Combo Candle PRO

Combo Candle PRO

To ensure maximum stability and reliability, this indicator is strictly optimized and locked for timeframes of 1D (Daily) or higher.

This is the upgraded version of the original Combo Candle, now integrated with an ABC Fibonacci Retracement Filter. This is a tool I personally use in my own trading strategy.

Core Logic:

1. Trend Identification: The algorithm first identifies high-conviction candles by analyzing trend direction, body-to-range ratios, and ATR (Average True Range) volatility.

2. Fibonacci Alignment: Once a trend candle is spotted, the system analyzes the preceding ABC swing. If this swing falls within the 38.2% to 61.8% Fibonacci retracement zone, the indicator plots the ABC points and the candle’s position.

While these trend-based signal candles offer a high win rate on their own, achieving optimal Stop Loss (SL) and Take Profit (TP) requires additional tactical skill.

Solving the Repainting Issue:

Most Fibonacci or Elliott Wave indicators rely heavily on the standard ZigZag, which is notorious for repainting. This often creates a mismatch with the signal candle in real-time. To prevent this, I have designed this indicator to allow users to choose from multiple swing detection methods: ZigZag, PSAR (Parabolic SAR), Fractals, or ATR. Personally, I highly recommend using SAR for the most stable results.

Important Note on Timeframes:

Since the logic is heavily rooted in ATR-based volatility, it performs with the highest integrity on 1D charts or higher. On lower timeframes, the noise can lead to frequent errors; therefore, I have intentionally restricted its operation to the Daily (1D) timeframe and above.

I apologize if my writing skills are somewhat lacking. If you find this tool helpful or have any questions regarding its setup, please feel free to reach out. I always welcome your feedback.

Thank you.