I was asked a very good question today about TheStrat indicators. It was so good, I decided to share the answer with you.
The question, in short, was:
Which TheStrat indicator should I start with?
Now, that’s a big question, but one that could have many answers. It all really depends on your journey with TheStrat and where you are now.
Once you have some knowledge of TheStrat under your belt, you can start thinking about what would be most useful for your business.
I originally created the indicators for my own use and as a way to learn TheStrat, so I guess this command might be useful too.
See the end of this post for links to all indicators
I started with the candlestick indicator as an aid to spotting what stage the current candle was in and as a tool to aid in further visual testing.
Then I switched to the pattern indicator and that helped a lot.
Once I started spotting setups, I realized I needed to consider time frame continuity and created the FTFC indicator and that helped in two ways. First, if the price is outside the lines, then you know that it may continue to trend for a long time, but equally if it also shows that when it returns to the lines, it tends to do so very quickly.
After that I think it was the level indicator, and for me it was a breakthrough, because now I could see the higher time levels to trade and start looking for actionable patterns in the current time frame in the same address
After all that, a client asked me to create the TFC Monitor, and I didn’t see the point at first, but it does help to see what price is doing over various time frames.
The last thing I created was the Monitor which brings everything together in one screen for various symbols, sort of a dashboard to help you find new trades.
Hopefully, this will help you decide which indicator would work best for you.
Links to more information and to the indicators in question:
The Strat Candles
– Label the candles on your chart according to TheStrat candlestick types
The Strat Levels
– Show trade entry points as levels on your chart, with potential targets and stops as well.
The Strat TFC Monitor
– Show the current status of the candles for various time periods on your chart.
The Strat FTFC
– Show the continuation status of the full time frame on your chart as a band with upper and lower levels.
The Strat Monitor
– Shows all the details of various symbols on one screen, indicating the candle type, status and any active or actionable patterns.