OPEN-SOURCE SCRIPT
VWAP, Bollinger Bands, RSI, 5 & 20 EMA, MACD
This script combines the power of multiple key indicators to help you spot the best breakout opportunities and increase your chances of making profitable trades. By leveraging RSI, MACD, Bollinger Bands (BB), 5 & 20 EMAs, and VWAP, it provides a comprehensive approach to market analysis.
How to Use It:
Bullish Setup:
When the price closes above the VWAP.
RSI should be greater than 40, signaling strong market strength.
The 5 EMA acts as support, showing that the trend is likely to continue.
The MACD should show bullish momentum, confirming the buy signal.
Bollinger Bands (BB) should be contracted, indicating that a breakout is likely.
When all these conditions align, it's time to open a long position and aim for a high-reward trade—targeting at least a 1:6 reward-to-risk ratio.
Made by: Wasi Rao
Contact: Instagram - @wasi_rao_
How to Use It:
Bullish Setup:
When the price closes above the VWAP.
RSI should be greater than 40, signaling strong market strength.
The 5 EMA acts as support, showing that the trend is likely to continue.
The MACD should show bullish momentum, confirming the buy signal.
Bollinger Bands (BB) should be contracted, indicating that a breakout is likely.
When all these conditions align, it's time to open a long position and aim for a high-reward trade—targeting at least a 1:6 reward-to-risk ratio.
Made by: Wasi Rao
Contact: Instagram - @wasi_rao_
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.