This indicator is a simple script meant to find retests on the 200 period moving average. It's current state is optimized for the 5 minute timeframe.
This works in all markets and all timeframes as long as you adjust certain rules for higher timeframes.
It's strengths and weaknesses
- Good at trend continuation in strong markets
- Bad in ranging markets (not surprising)
How does it work?
- It first identifies an overall trend by using the 200 ema.
- For long positions, it waits for price to close below the 200 ema, and then shortly closing back above the ema. For short positions its the opposite.
- For lower timeframes there are some other factors that help filter out bad signals that include:
- Makes sure that volume is increasing.
- Makes sure that volume is higher than average volume.
- For higher timeframes, the more specific factors aren't required.
How to use this indicator:
- Green triangles mean long positions
- Red triangles mean short positions
- Always trade with stoplosses and never risk too much of your account, please practice proper risk managment.
DISCLAIMER: Trading is inherently dangerous and carries lot's of risk. What you decide to do with my script has nothing to do with me. I am not responsible for any financial gains or losses made using this script. It is important to recognize other factors in the market to make better decisions.
- Changed some rules regarding volume, now volume has to be above average but not greater than previous volume bar. This is because volume can be kind of skewed on the lower timeframes.
- New rule states that candles must be bullish for long and bearish for short
- Frequency of alerts are now on bar open which will give you time to get ready to enter trade. (Make sure to still wait for candle to close)
- Side note: If you want to improve the win rate, I recommend waiting for a big move in one direction, then taking the first signal. This will help to stay out of consolidating markets. Good luck!
- Added slow ema to filter out some bad signals, It takes the ema you entered and makes a slightly slower one. For example if you enter 21 as your length then it would add a 30 period moving average as well.
- Implemented a new condition: if there was recently an ema crossover, the signal is invalidated. (This HELPS to avoids consolidating markets)
Nello spirito di condivisione promosso da TradingView, l'autore (al quale vanno i nostri ringraziamenti) ha deciso di pubblicare questo script in modalità open-source, così che chiunque possa comprenderlo e testarlo. Puoi utilizzarlo gratuitamente, ma il riutilizzo del codice è subordinato al rispetto del Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.