This is a study indicator that shows the entries in the strategy seen in one of the youtube channel so it does not belong to me. I can't tell who it is because it's against the House Rules to advertise but you can find out if you look for it on youtube. Default values of oscilators and ema adjusted as suggested. He says he got the best results in 5 min timeframe but i tried to make things as modifiable as possible so you can mess around with the settings and create your own strategy for different timeframes if you'd like. Suggested to use with normal candlestick charts. The blue line below indicates the ADX is above the selected threshold set in the settings named "Trend Ready Limit". You can set alerts for Buy, Sell or Buy/Sell signal together.
The entry strategy itself is pretty straight forward. The rules for entry are as follows, the script will check all of this on auto and will give you buy or sell signal: Recommended time frame: 5 min
For Long Entry: - Check if price above the set EMA (Can disable this rule if you'd like in the settings) - RSI is in Oversold - ADX is above set "Trend Ready" threshold (Meaning there is a trend going on) - Price must approve the trend of previous candles. This is bullish for buy entries and bearish for sell entries. - Enter with stop loss below last swing low with 1:1 or 1.5:1 take profit ratio.
For Short Entry: - Check if price below the set EMA (Can disable this rule if you'd like in the settings) - RSI is in Overbought - ADX is above set "Trend Ready" threshold (Meaning there is a trend going on) - Price must approve the trend of previous candles. This is bullish for buy entries and bearish for sell entries. - Enter with stop loss above last swing high with 1:1 or 1.5:1 take profit ratio.
This is my first indicator. Let me know if you want any updates. I am not sure if i can add everything but i'll try nonetheless.
Changed: Signals will check up to 2 candles before if the RSI is below or above the set value to show signal. This is because sometimes the entry signal is right but the response might be a bit late.
Versionshinweise
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v1.2: Added the option to pick the MA of your choice.
Versionshinweise
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v1.3: Added DEMA, TEMA, LSMA and ZLSMA options to MA Types.
Hi mate, what's that blue horizontal line below? can you share details on that?
tjoslin53
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Any way this can work with the TD Ameritrade Platform?
duchu
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nice
aguilaal1230
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Hi - great work on this. I know the video you are referencing. Any thoughts on adding selectable filters to take signals that are close to s/r, pivot points, fib, etc as the video points out? Or it could be text next to each buy/sell signal indicating which chart location it is near.
El_Morenito
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looks good, but couldn't get it to work correctly with 30m TF for alts, any reccomendations for the values?
can you share details on that?