today an upgraded version of Nova Bands indicator, here below the previous V1
This is a great analysis and scalping tool for day trading on low timeframes (5-15 minutes) or to plan swing trades on hourly timeframes. It can be used also on high timeframes just for analysis current market trend.
The indicator plots a series of levels which create a nice bands flow.
The slope of levels make you easily understand when price is in consolidation, in uptrend or in downtrend.
The golden rule is always the same: buy low and sell high.
This indicator plots:
- 3 "price is low here" levels (from dark green to light green)
- 3 "price is average here" levels
- 3 "price is high here" levels (from purple to orange)
You can find more details on how to use the indicator in the description of V1.
Please, always remember that:
- when bands are flat, price is in consolidation and this is best condition to trade with nova bands
- when bands get nearer and nearer is called "Bands Squeeze": price is next to a main breakout move, is coming!
The basic improvement in V2 is a different way to calculate the bands based on different timeframe resolution, default is setup to for example.
A trader who wants to be a winner must understand that money and risk management are very important, so manage your position size and always have a stop loss in your trades.
This is a premium indicator, so send me a private message in order to get access to this script.
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