OPEN-SOURCE SCRIPT
PowerXYZ Strategy (PowerX Modified)
This script modifies the PowerX strategy in the following ways:
- there are two types of 'black' bars, yellow and black; the bars that are colored black indicate the flip of the RSI from positive to negative, and vise versa, while the signal is also near to green or red color; the close of these bars are a strong indication of support or resistance, and the previous closes behind these bars create S&D zones.
- compares the typical price to the 4-period smoothed moving average to generate yellow bars sooner at the end of trends.
- uses a signal line of > 49 and <= 49 instead of 50.
Yellow indicates that you should probably move your stop closer to the current price.
Black indicates that you should probably exit and look for a new entry, as it is a strong area of support or resistance.
- there are two types of 'black' bars, yellow and black; the bars that are colored black indicate the flip of the RSI from positive to negative, and vise versa, while the signal is also near to green or red color; the close of these bars are a strong indication of support or resistance, and the previous closes behind these bars create S&D zones.
- compares the typical price to the 4-period smoothed moving average to generate yellow bars sooner at the end of trends.
- uses a signal line of > 49 and <= 49 instead of 50.
Yellow indicates that you should probably move your stop closer to the current price.
Black indicates that you should probably exit and look for a new entry, as it is a strong area of support or resistance.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.