Indicators used :
The ( ) is one of the most popular and widely used momentum oscillators.The values of the oscillator, typically measured over a 14-day period, fluctuate between zero and 100. The indicates oversold market conditions when below 30 and overbought market conditions when above 70
identifies the true average price of a stock by factoring the of transactions at a specific price point and not based on the closing price. can add more value than your standard 10, 50, or 200 moving average indicators because reacts to price movements based on the during a given period.
Buying happens at Breakouts which is then validated with to check for overbought & oversold conditions.
Aggressive trade stop can be employed by using the % for long and shorts in the strategy.
Usage & Best setting :
Choose a good volatile stock and a time frame - 10m.
Overbought & Oversold - can be varied as per user
There is stop loss and take profit that can be used to optimise your trade
Extending this to,
In general guidelines for :
Short-term intraday traders (day trading) often use lower settings with periods in the range of 9-11.
Medium-term swing traders frequently use the default period setting of 14.
Longer-term position traders often set it at a higher period, in the range of 20-30.
The template also includes daily square off based on your time.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.