PROTECTED SOURCE SCRIPT
TradeTale Targets & SL
Updated
Its a Leading Indicator. This script explains how 'Pivot Points' along with 'Fibonacci' & 'VWAP' can be used to catch a trend.
Volume Weighted Average Price (VWAP):-
VWAP stands for Volume-Weighted Average Price, which is a tool that shows the average price of a security over a period of time, adjusted for trading volume.
VWAP = (Cumulative (Price * Volume) ÷ (Cumulative Volume)
Pivot Points:-
A pivot point is a price level calculated from previous prices. Pivot point is simply the average of the previous days high and low and the closing price which shows potential areas of support or resistance. Trading above the pivot point on the subsequent day is thought to indicate ongoing bullish sentiment and Trading below the pivot point indicates bearish sentiment. It lets the trader know that the price is trending in that direction if the price moves through these levels. Day traders calculate pivot points to determine levels of entry, stoploss and take profits.
Fibonacci:-
Fibonacci is based on the key numbers identified by mathematician Leonardo Pisano, nicknamed Fibonacci, in the 13th century. Fibonacci's sequence of numbers is not as important as the mathematical relationships, expressed as ratios, between the numbers in the series. A Fibonacci retracement is created by taking two extreme points on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% etc. Once these levels are identified, horizontal lines are drawn and used to identify possible support and resistance levels, place stoploss and set targets.
Logic of this indicator:-
Pivot Points are used as Entry level and Stoploss.
Fibonacci Ratios are used as Targets.
VWAP can be used to see the Trend. (Price above VWAP is Bullish Trend & Price below VWAP is Bearish Trend)
How to use:-
Long when price is above "VWAP".
Short when price is below "VWAP".
Long & Short Levels along with Targets & Stoploss appears as horizontal lines.
Chart Timeframe:-
This Indicator works on all timeframes below "1 day" timeframe.
Traders can also set stop loss and take profit levels as per risk reward ratio.
Note:-
Like other technical indicators, This indicator also is not a holy grail. It can only assist you in building a good strategy. You can only succeed with proper position sizing, risk management and following correct trading Psychology (No overtrade, No greed, No revenge trade etc).
THIS INDICATOR IS FOR EDUCATIONAL PURPOSE AND PAPER TRADING ONLY. YOU MAY PAPER TRADE TO GAIN CONFIDENCE AND BUILD FURTHER ON THESE. PLEASE CONSULT YOUR FINANCIAL ADVISOR BEFORE INVESTING. WE ARE NOT SEBI REGISTERED.
Hope you all like it
happy learning.
Volume Weighted Average Price (VWAP):-
VWAP stands for Volume-Weighted Average Price, which is a tool that shows the average price of a security over a period of time, adjusted for trading volume.
VWAP = (Cumulative (Price * Volume) ÷ (Cumulative Volume)
Pivot Points:-
A pivot point is a price level calculated from previous prices. Pivot point is simply the average of the previous days high and low and the closing price which shows potential areas of support or resistance. Trading above the pivot point on the subsequent day is thought to indicate ongoing bullish sentiment and Trading below the pivot point indicates bearish sentiment. It lets the trader know that the price is trending in that direction if the price moves through these levels. Day traders calculate pivot points to determine levels of entry, stoploss and take profits.
Fibonacci:-
Fibonacci is based on the key numbers identified by mathematician Leonardo Pisano, nicknamed Fibonacci, in the 13th century. Fibonacci's sequence of numbers is not as important as the mathematical relationships, expressed as ratios, between the numbers in the series. A Fibonacci retracement is created by taking two extreme points on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% etc. Once these levels are identified, horizontal lines are drawn and used to identify possible support and resistance levels, place stoploss and set targets.
Logic of this indicator:-
Pivot Points are used as Entry level and Stoploss.
Fibonacci Ratios are used as Targets.
VWAP can be used to see the Trend. (Price above VWAP is Bullish Trend & Price below VWAP is Bearish Trend)
How to use:-
Long when price is above "VWAP".
Short when price is below "VWAP".
Long & Short Levels along with Targets & Stoploss appears as horizontal lines.
Chart Timeframe:-
This Indicator works on all timeframes below "1 day" timeframe.
Traders can also set stop loss and take profit levels as per risk reward ratio.
Note:-
Like other technical indicators, This indicator also is not a holy grail. It can only assist you in building a good strategy. You can only succeed with proper position sizing, risk management and following correct trading Psychology (No overtrade, No greed, No revenge trade etc).
THIS INDICATOR IS FOR EDUCATIONAL PURPOSE AND PAPER TRADING ONLY. YOU MAY PAPER TRADE TO GAIN CONFIDENCE AND BUILD FURTHER ON THESE. PLEASE CONSULT YOUR FINANCIAL ADVISOR BEFORE INVESTING. WE ARE NOT SEBI REGISTERED.
Hope you all like it
happy learning.
Release Notes
VWAP addedRelease Notes
Scalper & TSL addedProtected script
This script is published closed-source and you may privately use it freely.
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