OPEN-SOURCE SCRIPT
Trading Script DarkAngel
Trading Logic:
The script generates long (buy) signals when:
A swing low is detected and tested multiple times.
RSI is oversold.
Volume is above average.
The trend is up (fast EMA > slow EMA).
MACD crosses bullishly.
Price is within the Fibonacci retracement levels.
The calculated R:R meets the minimum criteria.
Conversely, short (sell) signals are generated when:
A swing high is detected and tested multiple times.
RSI is overbought.
Volume is above average.
The trend is down (fast EMA < slow EMA).
MACD crosses bearishly.
Price is within the Fibonacci retracement levels.
The calculated R:R meets the minimum criteria.
Visualizations and Information:
Plots EMAs, swing high/low levels, Fibonacci retracement and extension levels, stop-loss and profit target lines.
Displays buy/sell signals as triangles on the chart.
Provides labels for swing highs and lows.
Includes an information table showing RSI, MACD, trend, and signal status.
Purpose:
This script aims to assist traders in identifying potential high-probability trading setups by combining multiple technical analysis techniques. It emphasizes confluence, requiring multiple conditions to be met before generating a signal, potentially reducing false signals. The inclusion of R:R calculations helps traders focus on trades with favorable risk profiles. It is important to note that this script, like any other indicator, should not be used in isolation and should be incorporated into a broader trading strategy.
The script generates long (buy) signals when:
A swing low is detected and tested multiple times.
RSI is oversold.
Volume is above average.
The trend is up (fast EMA > slow EMA).
MACD crosses bullishly.
Price is within the Fibonacci retracement levels.
The calculated R:R meets the minimum criteria.
Conversely, short (sell) signals are generated when:
A swing high is detected and tested multiple times.
RSI is overbought.
Volume is above average.
The trend is down (fast EMA < slow EMA).
MACD crosses bearishly.
Price is within the Fibonacci retracement levels.
The calculated R:R meets the minimum criteria.
Visualizations and Information:
Plots EMAs, swing high/low levels, Fibonacci retracement and extension levels, stop-loss and profit target lines.
Displays buy/sell signals as triangles on the chart.
Provides labels for swing highs and lows.
Includes an information table showing RSI, MACD, trend, and signal status.
Purpose:
This script aims to assist traders in identifying potential high-probability trading setups by combining multiple technical analysis techniques. It emphasizes confluence, requiring multiple conditions to be met before generating a signal, potentially reducing false signals. The inclusion of R:R calculations helps traders focus on trades with favorable risk profiles. It is important to note that this script, like any other indicator, should not be used in isolation and should be incorporated into a broader trading strategy.
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 publications is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
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.