This indicator looks for confluence among three indicators (RSI, Stochastic, and MACD), a strategy popularized by Markus Heitkoetter in his book, “The PowerX Strategy: How to Trade Stocks and Options in Only 15 Minutes a Day”, and expands it to look for agreement on up to four symbols.
Each indicator is configurable in the settings, as well as the ability to choose which of the indicators are used.
When multiple symbols are selected, the above needs to be true for all selected symbols.
Example Use Cases - Setting the indicator to the Nasdaq 100 (QQQ or NQ1!) while trading a stock that is part of that index such as AAPL or TSLA - Setting the indicator to multiple indexes that tend to move together in order to trade one of them since they tend to make stronger moves when moving together (ex. SPY & QQQ, or ES1! & NQ1!) - Setting the indicator to Bitcoin while trading a smaller crypto pair that moves as a sympathy play.
Tip If you have trouble finding the full name for a specific instrument from an exchange such as BTCUSD from Coinbase, you can bring up TradingView’s “Symbol Search” pop-up modal, enter your search term, use the down arrow key on your keyboard to move the focus to the symbol you want, and you will see the full name in the search field such as “COINBASE:BTCUSD”.
Versionshinweise
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Added alerts for when the candle color changes. In the script settings you can select which colors will trigger alerts. To enable the alerts open the "Add Alert" dialog and select "Any alert() function call".
Great script. A suggestion, can you put buy and sell indicators? Long when the candle goes green, Short when it goes red. Another great idea would be to be able to put TP and SL targets. Thanks
Elungali
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Wow, thank so much. I like to use candlestick strategies when trading, but I know I need to confirm them. I was looking for a quick way to confirm these 3 indicators quickly. It's even better that they are in candle form!
TheTradeEngine
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@Twoflower83, glad you are enjoying the indicator!
dreamteam930
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awesome script. My question is what does the grey candle represent? Thank you for the outstanding work you do
TheTradeEngine
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@dreamteam930, thank you! The grey candle state is shown whenever there is not confluence between the internal indicators (bullish or bearish), so it doesn't represent anything directly. It could be seen as the trend weakening if the candles changed from green to grey if price was in an uptrend for example.
Also, do you plan to add a way to have alerts for when the colours change? That would be a gamechanger
TheTradeEngine
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@zeus2, That is a great idea. I can definitely add alerts. I can add a generic alert for "Candle Color Changed", and specific alerts for "Candle Color Changed To Green", "Candle Color Changed To Red", "Candle Color Changed to Gray".
zeus2
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@TheTradeEngine, That would be fantastic, i look forward to it. Happy trading!