OPEN-SOURCE SCRIPT
Updated Zen Stop-Order Entry v1
Zen STP Entry v1
Description:
The **Zen STP Entry v1** indicator is designed for price action traders looking to identify potential breakout entry points with precision. This indicator provides a visual representation of bullish and bearish breakout signals based on price action dynamics.
**Key Features:
- **Bullish Breakout Detection:** Automatically identifies bullish breakouts when the current bar's high exceeds the previous high, considering the close of the prior bar for confirmation.
- **Bearish Breakout Detection:** Recognizes bearish breakouts when the current bar's low falls below the previous low, incorporating the close of the prior bar for validation.
- **Good Close Feature:** Optionally includes an additional filter to ensure breakouts occur only when the prior bar closes in the top 25% for bullish signals and the bottom 25% for bearish signals.
- **Ignore Inside Bars:** A customizable option allows users to choose whether to ignore signals from inside bars, helping to filter out false signals during periods of consolidation.
- **Customizable Line Length and Width:** Tailor the appearance of the breakout lines with adjustable settings for line length (number of bars) and thickness, providing clarity and visibility on the chart.
**How to Use:**
1. Add the **Zen STP Entry v1** indicator to your chart.
2. Configure the settings to suit your trading style and preferences.
3. Look for breakout lines to appear, indicating potential entry points for bullish or bearish trades.
4. Use in conjunction with other technical analysis tools for a comprehensive trading strategy.
**Conclusion:**
The **Zen STP Entry v1** is a powerful tool for traders focused on price action strategies. By leveraging breakout signals and customizable features, this indicator aims to enhance your trading decision-making process.
Description:
The **Zen STP Entry v1** indicator is designed for price action traders looking to identify potential breakout entry points with precision. This indicator provides a visual representation of bullish and bearish breakout signals based on price action dynamics.
**Key Features:
- **Bullish Breakout Detection:** Automatically identifies bullish breakouts when the current bar's high exceeds the previous high, considering the close of the prior bar for confirmation.
- **Bearish Breakout Detection:** Recognizes bearish breakouts when the current bar's low falls below the previous low, incorporating the close of the prior bar for validation.
- **Good Close Feature:** Optionally includes an additional filter to ensure breakouts occur only when the prior bar closes in the top 25% for bullish signals and the bottom 25% for bearish signals.
- **Ignore Inside Bars:** A customizable option allows users to choose whether to ignore signals from inside bars, helping to filter out false signals during periods of consolidation.
- **Customizable Line Length and Width:** Tailor the appearance of the breakout lines with adjustable settings for line length (number of bars) and thickness, providing clarity and visibility on the chart.
**How to Use:**
1. Add the **Zen STP Entry v1** indicator to your chart.
2. Configure the settings to suit your trading style and preferences.
3. Look for breakout lines to appear, indicating potential entry points for bullish or bearish trades.
4. Use in conjunction with other technical analysis tools for a comprehensive trading strategy.
**Conclusion:**
The **Zen STP Entry v1** is a powerful tool for traders focused on price action strategies. By leveraging breakout signals and customizable features, this indicator aims to enhance your trading decision-making process.
Release Notes
v2 Update for the correct tickOpen-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.