Back to Documentation

HourlyStats Settings Guide

Complete configuration guide for HourlyStats hourly sweep trading strategy

This guide covers all configurable settings for the HourlyStats automated trading strategy. HourlyStats specializes in trading hourly sweeps - entering positions when price sweeps the previous hour's high or low during the first 20 minutes of the new hour, provided the current hour opened within the previous hour's range.

Table of Contents

Structure Settings

The Structure Settings control how the strategy identifies market structure and displays it visually.

Swing Strength (Default: 10)

  • Function: Number of bars on each side required to identify swing highs and lows
  • How it works:
    • A value of 10 means a swing high needs 10 lower highs on each side
    • Higher values identify more significant, reliable swings
    • Lower values are more responsive but may identify minor swings
  • Range: 3 or higher
  • Recommendation: 10 is optimized for hourly sweep trading

Long Color (Default: DodgerBlue)

  • Function: Color for bullish BOS lines and visual elements
  • How it works: All long-related structure lines use this color

Short Color (Default: Crimson)

  • Function: Color for bearish BOS lines and visual elements
  • How it works: All short-related structure lines use this color

Line Width (Default: 2)

  • Function: Thickness of BOS lines drawn on chart
  • How it works: Controls visibility of structure lines
  • Range: 1 or higher

Line Style (Default: Solid)

  • Function: Visual style of BOS lines
  • Options: Solid, Dash, Dot, DashDot, DashDotDot
  • How it works: Changes the appearance of structure lines

Draw BOS Lines (Default: true)

  • Function: Toggle display of break-of-structure lines
  • How it works:
    • When enabled, draws horizontal lines at broken swing levels
    • Helps visualize where BOS occurred
    • Can be disabled for cleaner charts

Entry Parameters

The Entry Parameters control how the strategy enters positions after identifying valid hourly sweep setups.

Retracement Level (Default: Based on selection)

  • Function: Fibonacci retracement level for entry after BOS
  • Options:
    • 0%: Enter immediately at the swing level
    • 38.2%: Shallow retracement entry
    • 50%: Mid-point retracement entry
    • 61.8%: Deep retracement entry
  • How it works: After sweep and BOS, waits for price to retrace to this level

BOS Confirmation Type (Default: Based on selection)

  • Function: Method for confirming break of structure
  • Options:
    • HighLowBreak: BOS confirmed when price wick breaks swing level
    • BarCloseConfirm: BOS confirmed when bar closes beyond swing level
  • How it works: Determines when a structure break is considered valid

Use Limit Orders (Default: false)

  • Function: Use limit orders instead of market orders
  • How it works:
    • When true: Places limit orders at retracement levels
    • When false: Waits for price to hit retracement then enters at market
  • Important: NOT recommended for backtesting - limit orders may not fill accurately in historical data

Take Profit R Multiplier (Default: 2.0)

  • Function: Profit target as multiple of risk
  • How it works:
    • If set to 2.0, take profit is 2x the stop loss distance
    • Stop loss is always at the opposing swing level
  • Example: 10 tick stop loss = 20 tick take profit

Exit Strategy

The Exit Strategy settings control how positions are closed.

Exit Confirmation Type (Default: Based on selection)

  • Function: How to confirm exit signals
  • Options:
    • BarClose: Exit when bar closes beyond stop level
    • HighLowCross: Exit when price crosses stop level
  • How it works:
    • BarClose is more conservative, waits for confirmation
    • HighLowCross exits immediately on stop touch

Need Help?

If you need assistance with settings:

Remember: These are default suggestions. Always adjust settings based on your personal risk tolerance and trading goals.