Objective This indicator will be for Swing Trader, to hold stock for 2-10 candles. It will generate entry signal (long) by using Trend and Stochastic Crossing in Oversold Area (below 30) and no sell signal but until crossing down the StopLoss (TrailStop)
Market / Timeframe I create this indicator mainly for Indonesian Market COMPOSITE (Indonesian Stock Exchange) using Daily Chart and/or Hourly Chart
Trend This indicator will use long and short moving average to detect trend, ShortMA above LongMa means Uptrend and vice versa. Uptrend means it's safe for entry position. Downtrend will be shown clearly by red area on chart. (not recommended for entry position)
Buy Signal Buy signal will kick in, when - Stochastic cross up on Oversold area (below 30) - ShortMA > LongMA - LastPrice > LongMA
Sell Signal We use StopLoss (Trailstop) which comes from the Lowest Low of 2 or 3 last Candle Sell will trigger when Low < StopLoss
This script is best used together with "ChartBite Swing Stochastic - Lite" to give a better view on how Buy Signal created.
All parameters and colors are adjustable, and can be flexible enough to address your preferences. This indicator is free to use but It's invite only script. To use this indicator, please message me, and I'll grant access to you.
Success Always and Profit Always, Salam sukses dan Cuan Selalu.