CandlePRO v5 Trend Filters and Email Alerts
We released two new features for CandlePRO v5 (still in beta testing) this week:
Feature #1: Trend filters
Trading in the direction of the trend is a time-tested strategy of technical traders, and we have no built this feature into the CandlePRO v5 dashboard and backtester to help you identify better trading strategies. For example, if you have a strategy built on going long on a bullish doji, adding the "bullish" filter can greatly increase profitability of that system. As always, play around with it in your strategies and see what works for you.
Using the Trend Filters
First off, we classify the trend into three separate categories based purely off of two technical indicators: the ADX (average directional index), which measures the strength of a trend, and RSI (relative strength index), a momentum oscillator that measures the speed and change of price movements and can be used to determine bulls and bears strength.
Here are the three trend categories and their definitions:
Bullish - ADX is greater than 20 (indicating a trend is present) and RSI is greater than 50 (indicating bullish momentum).
Bearish - ADX is greater than 20 (indicating a trend is present) and RSI is less than 50 (indicating bearish momentum).
Consolidation - ADX is less than 20, indicating no strong trend is present.
Inside the CandlePRO Detector, you can now see the trend reading:
And from the "detailed testing" inputs tab you can add or remove the trend filters to your strategies:
You can also add the filter when you are modifying inputs from the Oreo Strategy screen:
Feature #2 - CandlePRO v5 alerts!
You can now receive TP/SL/Entry information for any signal that v5 Detector picks up that matches any of your CandlePRO strategies:
As long as you have active strategies you will begin receiving this alerts!
As always, if you have any questions please contact us at firstname.lastname@example.org!