OPEN-SOURCE SCRIPT
[blackcat] L3 Banker Fund Sentiment
Level: 3
Background
If you like my banker fund series indicators, this may be another helpful one which describe banker fund sentiment with price and volume infomation.
c.
Function
Use price (major EMAs and SMAs) and volume infomation to model banker fund in a sensitive way which can be called banker fund sentiment. This was realized by a form of oscillator and 0 axis is an important boundary to define bull and bear senmtiments. I use different kind colors of columns to distinguish them.
I summarize how to use it in 1D timeframe:
1. When a fuchsia column appears below the 0 axis, start paying attention and watch for a bullish reversval around.
2. When a red column appears on the first day above the 0 axis, it is a signal of confirmed bullish trend.
3. There is a retraced in the middle and start doing T+0 trading to reduce costs.
4. When the pile of columns ( banker fund energy) breaks through the previous high in the late stage of the retracement, start to increase the bullish position, and be a short-term bullish relay, this is the best buying point!
5. Wait for 3-4 days to start reducing or flatting positions, and make your own decisions according to your personal risk preferences!
Remarks
When the pile of column breaks through the previous high point in the late stage of the retracement, and if the stock is a recent hot sector or concept stock,
Then increase your position and wait for the main force to pump! This indicator may not work alone, you should consider to combine your knowledge of other skills, e.g. candle pattern, news analysis etc.
B: long entry, green
S: short entry, red
column color
bullish trend: red color
confirmed bullish trend: maroon color
bullish retracement: blue color
bearish trend: green color
bearish retracement: fuchsia color
Feedbacks are appreciated.
Background
If you like my banker fund series indicators, this may be another helpful one which describe banker fund sentiment with price and volume infomation.
c.
Function
Use price (major EMAs and SMAs) and volume infomation to model banker fund in a sensitive way which can be called banker fund sentiment. This was realized by a form of oscillator and 0 axis is an important boundary to define bull and bear senmtiments. I use different kind colors of columns to distinguish them.
I summarize how to use it in 1D timeframe:
1. When a fuchsia column appears below the 0 axis, start paying attention and watch for a bullish reversval around.
2. When a red column appears on the first day above the 0 axis, it is a signal of confirmed bullish trend.
3. There is a retraced in the middle and start doing T+0 trading to reduce costs.
4. When the pile of columns ( banker fund energy) breaks through the previous high in the late stage of the retracement, start to increase the bullish position, and be a short-term bullish relay, this is the best buying point!
5. Wait for 3-4 days to start reducing or flatting positions, and make your own decisions according to your personal risk preferences!
Remarks
When the pile of column breaks through the previous high point in the late stage of the retracement, and if the stock is a recent hot sector or concept stock,
Then increase your position and wait for the main force to pump! This indicator may not work alone, you should consider to combine your knowledge of other skills, e.g. candle pattern, news analysis etc.
B: long entry, green
S: short entry, red
column color
bullish trend: red color
confirmed bullish trend: maroon color
bullish retracement: blue color
bearish trend: green color
bearish retracement: fuchsia color
Feedbacks are appreciated.
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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