Important: The end time should be at least 2 minutes before the intraday square-off time set by your broker
Comment below if you get good returns
Indicators used :
Moving average (MA) is a widely used technical indicator that smooths out price trends by filtering out the “noise” from random short-term price fluctuations. Here moving averages are used to identify trend direction and to determine levels. Overbought and oversold regions are also taken into consideration
The Index ( ) is a that measures the flow of money into and out of a security over a specified period of time. It is related to the ( ) but incorporates , whereas the only considers price. The is calculated by accumulating positive and negative values (see ), then creating a Money Ratio. The Money Ratio is then normalized into the oscillator form.
Using the combination of Overbought and Oversold values and varying and using the MA filter to ensure the direction , we can buy/sell when conditions are met
1. drops below 20 and enters inside oversold zone.
2. bounces back above 20.
3. pulls back but remains above 20.
4. A break out above its previous high is a good buy signal.
1. rises above 80 and enters inside overbought zone.
2. drops back below 80.
3. rises slightly but remains below 80.
4. drops lower than its previous low is a signal to short sell or profit booking
Usage & Best setting :
Choose a good volatile stock and a time frame - 5m.
factor : 3
Moving Average : 80
Overbought & Oversold - can be varied as per user
There is stop loss and take profit that can be used to optimise your trade
The template also includes daily square off based on your time.
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.