OPEN-SOURCE SCRIPT
Holy Trinity Rough Draft
I studied a few conditions that appeared to work well for entering longs, and I coded them to flash different signals each colored Black, White, Yellow, and Blue.
Black is a Long Alert.
- One Black candle foreshadows, hypothetically, a long position incoming. Creating a position on the first black candle, showed to be stupid - but with each black candle the indicator shows that risk (upon taking a position at a black candle) decreases.
Yellow is a Long Signal.
- This is where the indicator decides is the best place to go long. Confidence appears to directly correlate with amount of black candles seen before a yellow candle, and after a white candle.
Blue is a Close Alert.
- Opposite of a Long Alert, this candle hints that it might be time to pull out of your Long position. This is still a rough draft, so the best way to interpret these is "don't be fuckin' greedy" - you're doing a 15x long and you have a 75% ROE but you don't think you should close because you haven't seen a white candle? Get a load of this guy. Close your positions wisely, this is an indicator, not a paid group.
White is a Close signal.
- Very simple, close on the white candle. They don't have a tendency to repeat themselves, so that's the best advice for this one.
Black is a Long Alert.
- One Black candle foreshadows, hypothetically, a long position incoming. Creating a position on the first black candle, showed to be stupid - but with each black candle the indicator shows that risk (upon taking a position at a black candle) decreases.
Yellow is a Long Signal.
- This is where the indicator decides is the best place to go long. Confidence appears to directly correlate with amount of black candles seen before a yellow candle, and after a white candle.
Blue is a Close Alert.
- Opposite of a Long Alert, this candle hints that it might be time to pull out of your Long position. This is still a rough draft, so the best way to interpret these is "don't be fuckin' greedy" - you're doing a 15x long and you have a 75% ROE but you don't think you should close because you haven't seen a white candle? Get a load of this guy. Close your positions wisely, this is an indicator, not a paid group.
White is a Close signal.
- Very simple, close on the white candle. They don't have a tendency to repeat themselves, so that's the best advice for this one.
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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