OPEN-SOURCE SCRIPT
Trade finder signal (TFS)
Updated
This signal is a "breakout signal" and should only be used when price breakout off a pattern / Trendline / resistance line.
It can be used on all timeframes, but the higher the timeframe, the more power the signal has.
Some rules.
1. Wait for a candle close / Period, on the timeframe you are using the signal on. This helps prevent fake signales.
2. If there has been a big drop / correction in price, there will be some delay on the signal on the bigger timeframes, since the indicators take time to turn bullish again. You can go down on a lower timeframe if your prefer to get in the trend quicker.
3. In some cases the signal will go off 1-2 candles before or after a breakout. If it is before, wait for a candle close of the breakout area before entering.
4. The patterns you use, must be drawn on 'candle bodies' and not 'Wicks' since the script is based and calculated on "Closing prices on candle bodies"
Important!!! This signal is not the Holy Gral of TA, so it is highly recommended you are using Stoploss.
The signal has been in alert, so use the alert on the coins you want to monitor and wait until the alert goes off. No need to watch the chart all the time before the alert goes of ;)
It can be used on all timeframes, but the higher the timeframe, the more power the signal has.
Some rules.
1. Wait for a candle close / Period, on the timeframe you are using the signal on. This helps prevent fake signales.
2. If there has been a big drop / correction in price, there will be some delay on the signal on the bigger timeframes, since the indicators take time to turn bullish again. You can go down on a lower timeframe if your prefer to get in the trend quicker.
3. In some cases the signal will go off 1-2 candles before or after a breakout. If it is before, wait for a candle close of the breakout area before entering.
4. The patterns you use, must be drawn on 'candle bodies' and not 'Wicks' since the script is based and calculated on "Closing prices on candle bodies"
Important!!! This signal is not the Holy Gral of TA, so it is highly recommended you are using Stoploss.
The signal has been in alert, so use the alert on the coins you want to monitor and wait until the alert goes off. No need to watch the chart all the time before the alert goes of ;)
Release Notes
In this new script, there is addad a lookback period, and some old code, has been removed so the indicator does not add purple dots also, but only green.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.
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.