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OPEN-SOURCE SCRIPT

Traffic Light Signal - POS

By TradingTail
Updated
Traffic Light Signal (TLS) is simple and most easy setup to trade.

How The Traffic Light Signal Works ?

First You have to find a Green and red candle pair or red and green candle pair then mark there highest high and lowest low with the help of line tool. if High breaks go for Buy and when low breaks go Sell. Avoid Doji candle Pair to get better result.

Additonal Indicator Used :
*Relative Strength Index : To find Overbought and Oversold Zones

How to Take trade with The help of TLS indicator :

  • The Indicator detects the Pair candle and detect whether the pair bar high or low cross over or cross under and display the signal over the chart.
  • if Triangle UP Shape Appears on chart , Once the high of the signal candle breaks take entry for buy side StopLoss will be low of the signal candle.
  • if Triangle Down Shape Appears on chart, once the low of the signal candle breaks take entry for Short side StopLoss will be low of the signal Candle.
  • Always Try to take profit 1:2 or as per your risk rewards.



Note :
*if you are scalping then avoid first and Last Bar of day in 1 min and 3 min timeframe only
*if you are Intraday Trader Use 5 Min and 15 Min max for this strategy.
*if your are positional Trader use 1hr or 1 day Timeframe to trade.
*No more than 3 trades to trade on this indicator.
*Use Additional Indicator for Accuracy
*Indicator works on Crypto , Equity , Futures , Options.


Hope you like this if any issue with this indicator ask below or message me.


Thanks and Regards,
TradingTail
Release Notes
  • Now you can use Volume as Confirmation from Setting Menu, Select Method to 'Tail' , if you want to use Original Strategy Please select POS.
  • Methods Consist of Two Indicators : EMA and Volume, ema to detect Trend.



Hope you like this , if any question you have please Share your Comment or message me.

Thanks and Regards,
TradingTail
Release Notes
Minor Bug Fixed
Release Notes
  • Alert Added
  • Minor Changes
  • Source Settings Changed
Release Notes
---- Minor Code change -----
Bands and ChannelsbreakdowntradingbreakouttradingbuysellsignalCandlestick analysisChart patternstraffic-lightstrafficlightsystem

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.