EZ Profit Maker Buddy 2
Part of the EZ Profit Maker Suite
THE 'PROBLEM'
A lot of buy and sell strategies are based on price action being at a particular (support) level, crossovers of different moving averages or of price action over moving averages or trend lines. A Trader waits for price/moving averages to reach a particular level/configuration by then the STOP LOSS is too GREAT. So for a trade to be taken price will have to move XX% amount before it crosses a critical point/level. Also the Risk:Reward would have to too GREAT. So if price reverses you will end up losing too much of your assets.
THE 'SOLUTION'
I wanted to code a buy/long and sell/short multi timeframe Scalper and Trend Trading setup indicator which makes (long) calls as early as possible therefore maximizing profits and minimizing losses whilst also identifying local tops/bottoms at which profits may be taken if so desired. This will assure you have a tighter reliable Stop Loss.
THE METHOD
The idea of this indicator is to keep a tighter Stop Loss while preserving and making greater PROFITS by following the trends and micro trends of current and higher timeframes. The results of these comparisons are then combined with multi timeframe moving averages of price action and in so doing one is able to detect shift reversals earlier than conventional indicators would. Consequently, a setup can be created very close to the bottom/top of a rally. In addition, a 'take profit' setup can be created from what has been identified as a local top/bottom. Please refer to the attached chart where it becomes evident quite immediately that buy/long and sell/short and TP setups allow for maximization of a given trend, hence maximization of profits.
MARKETS
The script may be applied to any market i.e. crypto, forex, stocks, options - as long as there's a chart on Tradingview, it will work.
CONDITIONS
The script works well in all time frames (ask for higher timeframe customizations).
CAVEAT
A lot of care and attention has been put into upgrading and improving this script, it needs to be stated that nothing is perfect. Two issues that one needs to be aware of:
1.) Sometimes signals will not be made as early as the actual bottom of a long/short run.
a.) Most of the calls made by the script are close to a bottom and therefore profits realized from this are far more than any losses accrued from a late call.
b.) The script should never be used in isolation but along with the other 2 indicators (EZ Profit Maker Buddy 1 and EZ Profit Maker Buddy 2) in the suite and common sense.
2. Sometimes a 'bad' trade may be made do to emotions and markets.
a.) The script has a 'smart' feature that calls for exit signals as soon as it's realized that the long/short call was not a favorable one. This will help to minimize losses by cutting them quickly with tighter Stop Losses.
PLEASE PERUSE ATTACHED CHART
I encourage you to please look at the attached chart for a demonstration of the script in play.
HOW TO GET AND USE THE SCRIPT
Since its invite only, please PM me and I will be happy to add you. Once added, you will see the list under Indicators>Invite only scripts at which point you click and it will show on your chart. It also needs to be stated that there is a no obligation trial period during which one is encouraged to 'test-drive' the script to your hearts content.
FREE Setup is included with paid script...
Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
THE 'PROBLEM'
A lot of buy and sell strategies are based on price action being at a particular (support) level, crossovers of different moving averages or of price action over moving averages or trend lines. A Trader waits for price/moving averages to reach a particular level/configuration by then the STOP LOSS is too GREAT. So for a trade to be taken price will have to move XX% amount before it crosses a critical point/level. Also the Risk:Reward would have to too GREAT. So if price reverses you will end up losing too much of your assets.
THE 'SOLUTION'
I wanted to code a buy/long and sell/short multi timeframe Scalper and Trend Trading setup indicator which makes (long) calls as early as possible therefore maximizing profits and minimizing losses whilst also identifying local tops/bottoms at which profits may be taken if so desired. This will assure you have a tighter reliable Stop Loss.
THE METHOD
The idea of this indicator is to keep a tighter Stop Loss while preserving and making greater PROFITS by following the trends and micro trends of current and higher timeframes. The results of these comparisons are then combined with multi timeframe moving averages of price action and in so doing one is able to detect shift reversals earlier than conventional indicators would. Consequently, a setup can be created very close to the bottom/top of a rally. In addition, a 'take profit' setup can be created from what has been identified as a local top/bottom. Please refer to the attached chart where it becomes evident quite immediately that buy/long and sell/short and TP setups allow for maximization of a given trend, hence maximization of profits.
MARKETS
The script may be applied to any market i.e. crypto, forex, stocks, options - as long as there's a chart on Tradingview, it will work.
CONDITIONS
The script works well in all time frames (ask for higher timeframe customizations).
CAVEAT
A lot of care and attention has been put into upgrading and improving this script, it needs to be stated that nothing is perfect. Two issues that one needs to be aware of:
1.) Sometimes signals will not be made as early as the actual bottom of a long/short run.
a.) Most of the calls made by the script are close to a bottom and therefore profits realized from this are far more than any losses accrued from a late call.
b.) The script should never be used in isolation but along with the other 2 indicators (EZ Profit Maker Buddy 1 and EZ Profit Maker Buddy 2) in the suite and common sense.
2. Sometimes a 'bad' trade may be made do to emotions and markets.
a.) The script has a 'smart' feature that calls for exit signals as soon as it's realized that the long/short call was not a favorable one. This will help to minimize losses by cutting them quickly with tighter Stop Losses.
PLEASE PERUSE ATTACHED CHART
I encourage you to please look at the attached chart for a demonstration of the script in play.
HOW TO GET AND USE THE SCRIPT
Since its invite only, please PM me and I will be happy to add you. Once added, you will see the list under Indicators>Invite only scripts at which point you click and it will show on your chart. It also needs to be stated that there is a no obligation trial period during which one is encouraged to 'test-drive' the script to your hearts content.
FREE Setup is included with paid script...
Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Versionshinweise:
EZ Profit Maker Buddy 2 is OPTIONAL now signals have been added to EZ Profit Maker Suite with the small green/red triangles...
Versionshinweise:
small edits
Versionshinweise:
small edits
Versionshinweise:
small fixes
Versionshinweise:
small edits