We know that one single indicator does not help to take decision. We need combination of indicator to make it work.
I have just added below indicator together
3) Moving average cross over
5) William %R
I have decided few condition as below.
Indicator: , Positive : > Signal Line , Negative : < Signal line
Indicator: , Positive: > Upper band , Negative: < Lower band
Indicator: Cross over , Positive: Fast MA > Slow MA , Negative: Fast MA < Slow MA
Indicator: , Positive: increasing , Negative: decreasing
Indicator: William%R , Positive: %R > Upper band , Negative: %R < Lower band
Indicator value = +1 if it satisfy positive condition and -1 if satisfy negative condition. Final output line will be sum of all indicator values.
I have also added higher time frame lines to have more visibility.
NOTE: This study will be used to see trend momentum and can not be used to trade using this. Please consider reversal candle pattern also.
My Trading style :
Step 1) Wait for indicator to go red for few days.
Step 2) Buy when line turns to green or touches 0 line.
Step 3) Keep stop loss at last swing low
Step 4) Keep trailing stop loss until you get reversal candle pattern.
Added Supertrend and ChainkinMF.