TheStrat TFC Monitor Indicator
TheStrat Timeframe Continuity Monitor
When trading using TheStrat, it is important to keep an eye on multiple timeframes.
This indicator will show the Hourly, Daily, Weekly, Monthly, Quarterly and Yearly state of the current candle for each timeframe.
A Circle icon shows that the candle on that timeframe is currently an Inside, or Type 1 in TheStrat terminology. An Inside Day candle is consolidating price action, and we are looking for a breakout of the range.
A Triangle icon, pointing up or down, is a trending candle, or Type 2 in TheStrat terminology. A Trending candle can be either Bullish or Bearish, indicating that it has broken out of the previous candles range and is now trending in one direction.
A Square icon is an Outside candle, or Type 3 in TheStrat terminology. This indicates two things, one that price is undecided about direction on that timeframe, and likely quite choppy, and two, that on lower timeframes there are likely good opportunities for trading short reversals. The square will be either a Bullish or Bearish colour to show which side is currently winning.
The colours used for each icon can be configured to your tastes, and the size of the text and icons are also configurable.
We have also added the ability to select the timeframes you wish to see. For example, as a day trader, you might only want the Hourly, Daily, Weekly and Monthly on your chart. Or maybe as a longer term investor, you're interested in the Weekly, Monthly, Quarterly and Yearly states.
