PROTECTED SOURCE SCRIPT
ERAK BOT ALARM
ERAK BOT ALARM - Indicator Description
ERAK BOT ALARM is a trend-following momentum indicator designed to identify potential trend reversals and provide actionable "Buy" and "Sell" signals. It is a modified version of the popular UT Bot, optimized for clarity and responsiveness.
How It Works
The indicator calculates a dynamic trailing stop based on the Average True Range (ATR). By combining volatility (ATR) with price action, it filters out "market noise" and highlights the underlying trend direction.
• Buy Signal: Triggered when the price crosses above the ATR Trailing Stop and satisfies an EMA crossover condition. This indicates the start of a potential bullish trend.
• Sell Signal: Triggered when the price crosses below the ATR Trailing Stop. This indicates the start of a potential bearish trend.
• Bar Coloring: The chart bars are automatically colored (Green for Bullish, Red for Bearish) to give you an immediate visual confirmation of the current market sentiment.
Key Features
• Sensitivity Adjustment: You can modify the Key Value input to make the signals faster (lower value) or more filtered/conservative (higher value).
• ATR Period: Fully customizable ATR length to adapt to different timeframes and asset classes (Crypto, Forex, Stocks).
• Heikin Ashi Integration: Includes an optional toggle to calculate signals based on Heikin Ashi candles, which helps in smoothing out volatile price movements.
• Built-in Alerts: Comes with pre-configured alert conditions (UT Long and UT Short) so you can receive notifications directly to your phone or browser.
How to Use
1. Trend Following: Use the signals to enter trades in the direction of the prevailing trend.
2. Stop Loss Reference: The trailing stop line can be used as a dynamic level to place your stop-loss orders.
3. Confirmation: It works best when combined with other technical analysis tools like RSI or Volume oscillators to confirm the strength of the signals.
ERAK BOT ALARM is a trend-following momentum indicator designed to identify potential trend reversals and provide actionable "Buy" and "Sell" signals. It is a modified version of the popular UT Bot, optimized for clarity and responsiveness.
How It Works
The indicator calculates a dynamic trailing stop based on the Average True Range (ATR). By combining volatility (ATR) with price action, it filters out "market noise" and highlights the underlying trend direction.
• Buy Signal: Triggered when the price crosses above the ATR Trailing Stop and satisfies an EMA crossover condition. This indicates the start of a potential bullish trend.
• Sell Signal: Triggered when the price crosses below the ATR Trailing Stop. This indicates the start of a potential bearish trend.
• Bar Coloring: The chart bars are automatically colored (Green for Bullish, Red for Bearish) to give you an immediate visual confirmation of the current market sentiment.
Key Features
• Sensitivity Adjustment: You can modify the Key Value input to make the signals faster (lower value) or more filtered/conservative (higher value).
• ATR Period: Fully customizable ATR length to adapt to different timeframes and asset classes (Crypto, Forex, Stocks).
• Heikin Ashi Integration: Includes an optional toggle to calculate signals based on Heikin Ashi candles, which helps in smoothing out volatile price movements.
• Built-in Alerts: Comes with pre-configured alert conditions (UT Long and UT Short) so you can receive notifications directly to your phone or browser.
How to Use
1. Trend Following: Use the signals to enter trades in the direction of the prevailing trend.
2. Stop Loss Reference: The trailing stop line can be used as a dynamic level to place your stop-loss orders.
3. Confirmation: It works best when combined with other technical analysis tools like RSI or Volume oscillators to confirm the strength of the signals.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.