HOW DOES IT WORK?
Fishing with Signals comprises of 3 indicators
1) Buy / Sell Signals
2) Band for Trend Recognition
3) ADX-DI Trend Identifier
Indicator 1 == Buy / Sell Signals
The signals are based on moving average exponential rectified by the previous high and low break at any real-time, it recognises the previous specified moving average deviation. If the predefined high and lows are broken along with current candle is closed below the specific moving average then sell is given and vice-versa for buy. The settings are not editable.
Indicator 2 == Band for Trend Recognition
The band comprises of 200 moving average with exponentially smoothening feature, there are three lines one can identify the trend if candles are below or above the band
Indicator 3 == ADX-DI Trend Identifier
The indicator gives a multiplication of and the DI+ and DI-values, colour coded for or momentum and shows general market direction and divergence in a simpler visual way than the normal ADX-DI lines, a threshold value cannot be edited. The indicator is plotted relative to the 200 and can be seen as a "buffer" against price reversal. The is used to indicate market direction, the existence or nonexistence of a trend and market momentum. Market direction is determined by the levels of the and . The indicator, which varies in value from zero to 100, is the primary , default value is kept at +40 and -40. If the is lowering or rising the DI line plotted will be moving as directed with change in colour and background filling. The Line hovering below and above the "buffer" is changing the colour with rising as navy and falling as maroon with intermittent colour of red and lime which also shows reversal.
HOW TO use the indicator?
For SHORT==If the candles are below the Band for Trend Recognition and ADX-DI Trend Identifier is lowering and if the SELL SIGNAL comes one can go short with stop-loss be the close above top band and with momentum be positive.
For LONG == If the candles are above the Band for Trend Recognition and ADX-DI Trend Identifier is growing and if the BUY SIGNAL comes one can go Long with stop-loss be the close below lower band and with momentum be negative.
CAUTION!!: There will be false buy / sell signals also, where user have to verify with the other two indicators, for confirmation.
TARGET in any call = If the trend is up and buy signal comes then target may be trailed till next signal or close below band and vice versa for sell side.
USER OPTIONS: Choice of turning on / off the three indicators.
VISUAL CHECKS - The user could manually validate the back test results on various assets they would like to use this strategy on before putting it live.
USAGE MARKETS: Index Trading / Equities and also well with and Currencies.
TIME FRAME: Timeframe maybe any and as the user likes, still it works well with 5 min for less signals.
SETTING THE ALERTS: - Buy and Sell Signal alerts are advisable.
HOW TO GET ACCESS
Please click on the link / email available in the signature or send me a private message to get access.
Please click on the link/email in the signature or send me a private message for suggestions/feedbacks.
I AM NOT A FINANCIAL ADVISOR. THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY. ALWAYS DO YOUR OWN RESEARCH!
Utmost Care is taken to implement the suggestions of users and also tried to keep the chart neat and clean.
- Drop a mail to firstname.lastname@example.org or Drop a personal message for access.
Questions, Help, Discussion -> Telegram: Telegram: @miteysh
What's in Update === >
The Signal Indicator is not more accurate giving less signals with accuracy increased.
The Buy Sell Signal Indicator is updated with lesser noise and with greater accuracy.
Details of Update..!!!
The Fishing with Signals Indicator is upgraded with Floor Pivot Points and having an option to enable and disable
Classic Pivot Points, Previous Day High & Low, Previous Close.
How does it work?
It works on the principal of Floor Pivot Points (generally code-named Central Pivot Range), formulated from
Secrets of a Pivot Boss by Franklin O. Ochoa, Here the Pivot Points and every other lines will be plotted for the whole
day from the beginning of the Day to the End of the Day, with function of labels, showing the values of plotted lines.
This will help the user to find the probable trend of Market and to know where the classic resistance and classic support are
for a better profitable trade.
The script is coded with repainting feature as required to plot the values in label so user might get a warning.
What is updated ?
Updated with latest features of PineScript's input parameters, included tooltip for better understanding the settings,
included, grouping the sections as required.
What is removed ?
Trend Strength Indentifier is removed, as it was confusing the chart.
More updates - Like On-Board Screener for Selected Stocks for Nifty 50 is coming onway !!!
Do consult with your financial advisor before taking into consideration signals from this indicator.
