It is a combination of various parameters, including
-RSI: The relative strength index ( RSI ) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
-MACD: Moving average convergence divergence ( MACD ) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.
-ADX: ADX is used to quantify trend strength. ADX calculations are based on a moving average of price range expansion over a given period of time.
-DMI: DMI is a moving average of range expansion over a given period (the default is 14 days). The positive directional movement indicator ( +DMI ) measures how strongly price moves upward; the negative directional movement indicator ( -DMI ) measures how strongly price moves downward. The two lines reflect the respective strength of the bulls versus the bears.
Included:
Different forms of Take profit, included:
Take profit on squeeze candles
Take profit based on Risk-Benefit (RR)
Take profit a pre-determined %.
Different forms of Stop Loss, including
ATR-based stop loss
Trail stop loss (with option to use a trigger)
Stop loss a pre-determined %.
For access you can send a message or consult in my social networks. Links in my tradingview signature (below).
Examples:
The default configuration works very well for most pairs.
You just have to look for which time frame goes better with each one.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Che_Trader for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
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.