today I'm happy to share with you my Stops Hunting indicator. This indicators draws lines on important levels, where traders are supposed to set their own stop loss orders. As per default values you will see
sellers (short) stoploss prices as red lines
buyers (long) stoploss prices as green lines
Market maker move prices towards liquidity, so to hit common traders stoplosses. Why it acts this way? because stoplosses become fuel for market maker to move price where it wants to, and after latest stoplosses were triggered, then it uses this fuels to make trend reverse to the opposite direction.
To highlight this mechanism, the indicator plots:
red background when there are (almost) no-more sellers' stop losses still to be hit, so the trader can start thinking about opening a sell/short position,
green background when there are (almost) no-more buyers' stop losses still to be hit, so the trader can start thinking about opening a buy/long position.
This indicator:
works on every timeframe, so it can be used for both swing and scalping trades
has a bias filter to increase or decrease the bullish/bearish backgrounded ranges (the higher the value, the less the width of ranges)
lets you change colours as you like
lets you enable/disable plotting of lines
lets you change lines' thickness and transparency
lets you enable/disable plotting of circles whenever a stoploss is hit
lets you set a starting date/time from which you want the indicator to start its analysis and collecting data for stops hunting
lets you set alerts when a stoploss has been hit/hunted
lets you set alerts when background starting be coloured as explained above
A gentle reminder: always consider setting a stoploss in trades and use a proper money and risk management strategies.
Here there are some examples how the indicator works on many timeframes and markets:
BTC/USDT 1h
LINK/BTC 1h
ETH/BTC 1h
EUR/USD 15m
GBP/USD
Brent Crude Oil 15m
GOLD (XAU/USD) 15m
FaceBook (FB) 15m
Microsoft Corp (MSFT) 15m
This is a premium indicator, so send me a private message in order to get access to this script.
Versionshinweise
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introduced new option to disable internal filter to show as much stops-hunting levels as possible (disabled by default)