SparkPlus Indicator
The SparkPlus indicator is an advanced tool designed for real-time options trading, leveraging a unique combination of candlestick patterns and custom trade management logic. Unlike standard candlestick pattern indicators, SparkPlus integrates multiple layers of functionality to provide traders with actionable insights and comprehensive trade management. Here are the key features that set SparkPlus apart:
1. Unique Candlestick Patterns:
- Bullish Spark Pattern: Detects specific bullish candlestick formations over three bars, ensuring higher reliability in identifying upward trends.
- Bearish Spark Pattern: Identifies bearish formations over three bars, providing precise signals for potential downward movements.
2. Integrated Trade Management:
- The indicator not only signals potential trades but also manages them by setting entry points, stop loss, and multiple target levels.
- Dynamic Stop Loss and Target Calculation: The stop loss and target levels are dynamically calculated based on the volatility (using ATR), ensuring they adapt to market conditions.
3. Real-time Alerts:
- Provides real-time alerts for trade setups, entry points, stop loss hits, and target achievements, keeping traders informed and ready to act.
4. Detailed Trade Dashboard:
- A comprehensive dashboard is integrated into the chart to track the number of trades triggered, wins, losses, and points gained or lost for both long and short trades.
- This dashboard updates in real-time, providing an at-a-glance overview of the trading performance.
5. Visual Trade Representation:
- The script draws lines for entry, stop loss, and target levels on the chart, offering a clear visual representation of each trade.
- This feature helps traders easily track and manage active trades directly from the chart.
6. Enhanced User Control:
- Users can toggle specific features such as stop loss/target display and Spark alerts, allowing for a customizable trading experience.
By combining these elements, SparkPlus offers a robust and versatile tool for traders, enhancing their ability to make informed decisions and manage trades effectively.