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The Z-Candle Plus strategy is based on the Z-Candle system designed by the Italian trader Alessandro Zicolella. The Z-Candle charts work like Heikin Ashi charts but, according to their Italian creator, they have several additional advantages.
The following elements are typical for the Z-Candle Plus strategy:
The Z-Candle Plus strategy can be used for day trading and scalping.
|Suitable for||: Market indices (DAX, DOW...)|
|Instruments||: Futures and CFDs|
|Trading type||: Scalping and day trading|
|Trading tempo||: Several signals per day|
|Using NanoTrader Full||: Manual or (semi-)automated|
The Z-Candles can be combined with any type of main chart (Renko, range bar, candles …). The strategy’s Italian designer, however, strongly recommends using Renko charts.
A signal occurs when:
The time filter only allows signals between 09h10 and 18h00. The trader can change these values.
Also unique is the ‘quality’ setting for the inversion candle. A lower quality setting results in more signals of a lower quality. A quality setting of 4 or less is considered low quality.
Tip: Below the Z-Candles a visual aid in the shape of vertical green/red bars appears. The aid shows all inversion candles, including those which are rejected by the time filter.
The open position is managed by a profit target and a periods high-low stop. The profit target is set to 0,2%. Position are not kept overnight. Any position still open at 21h00 will be closed automatically by the flat filter at the market price if (semi-)automated trading is activated.
shows the Renko chart at the top, the unique Z-Candles in the
middle and the visual aid at the bottom. The purple zones in
the main chart indicate the period during which the filter
shows two trades. A short sell and a buy. The unique inversion
Z-Candles which trigger the trades are visible below the Renko
chart. Both trades reach their profit target.
Using the NanoTrader Full follow these steps: