OPEN-SOURCE SCRIPT
5EMA : Power Of Stocks (SHORT)
Aktualisiert
5EMA : Power of Stocks (SHORT)
This script is based on the 5EMA strategy developed by Subhashis Pani, a renowned Indian trader known for his insightful approach to the stock market. The strategy combines the 5-period Exponential Moving Average (EMA) and Relative Strength Index (RSI) to generate high-probability short trade signals in trending markets. This version is designed to help traders capture short-term price movements with a clear risk/reward ratio.
How it works:
5 EMA: The 5-period EMA is used to identify short-term trends in the market. The strategy focuses on entering short positions when the price moves below the previous low, signaling a potential downward trend.
RSI (Relative Strength Index): The RSI (set to 14 by default) is used to filter out weak signals by ensuring the RSI is above 60, indicating a strong trend or momentum. This adds an additional layer of confirmation to the short signal.
Short Entry Condition: The entry is triggered when the RSI is above 60, and the price breaks below the low of the previous candle (indicating bearish momentum).
Risk/Reward Ratio: The script allows you to set a customizable risk/reward ratio to manage stop-loss (SL) and take-profit (TP) levels. These levels are plotted on the chart for visual clarity, helping traders to manage their trades more effectively.
Features:
How to Use:
Set your desired risk/reward ratio and EMA and RSI lengths in the input settings.
The script will plot short entry signals when the criteria are met, and it will display the stop-loss and take-profit levels as colored boxes on the chart.
Use the visual indicators and alerts to stay informed and manage your trades with clear targets.
This script is based on the 5EMA strategy developed by Subhashis Pani, a renowned Indian trader known for his insightful approach to the stock market. The strategy combines the 5-period Exponential Moving Average (EMA) and Relative Strength Index (RSI) to generate high-probability short trade signals in trending markets. This version is designed to help traders capture short-term price movements with a clear risk/reward ratio.
How it works:
5 EMA: The 5-period EMA is used to identify short-term trends in the market. The strategy focuses on entering short positions when the price moves below the previous low, signaling a potential downward trend.
RSI (Relative Strength Index): The RSI (set to 14 by default) is used to filter out weak signals by ensuring the RSI is above 60, indicating a strong trend or momentum. This adds an additional layer of confirmation to the short signal.
Short Entry Condition: The entry is triggered when the RSI is above 60, and the price breaks below the low of the previous candle (indicating bearish momentum).
Risk/Reward Ratio: The script allows you to set a customizable risk/reward ratio to manage stop-loss (SL) and take-profit (TP) levels. These levels are plotted on the chart for visual clarity, helping traders to manage their trades more effectively.
Features:
- EMA Length: Customizable 5-period EMA length (default 5), which is central to the strategy.
- RSI Length: Customizable RSI length (default 14), used to confirm the strength of the trend.
- Risk/Reward Calculation: Adjustable risk/reward ratio for determining stop-loss and take-profit points.
- Visual Risk/Reward Boxes: Displays boxes on the chart that represent the risk and reward areas, with labels showing the risk (SL) and reward (TP) points.
- Historical Data: Option to show or hide historical risk/reward ratios for better analysis.
- Alerts: Built-in alerts for key conditions like "No Touch EMA" and "5 EMA Entry" to notify traders of potential trade opportunities.
How to Use:
Set your desired risk/reward ratio and EMA and RSI lengths in the input settings.
The script will plot short entry signals when the criteria are met, and it will display the stop-loss and take-profit levels as colored boxes on the chart.
Use the visual indicators and alerts to stay informed and manage your trades with clear targets.
Versionshinweise
5EMA : Power of Stocks (SHORT)This script is based on the 5EMA strategy developed by Subhashis Pani, a renowned Indian trader known for his insightful approach to the stock market. The strategy combines the 5-period Exponential Moving Average (EMA) and Relative Strength Index (RSI) to generate high-probability short trade signals in trending markets. This version is designed to help traders capture short-term price movements with a clear risk/reward ratio.
How it works:
5 EMA: The 5-period EMA is used to identify short-term trends in the market. The strategy focuses on entering short positions when the price moves below the previous low, signaling a potential downward trend.
RSI (Relative Strength Index): The RSI (set to 14 by default) is used to filter out weak signals by ensuring the RSI is above 60, indicating a strong trend or momentum. This adds an additional layer of confirmation to the short signal.
Short Entry Condition: The entry is triggered when the RSI is above 60, and the price breaks below the low of the previous candle (indicating bearish momentum).
Risk/Reward Ratio: The script allows you to set a customizable risk/reward ratio to manage stop-loss (SL) and take-profit (TP) levels. These levels are plotted on the chart for visual clarity, helping traders to manage their trades more effectively.
Features:
- EMA Length: Customizable 5-period EMA length (default 5), which is central to the strategy.
- RSI Length: Customizable RSI length (default 14), used to confirm the strength of the trend.
- Risk/Reward Calculation: Adjustable risk/reward ratio for determining stop-loss and take-profit points.
- Visual Risk/Reward Boxes: Displays boxes on the chart that represent the risk and reward areas, with labels showing the risk (SL) and reward (TP) points.
- Historical Data: Option to show or hide historical risk/reward ratios for better analysis.
- Alerts: Built-in alerts for key conditions like "No Touch EMA" and "5 EMA Entry" to notify traders of potential trade opportunities.
How to Use:
Set your desired risk/reward ratio and EMA and RSI lengths in the input settings.
The script will plot short entry signals when the criteria are met, and it will display the stop-loss and take-profit levels as colored boxes on the chart.
Use the visual indicators and alerts to stay informed and manage your trades with clear targets.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Möchten Sie dieses Skript auf einem Chart verwenden?
Haftungsausschluss
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