It uses the following:
- Stoch RSI
- INDIGO Cloud
Also added are volume candles, acceleration of momentum indicators (triangle) and MACD candles. This way you can see more info to decide if the entry is valid.
I have used a couple of public scripts and tried to give credit to the original creators. If there is any script that hasn't been credited, please contact me.
Feedback is very much appreciated, positive and negative. Also If you have any question, feel free to ask me. I'll try to answer asap.
Enjoy the script :)
I created optional profit labels. These labels give an estimation of the profit %. It includes fee's (0.4 total), but because trade filling is complex it can't show it with a 100% accuracy. But it's a nice indication. You can turn them on or off to your preference.
The risk now also impacts the entry. With high or super high risk it now can have an entry when the price crosses the bottom 10% line upwards. This way you do more trades but they can be riskier.
I also fixed a minor issue where exit labels where plotted after SL was hit and a issue with the wrong argument for the alerts.
I hope you enjoy these new ideas :)
- I added a Take Profit option, it had an SL option so it needed a TP as well.
- I changed the risk option and removed a lot of customizable options. The settings menu needed to become simpler imo. So you can choose the risk and everything is set automaticly.
- I removed the option for MACD candle color. It was historical information that wasn't really helpful imo. Now you just have the normal candles, a white one, and the current one shows volume.
- Now you can see the exact level of entry, SL and TP. And an estimated level of exit, for which I used the HL2. It's visible as a cross sign in the appropiate colors.
- I also tweaked some internal settings so plotshapes and percentages are more accurate.
If you have any questions or feedback, please feel free to comment them. Also if you like the script let me know ;)
- I removed custom options. I wanted to simplify the indicator. These are the best settings to use in my opinion. If you want to customize you can do that in the script itself.
- I added short trades. These are recovery trades to try and earn back a loss when it occurs. This works most of the times, but sometimes it adds to the loss. It is set up though that when that happens the loss percentage is small. But loss is part of trading.
- You now have to check a box to start the indicator. This way you've been made actively aware of the risks of trading.
Again, if you have any questions or feedback please feel free to comment or contact me via email (contact info in bottom of script)
- Fixed some errors that plotted double entry or exit labels.
- Added 'Maximum Loss' -> This makes the black weekly low line less laggy when the price moves up high and quick. It decreases the chance of big losses.
- Added the Market Direction Filter. This filters out some bad entry's, while keeping most good entry's. But you have to find the right setting for every pairing.
Overall the script should work without false alerts while giving great signals. Personally I am really satisfied with what this script has become. There is always room for improvement, but I think this version is close to the end result. But I'll keep trying to perfect it, and I'll update it when I do.
As usual, please give me feedback, positive or negative. So I can fix mistakes or know my script has helped someone. Let's make some profits together !
- Added a much requested option for short trades. You are now able to choose which direction(s) you want to trade.
- Created all the neccesary framework for the short option.
- Fixed a mistake in calculating the profit %, it's more accurate now.
- Deleted a lot of extra options that weren't neccesary for this script to work, they only made the script slower.
As always, your feedback is very much apreciated. I'm sharing this script for free, please take some time to let me know what you think about it.
I've added a stoploss function. It can be turned off and the value can be changed. It works for all trade directions. Unfortunately I had to use the close for this to work. So it isn't 100% accurate. But it gives a nice indication.
I've put a lot of my time in this. Please be so kind to let me know what you think of the script. Every kind of feedback is welcome ;)
If you got any ideas, questions or if you want to donate, please contact me ;)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.