The indicator gives signals based on possible ENTRY/EXIT zones (calculated using an ema ribbon of the BBW) and BB%B oversold/overbought conditions, also a 200 EMA filter is used to trade following the major trend. ENTRY/EXIT zones can be used as a confirmation on other strategies (green zones suggest a possible entry for a long in an uptrend and for a short in a downtrend, red zones suggest a possible exit for long & short) Only LONG signals are given.
Signals are divided in 3 categories based on their strenght:
- Weak BUY/SELL (green/red circles on chart) - normal BUY/SELL (green/red triangles with "BUY" or "SELL" text on chart) - strong BUY/SELL (green/red labels with "STRONG BUY" or "STRONG SELL" text on chart)
You can use signals from the same category as triggers for entering or exiting a trade or you can try using signals from different categories
All indicators settings can be costumized Possible EXTRY/EXIT zones can be turned ON/OFF Every signal label can be turned ON/OFF EMA that changes color based on last candle close can be turned ON/OFF
Alerts can be set for: - General Signals (every signal will trigger it) - Weak Signals (only weak signals will trigger it) - Normal Signals (only normal signals will trigger it) - Strong Signals (only strong signals will trigger it)
There are 3 BB%B Oversold & 3 BB%B Overbought value presets:
- BASIC (default values) - LOW (slightly lower values from default) - HIGH (slightly higher values from default)
Tips: Use BB%B OS LOW preset to find entries at a better price Use BB%B OS HIGH preset to find entries faster Use BB%B OB LOW preset to find exits faster Use BB%B OB HIGH preset to find exits at a better price
There are 3 Filters already included:
- A checkbox to toggle ON/OFF the use of Heikin Ashi candels to detect trades - A checkbox to toggle ON/OFF the use of an ema filter for the ribbon that tries to reduce the number of false signals on over-extended price movements - A checkbox to toggle ON/OFF the use of an ema filter that tries to reduce the number of false signals when price crosses the moving average many times consecutively
Hello, excellent work colleague. My question is if it repaints, and if it repaints, how many candles can it do it later?
Nick42_for_win
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hi @alecastro thank you for commenting. This indicator does not repaint
itsale-a
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Amazing work! Thank you. Did you try it on another pairs? How was the performance?
Nick42_for_win
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@itsale-a, Thank you for commenting! Yes, I've tried it on ETHUSDT and found out that because of the higher volatility it's generally a better idea to use the low oversold and high overbought presets, the Added EMA filter should probably always be in use and Heikin Ashi can help too. This indicator has been thought for swing trades so I'll not suggest using it under 4H tf. Can maybe work on 2H with high OS and low OB. For other coins can be used to find local tops or bottoms on Daily chart. I will surely try and update it when I have time to test it more
Nick42_for_win
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@itsale-a, I've created a strategy from this indicator so you can backtest by yourself, I'm finishing to code now.
Nick42_for_win
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@itsale-a, Turns out I need a paid subscription to publish more than 2 scripts a month
Nick42_for_win
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The core of this script is based on my last indicator "BB+RSI+EMA BUY/SELL Signals"