UnknownUnicorn4361920

Simple trading using EQFI Indicator

This script is based on Force Index . It has a breakout level, Small Stop loss or Reversal level, Big Stop loss level and 3 Targets.

Inputs:
Show ATR Targets: If you need ATR based targets levels, tick this checkbox for 3 ATR Targets.
ATR Target Multiplier: This can be increased to display 3 incremental targets levels.
Show Fibonacci Targets: If you need Fibonacci based targets levels, tick this checkbox for 3 Fibonacci Targets.
Fibonacci Target Multiplier: This can be increased to display 3 incremental targets levels.

Take trade only if price closes above for Long and Below for Short.

Note:

1. Breakout line will be Green for Long and Red for Short
2. Max only 3 Levels are displayed. If price crosses two levels, target levels can be incremented for above levels.
3. Breakout / Stop loss is valid on closing basis
4. This script can be used on any time frame. (Do back testing for better results on your regular time frame before taking trade)
5. This is applicable for Stocks only and not for Indices

For better results, take long trade if price is above blue line or 20 EMA and short trade if price is below blue line or 20EMA.
Release Notes: 1. Changed Display Text: Updated Stop loss and Targets to Support and Resistance.
2. Text label to move along with Current Bar.
Release Notes: Tool Renamed as Breakout Indicator (BRKID)

New options introduced to trade with RSI and MACD

Change in Length Selection (Dynamic)
Release Notes: Changed criteria for RSI 70/30. Replaced with 60/40.
Release Notes: EMA 20 and EMA 50
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 a publication is governed by House Rules. You can favorite it to use it 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.

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