“Bhav Bhagwan Che” is a Gujarati saying that translates to ‘price is god’. This is considered true by all traders, especially by price action traders. While Streak supports a huge list of technical indicators it also has multiple functions that can be used to create price action strategies. In this article, we are going to discuss some of these functions that are useful for creating any price action strategy in Streak.
A basic candle has 4 price points that is open, high, low and close commonly known as OHLC. This data is used for plotting candlestick charts in any charting software. In Streak, you can use Open(0) High(0) Low(0) and Close(0) to refer to the OHLC value of any candle.
To create a condition for a simple green candle, you need to write
Similarly, for a red candle, the condition will just be the opposite
Notice there is a 0 beside each item, that is the offset value. A zero (0) offset is used for referring to the current candle. For previous candle values, you need to set the offset value to -1.
So to create a condition for a two green candle, back to back, you need to write
Close(0) higher than Open(0) and Close(-1) higher than Open(-1)
At this point, you can try to create a few conditions on your own. You can start with
a. Two red candles
b. A green candle followed by a red candle
c. A Gap up condition
If you are unable to create these, you can read through the article to get the answers.
Now there are various ways to refer to the Previous candle, you can also use Previous N or Prev N for the same purpose.
This condition can also be used for two back-to-back green candles, However, if you notice closely, there is additional information, that is a timeframe 5min. Prev N has additional flexibility of being used to refer to another timeframe. For example, I want to create a condition for a current close crossing above the previous 15min High, you can write,
Close cross above Prev N(High, -1, 15min)
Note: You cannot use Prev N with a 0 offset. Also, the timeframe set in Prev N needs to equal to or higher than the base timeframe i.e 5min and it needs to be compatible as well. Click on this link to learn more about this.
Nth Candle is used to access the Open, High, Low and Close of any candle for that day. The candle number starts with ‘1’ which represents the 1st candle of the day and ‘2’ represents the 2nd candle of the day. Nth Candle can only refer to the current day candles. So if I want to create a condition where I know the candle number in question, I would use Nth Candle.
For example, I want to create a condition where I want to trade at the breakout of day’s second 15min candle High. I would write
Close crosses above Nth Candle(2,15min, High)
What is the difference between Nth Candle and Previous N?
Nth Candle can only refer to the current day candles. While Previous N is used for referring to any historical candle. Also, the reference value in an Nth Candle and the offset value in Previous N is just the opposite. Refer to the following image
Opening Range is used to access the Day’s first candle OHLC values. Like Previous N, it also has a timeframe feature that allows users to create conditions involving two timeframes. For example, an 15 min Opening Range Breakout (ORB) strategy with a 5min base timeframe.
Now, here are the conditions to the three queries.
Apart from the above tools, you can also use Pivots points, Trade At Price, Central pivot range to create your price action strategies. Hope you found this article helpful. Please leave your feedback in the comments.