Bullish Opening Power Bar
Table of Contents
The opening power bar alerts implement a simple but popular trading strategy. They start by looking for a power bar in the stock's first 5 minute candle. To confirm this, the market as a whole needs to have a matching pattern in the first 5 minutes. We report a bullish alert when the price moves one tick above the high of the opening candle. We report a bearish alert when the price moves one tick below the low of the opening candle.
A power bar is defined as a large candle, where the open is near the high or or the low, and so is the close. The position of the close says whether the bar is bullish or bearish. This sets the direction for the entire strategy.
A special thanks to our friend Oliver Velez for sharing this strategy. He teaches this strategy under the title "the five minute trader".
Alert Info for Bullish Opening Power Bar [OVO5U]
- description = Bullish opening power bar
- direction = +
- keywords = Candle Pattern Single Print Fixed Time Frame
- flip_code = Bearish opening power bar [OVO5D]
- parent_code =