HOW-TO: Adjust Default Parameters in MLC for Intraday Trading
The default parameters in Master/Last Candle (MLC) indicator are used for the standard timeframe 1D. Due to the difference in nature between bars of intraday timeframes and bars of day-and-above timeframes, some settings could be changed as below to make the indicator tailored to your case.
• Increase default Max Volume Drop % from 25 to 30. We have seen a case in timeframe 30m that requires deeper volume drop than 25% to catch the big move. If you also find a big move that is not captured by MLC, try to adjust this measure as we do. If it is not your case, ignore this item and keeping the old default value as 25.
Before
After
• Other parameters: Percentile %, Min Price Breakout %.
Before
After increasing Percentile % of Cx candles from 50 to 60
After increasing Min Price Breakout % from 20 to 25
• Increase default Max Volume Drop % from 25 to 30. We have seen a case in timeframe 30m that requires deeper volume drop than 25% to catch the big move. If you also find a big move that is not captured by MLC, try to adjust this measure as we do. If it is not your case, ignore this item and keeping the old default value as 25.
Before
After
• Other parameters: Percentile %, Min Price Breakout %.
Before
After increasing Percentile % of Cx candles from 50 to 60
After increasing Min Price Breakout % from 20 to 25
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Public Indicators: tinyurl.com/26emm5e2
License and Disclaimer: tinyurl.com/4rtrwhfd
