutive bars with equal lows. Vice versa for DoubleTopTwin.
In strong trends they can be used to set orders at there extremes. For example if a DoubleTopTwin occurs in a strong bull, the buy-stop order would be set above the highs.

2 พ.ย.

เอกสารเผยแพร่

Adds ioi-pattern highlighting.
About ioi-pattern:
The IOI pattern, consists of an inside bar (I), an outside bar (O), and another inside bar (I) in sequence. This formation suggests potential indecision or consolidation, often preceding a breakout or reversal.