The "Three Red Candles" trading strategy buys at the open price of the next bar when three red candles occur in a row. A red candle is defined by the closing price of a bar being equal to or smaller than the opening price. The position is closed when three white candles occur in a row. A white candle is defined by the closing price of a bar being greater than the opening price.
Please see http://www.tadeveloper.com/blog/83-three-red-candles-matlab-trading-strategy for a full description of the trading strategy.