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OPEN-SOURCE SCRIPT

Single Candle Entry with Multi-Timeframe [Wang Indicators]

By MrWangTactics
Updated

Single candle entry

Overview : The "Single Candle Entry Model" indicator is designed to help traders through a simple yet effective trading strategy. This indicator automatically detects candles that encompass both the high and low of the previous candle, creating key price zones for potential market entries.

- This indicator was developed with the help of DaveTeaches -

How does it works ?
  • Detects when a candle trade above the high and below the low of the previous candle
  • When it occur, the indicator write "SCE" on the candle
  • The text will be in different color if its bearish or bullish (customizable by user)


Higher Timeframes
  • Users can enable up to 3 HTF SCE detection to enhance multi timeframe analysis.
  • Users can select which timeframe he want to use
  • Boxes will be displayed around High time frame SCE to highlight the HTF candle.
  • As regular SCE, the indicator will write "SCE" above or under the box


How does it helps users ?
  • Once the SCE is created, it can be used as a zone.
  • Levels (30, 50 and 70%) are displayed
  • Users can customize their apparence as they see fit
  • The 30 - 50 - 70 levels are support/resistance that the price tend to bounce of off
  • You might find some success looking for an entry inside the zone at a level if price gives further confirmations such as a lower time frame flip or using other indicators
  • Alert can be setup on any timeframe

Release Notes
Chart update
Candlestick analysis

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.

Want to use this script on a chart?

MrWangTactics
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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.