OPEN-SOURCE SCRIPT
Updated Falcon Liquidity Grab Strategy
How to Use This Script for Commodities and Indices
Best Timeframes: Start with 15-minute charts but test on higher timeframes like 1 hour for indices.
Risk Settings: Adjust the stop_loss_points and take_profit_multiplier to match the volatility of the chosen instrument.
Best Timeframes: Start with 15-minute charts but test on higher timeframes like 1 hour for indices.
Risk Settings: Adjust the stop_loss_points and take_profit_multiplier to match the volatility of the chosen instrument.
Release Notes
Explanation of AdditionsTake-Profit Levels (Green Dotted Lines):
A green dotted line is drawn at the take-profit level for both long and short trades.
These lines adjust dynamically based on the calculated take-profit level.
Stop-Loss Levels (Red Dotted Lines):
A red dotted line is drawn at the stop-loss level for both long and short trades.
These lines adjust dynamically based on the calculated stop-loss level.
Entry Level Block:
A solid blue line is drawn at the entry price to visually highlight where the trade begins.
Session Background Colors:
Session backgrounds remain the same to help contextualize the trades.
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.