Chartink

4 giorni fa

1. The Core Scanners (Finding an "AC Signal")

1. The script's primary purpose is to find an Alert Candle (AC Signal), which is your main trigger for a potential trade.
   
2. It runs 6 independent scanners in the background.
   
3. Each scanner looks for a unique combination of technical conditions, including EMA squeezes, volume, etc.
   
4. When any scanner finds a valid setup on a confirmed daily candle, it flags that bar as a new AC Signal.
   

2. Trade Cycle Management (After an AC Signal)

1. An AC Signal automatically starts a new "trade cycle".
   
2. Automatic Cleanup: When a new cycle begins, all lines and labels (PBP, ISL, Exits) from any previous cycle are instantly wiped from the chart, keeping it clean and relevant.
   
3. Reference Candle (RVC): The script looks back from the AC Signal to find the most significant red candle, which it designates as the RVC.
   
4. PBP & ISL Plotting: The script automatically calculates and draws PBP and ISL:
   
5. PBP (Potential Breakout Point): A green dashed line indicates PBP, acting as your entry trigger.
   
6. ISL (Initial Stop Loss): A red dashed line indicate ISL, acting as your initial stop.
   

3. Exit Conditions (Closing a Trade Cycle)
The script constantly monitors for two specific exit conditions for the active trade cycle:

1. Daily Exit: This is a sophisticated, multi-stage condition:
   

• First, the price must cross above the PBP level.
  
• Next, it must prove strength by closing above the designated EMA.
  
• Only then is the exit "armed". It will trigger on the first red candle that closes back below the chosen EMA for exit.
  

1. Weekly Exit: This triggers if a weekly candle closes red and also closes below the low of the prior green weekly candle, signaling a major loss of momentum.
   

4. Additional On-Chart Tools

1. ATR Extension Signals: These are the fuchsia circles. They are independent of the main trade cycle and appear above any candle that is unusually "over-extended" based on your custom ATR multiplier settings.
   
2. Relative Volume (RVol) Display: This is the information panel in the corner of the chart. It gives you a live reading of the current bar's volume against its recent average, helping you instantly gauge the conviction behind a price move - 100% denotes no change. > 100% is higher volume than previous candle and < 100% is is lower volume than previous candle
   

5. The Alert System
The script is configured to generate a distinct, once-per-bar alert on the close of the candle for every key event:

1. A new AC Signal is found.
   
2. Price crosses the PBP level.
   
3. Price crosses the ISL level.
   
4. A Daily Exit or Weekly Exit condition is met.
   
5. A new ATR Extension signal appears.
   

6. Timeframe

1. Will work on any timeframe.
   
2. Suggest using it on Daily TF and above.
   

4 giorni fa

Note di rilascio

Updated link to RVol

3 giorni fa

Note di rilascio

Update:

1. Added Data Outputs for Linking: We added two new, invisible "data outputs" to the script.
   
3. These outputs broadcast when an "AC Signal" and a "PBP Cross" event occur.
   
5. This allows your other indicators (RVol Line and W89-34-89) to connect to them and display their confirmation signals at the correct time.
   

3 giorni fa

Note di rilascio

Update: Chart with only the relevant indicator