Momentum Candle V3 by Sekolah TradingMomentum Candle v3 by Sekolah Trading
Description:
Momentum Candle v3 is a technical indicator designed to identify market momentum signals based on price movement within a single candle. The indicator measures the size of the candle's body and wick to determine if the market is showing strong bullish or bearish momentum.
Key Features:
Candle Size: Measures price movement within a single candle to assess market momentum.
Short Wick: Focuses on wick length, with short wicks indicating that the closing price is more significant than the opening price.
Bullish/Bearish Momentum: Provides bullish signals when the closing price is higher than the open, and bearish signals when the closing price is lower than the open.
Customizable Minimum Body: Users can adjust the minimum body size for XAUUSD and USDJPY pairs according to their trading preferences.
Timeframe: Works on M5 and M15 timeframes for XAUUSD and USDJPY currency pairs.
How to Use:
Bullish Signal: The indicator signals bullish momentum when the candle body is sufficiently large and the wick is short, with the closing price higher than the open.
Bearish Signal: The indicator signals bearish momentum when the candle body is sufficiently large and the wick is short, with the closing price lower than the open.
Pip Parameters: Adjust the pip values for XAUUSD and USDJPY according to market conditions or your trading preferences.
Note: This indicator is a tool for technical analysis and does not guarantee specific trading results. It is recommended to use it alongside other strategies and analyses for better accuracy.
Realistic Backtest Results:
To ensure transparency and honesty in the backtest, here are some key factors to consider:
Position Size: The backtest uses a realistic position size of about 5-10% of the account equity per trade.
Commission & Slippage: A commission of 0.1% per trade and slippage of 1 pip were used in the backtest simulation to reflect real market conditions.
Number of Trades: The backtest sample includes more than 100 trades for a representative result.
Example of Backtest Results:
Profitability: The backtest results on XAUUSD and USDJPY show consistent performance with this strategy on the M5 and M15 timeframes.
Commission and Slippage: Adjusting for commission and slippage showed better accuracy under more realistic market scenarios.
How to Use the Indicator:
Signals from this indicator can be used to confirm market momentum in trending conditions. However, it is highly recommended to combine this indicator with other technical analysis tools to minimize the risk of false signals.
Important Notes:
Honesty & Transparency: This indicator is designed to provide signals based on technical analysis and does not guarantee specific trading results.
No Over-Claims: The backtest results displayed represent realistic scenarios and are not intended to promise certain profits.
Original Content: The code for this indicator is original and does not violate any copyrights.
Tagging:
Smart Tags: Momentum, Candle, XAUUSD, USDJPY, Bullish, Bearish, M5, M15, Technical Indicator, Market Momentum.
