Swing Trade Setup

20 hours ago

This indicator is designed for Daily swing trading and generates a BUY signal when the core trend and momentum conditions align. It also provides a setup strength score (0–6), along with visual stop-loss, target, and trailing guidance to help manage trades consistently.

✅ BUY Signal Logic (Necessary Conditions)
A BUY ✅ signal is printed when all of the following are true:

1. Close > 21 EMA (positive trend)
2. Close > 5 DMA (SMA 5) (short-term strength)
3. Green candle (Close > Open)

This ensures that buy signals are only triggered during an upward bias with immediate bullish confirmation.

Strength Scoring (0 to 6)

To evaluate setup quality, the script calculates a score out of 6:
Necessary Conditions (3 points total)
1. Close > EMA 21
2. Close > 5 DMA
3. Green candle
Additional Conditions (3 points total)
1. Volume > 3-day average volume
2. Confluence filter (selectable)
- Breakout (Donchian-style)
- Market Structure (HH/HL pivots)
- Bullish Engulfing
- None

3. Sector Leader filter (relative strength vs selected benchmark)

📌 A higher score indicates higher alignment and higher-quality probability setups.
Even when BUY triggers, the score helps you decide whether it’s a strong setup or a basic entry.

Stop-Loss, Target & Trailing (Guidance)
This script provides guidelines (not auto-trading) using plotted levels:

Initial Stop-Loss (Selectable)
You can choose:
- Swing Low stop
- EMA21 stop
- 5DMA stop
- ATR-based stop

Target
A default 2R target is plotted (adjustable), based on the distance between entry and stop.

Trailing Stop Activation (75% Rule)
Trailing guidance becomes active once price reaches 75% of the target, then it suggests exiting based on:
- Close below 5DMA, or
- Close below Supertrend (5,1) with confirmation using a user-defined number of daily closes (default 2).

Alerts Included
This script includes alert conditions for:
- BUY (Necessary Conditions Met)
- Hard Exit (Close below stop-loss OR below EMA21)
- Trailing Exit (Close below 5DMA/Supertrend with confirmation)

Important Notes / Disclaimer
1. Built specifically for Daily swing trading.
2. “Sector Leader” requires a valid benchmark symbol in settings (sector index or market index proxy).
3. Stop-loss, target, and trailing levels are visual guidance only and should be combined with your own risk management.
4. This indicator does not guarantee profitability; always manage position size and risk.

19 hours ago

Release Notes

This indicator is designed for Daily swing trading and generates a BUY signal when the core trend and momentum conditions align. It also provides a setup strength score (0–6), along with visual stop-loss, target, and trailing guidance to help manage trades consistently.

✅ BUY Signal Logic (Necessary Conditions)
A BUY ✅ signal is printed when all of the following are true:

1. Close > 21 EMA (positive trend)
2. Close > 5 DMA (SMA 5) (short-term strength)
3. Green candle (Close > Open)

This ensures that buy signals are only triggered during an upward bias with immediate bullish confirmation.

Strength Scoring (0 to 6)

To evaluate setup quality, the script calculates a score out of 6:
Necessary Conditions (3 points total)
1. Close > EMA 21
2. Close > 5 DMA
3. Green candle
Additional Conditions (3 points total)
1. Volume > 3-day average volume
2. Confluence filter (selectable)
- Breakout (Donchian-style)
- Market Structure (HH/HL pivots)
- Bullish Engulfing
- None

3. Sector Leader filter (relative strength vs selected benchmark)

📌 A higher score indicates higher alignment and higher-quality probability setups.
Even when BUY triggers, the score helps you decide whether it’s a strong setup or a basic entry.

Stop-Loss, Target & Trailing (Guidance)
This script provides guidelines (not auto-trading) using plotted levels:

Initial Stop-Loss (Selectable)
You can choose:
- Swing Low stop
- EMA21 stop
- 5DMA stop
- ATR-based stop

Target
A default 2R target is plotted (adjustable), based on the distance between entry and stop.

Trailing Stop Activation (75% Rule)
Trailing guidance becomes active once price reaches 75% of the target, then it suggests exiting based on:
- Close below 5DMA, or
- Close below Supertrend (5,1) with confirmation using a user-defined number of daily closes (default 2).

Alerts Included
This script includes alert conditions for:
- BUY (Necessary Conditions Met)
- Hard Exit (Close below stop-loss OR below EMA21)
- Trailing Exit (Close below 5DMA/Supertrend with confirmation)

Important Notes / Disclaimer
1. Built specifically for Daily swing trading.
2. “Sector Leader” requires a valid benchmark symbol in settings (sector index or market index proxy).
3. Stop-loss, target, and trailing levels are visual guidance only and should be combined with your own risk management.
4. This indicator does not guarantee profitability; always manage position size and risk.
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