The SKYNET buy/sell 2.0 indicator generates buy and sell signals based on the following conditions:
**Anchor line : This anchor line is calculated based on certain parameters. The anchor line is calculated in such a way that the stock/instrument moves around this anchor line.
The calculation of the anchor line uses a look back period which is set to 9 by default. The user can go to the indicator settings and change it to suit their trading style.
Note: 1) As the look back period increases, the number of signals generated on the chart decreases.
2) This indicator will only work on charts/stocks/instruments which are actually traded in the market i.e actual contracts of the stock/instrument is traded in the market. Hence, it will not work on indexes.
BUY signal: When the stock/instrument deviates to the upside of the anchor line by a specific margin, the Buy signal is generated.
SELL signal: When the stock/instrument deviates to the downside of the anchor line by a specific margin, the Sell signal is generated.
Disclaimer: This indicator is not 100% accurate and false signals are generated from time to time. Trading in the markets involves huge risks and one should always do his/her own research before making any trading decisions. This indicator is only designed to help you make a trading decision.
Release Notes
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**We have changed the default value for the "Anchor line lookback period" from 9 to 20.
Release Notes
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**The indicator has been customized to work better on longer time frames.
Release Notes
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** The minimum value for the "Anchor line lookback" period was increased to 9.
Release Notes
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++ Trendline has been added to filter out false signals. A buy signal is valid if it is generated above the trendline and similarly a sell signal is valid if it is generated below the trendline. If the price moves away significantly from the trendline, it indicates strong momentum in that direction.
++ A time constraint has been added. The indicator script now runs between 9:30 to 1500.
Release Notes
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++ Minor bug fixed in the trendline code.
Release Notes
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++ Minor bug fixed in the time constraint code.
Release Notes
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++ Minor change in calculation of the trendline.
Release Notes
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++ VISUAL TREND has been added to the indicator. WE can filter out false signals by using the signals and the VISUAL TREND together.
The VISUAL TREND is established by using a couple of exponential moving averages with customized parameters and settings.
A buy signal is more likely to work if the VISUAL TREND is bullish.
A sell signal is more likely to work if the VISUAL TREND is bearish.
++ Time constraint has been removed to increase the efficiency of the indicator on cryptocurrency charts.