TIME FRAME to use - 15 mins
DURATION OF TRADE - Using this indicator, Trade must be taken only during market hours and must be closed before market close (must not be carried forrward for next day).
SCALPING - This is a scalping strategy that is intended to make small profits in intraday trading
ENTRY CONCEPT -
- There must be 2 bulish candles and the 2nd candle's high should be greater than first candle's high.
- And If the latest candle high breaks high of the 2nd candle ( prev candle), BUY signal is generated.
- Additional filters are added to reduce non-performaing trades.
- visa versa for SHORT signal
EXIT CONCEPT -
- 2nd candles low is the stop loss.
- Difference between 2nd candle high and 2nd candle low is target.
- The script will indicate when to BUY / SHORT and when to EXIT the trade.
INSTRUMENTS TO TRADE -
- High instruments are best to be traded
- Nifty 50 stocks have been added to this indicator for the sake of screener. User can change these stocks with high ones
- There is a limitation to add upto 40 scripts.
SCREENER FUNCTION -
- Right side of the chart has screener section which shows the list of stocks that qualify as per the BUY / SELL signal
The purpose of the scipt is for self learning / improvement and analysis.
Trading is a risky business and a trader must take any trade at their own RISK.
The author shall not be held responsible for Losses / Profits
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.
One limitaion I have added in this script is the timing to iniate a trade which is from morning 9:30 AM but crypto markets are 24x7, so many trades may not appear.
Also, it uses Relative Strength concept to determine an individual instrument's strength or weakness. In this script, relative strength is compared NIFTY (Indian Market Index).
You just need to copy the script code, paste into a new blank indicator and remove these 2 conditions of time and relative strength. You will then be able to see all trades and could easily test.
Purpose of this script is to share the trade logic. Thanx