OPEN-SOURCE SCRIPT

Range Based Signals and Alerts

Updated

This script produces a compiled version of rule based signals that is meant to be used mainly on 5 Min timeframe based on daily(as default) Highs and Lows on average and the main purpose is to give user settings to change and adapt based on their needs and make it as adjustable as possible. This entry strategy idea does not belong to me but for TV's in-house rule reasons i can't disclose whose idea it is but i think people that will use this indicator will know who the original idea belongs to.

Rules used for signal production:
- Daily(As default) High-Low points
- Moving Average for detecting reversing of price
- MTF MACD (Daily as default) for detecting overall trend

Signals produced based on extensions of price out of daily zones and when they drop or rise back into moving average. A conditional checker is used for reducing repeated unnecessary signals and alerts.
Happy trading.

Release Notes

Updated the conditional as non-repainting and created a functional alert option that provides both Long and Short signals in a single alert.

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.

Want to use this script on a chart?

serkany88

One does not simply win every trade.

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