* The Plotting of whole day lines is updated.
* Third Resistance & Support are now made optional to enable.
* Some smoothness in label color.
What is updated?
1) Buy / Sell Signals is now updated with more accurate results, along with colour changing Buy and Sell targets, meaning if user
is on buy side then target shall be achieved when colour or candle(s) / bar becomes white, and for sell side the colour of candle(s)
will become black.
2) Band for Trend Recognition is now updated having more accurate color filling, there are two colours filled inside band - pink and green, if the green if filled in upper portion of band then we may observe uptrend and if pink is seen in upper portion we may observe down trend...for consolidation area / zone the colour of band will change frequently, this will help user to exit the trade in profits.
N.B.: - The Author of this indicator is not responsible for the profits or losses, user must concern their advisor before diving into the trade.
What is Updated?
The Pivot Points are now updated with option to choose from multiple Pivot Points=- Traditional, Fibonacci, Classic, DeMark, Camarilla & Swings,
and now user can plot user defined number of max. 5, Support & Resistance & there is a option to change the colour of Labels, Lines & Price Labels.
Fishing with Signals is now updated to v0.7.
Update requirement after recent Pine changes applied on built-in functions (such as round() function)
What is updated ?
Below indicator is added.
4) "Modified Murrey Trading Strategy Lines by GrowMore Indicators " is added by GrowMore Indicators
Works good in 3,5, 10, 15, 30, 1hr, 75 min timeframe.
The core element of the Murrey trading is that the price movement of any market will retrace in multiples of 1/8, 2/8 all the way up to 8/8. Since prices move in 1/8’s. Murrey math divides prices into 1/8 intervals.
· – Imminent Bearish reversal
· – Extreme Overshoot conditions, can reverse anytime
· – Overshoot conditions
· – Ultimate resistance, extremely overbought conditions
· – Weak level, place to stop and reverse
· – Strong pivot reverse
· – Top of trading range
· – Major support/resistance pivotal point
· – Bottom of trading range
· – Strong, Pivot, reverse
· – Weak, place to stop and reverse
· – Hardest line to fall below, oversold conditions
· – Oversold conditions
· – Extreme oversold conditions, can reverse anytime
· – Imminent bullish reversal
Modified Murrey Math Trading Lines Strategy (Rules for A Buy Trade)
Step #1: Check the Time Frame and Make Sure We’re Trading Below the 4/8 Murrey Lines
The first buying condition of the Modified Murrey trading strategy that needs to be verified is that the price needs to trade below the 4/8 Murrey Lines.
Step #2: See that it Also Needs to Trade Below the 2/8 Murrey Lines. The main reason why we also need the price to dip below the 2/8 Murrey Lines is that we need the price structure to create space between the Murrey lines.
Step #3: Enter a Long Trade Once we Reverse and Break above the 4/8 Murrey Lines.
Step #4: Place Your Protective Stop Loss Below the 0/8 Murrey Lines
The 0/8 Murrey lines are the hardest pivot for the price to fall below which is the reason why it’s the ideal place to hide our protective stop loss order.
Step #5: Take Partial Profits (Preferably 50% off Your Entire Order) at 6/8 Murrey Lines and Also Move the StopLoss to Buy Entry
Step #6: Take Final Profit at 8/8 Murrey Lines
It’s important to mention that if the market is breaking the 4/8 pivotal point multiple times on both sides, it’s best to wait until you can clearly apply Murrey trading setup by applying the Step #1 through Step #3.
Note** The above was an example of a buy trade using the Modified Murrey Math Trading Lines Strategy. Use the same rules – but in reverse – for a sell trade.
Conclusion:: The Murrey Math Trading Lines Strategy is the ultimate support and resistance system because unlike the simple support and resistance levels the Murrey lines are mathematically driven and possess a greater influence on how the price reacts to each of these levels.
N.B.- The above strategy is Modified version of Murrey Math Lines, the author learnt the strategy and modified as per his requirements to the most profitable in current market. The Lines shown in this indicator might change its place during market hours because of mismatch timeframe of chart and indicator, user must match timeframe of chart and indicator to both same.
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Questions, Help, Discussion -> Telegram: Telegram: @miteysh or Drop a mail to email@example.com or Send a message for access.
Warning: please read before requesting access.