TheStrat Patterns Indicator
This indicator will draw patterns based on Rob Smith's TheStrat as they emerge in real time on your chart.
As price evolves over time, TheStrat defines 18 distinct price action patterns that can help you get good entries in the market. Each pattern involves two or three candles, and the indicator will draw a bounding box around the candles and name the pattern. The colour of the box will visually indicate the direction of trade expected by the pattern.
This indicator supports and displays the following patterns (image below):
1-2-1 - Potential reversal into a 1-2-2
2-1-1 - Potential reversal or continuation into a 2-1-2
3-1-1 - Potential reversal into a 3-1-2
3-2-1 - Potential reversal into a 3-2-2
The latest version of the indicator offers multiple display modes, so as you learn to recognise the patterns, you can change the way they are highlighted, reducing the visual prompts until you are completely comfortable you can recognise them instantly.