OPEN-SOURCE SCRIPT
MERCURY by DrAbhiramSivprasad
"MERCURY by DrAbhiramSivprasad"
Developed from over 10 years of personal trading experience, the Mercury Indicator is a strategic tool designed to enhance accuracy in trading decisions. Think of it as a guiding light—a supportive tool that helps traders refine and build more robust strategies by integrating multiple powerful elements into a single indicator. I’ll be sharing some examples to illustrate how I use this indicator in my own trading journey, highlighting its potential to improve strategy accuracy.
Reason behind the combination of emas , cpr and vwap is it provides very good support and resistance in my trading carrier so now i brought them together in one plate
How It Works:
Mercury combines three essential elements—EMA, VWAP, and CPR—each of which plays a vital role in detecting support and resistance:
Exponential Moving Averages (EMAs): Known for their strength in providing dynamic support and resistance levels, EMAs help in identifying trends and shifts in momentum. This indicator includes a dashboard with up to nine customizable EMAs, showing whether each is acting as support or resistance based on real-time price movement.
Volume Weighted Average Price (VWAP): VWAP also provides valuable support and resistance, often regarded as a fair price level by institutional traders. Paired with EMAs, it forms a dual-layered support/resistance system, adding an additional level of confirmation.
Central Pivot Range (CPR): By combining CPR with EMAs and VWAP, Mercury highlights “traffic blocks” in your target journey. This means it identifies zones where price is likely to stall or reverse, providing additional guidance for navigating entries and exits.
Why This Combination Matters:
Using these three tools together gives you a more complete view of the market. VWAP and EMAs offer dynamic trend direction and support/resistance, while CPR pinpoints critical price zones. This combination helps you find high-probability trades, adding clarity to complex market situations and enabling stronger confirmation on trend or reversal decisions.
How to Use:
Trend Confirmation: Check if all EMAs are aligned (green for uptrend, red for downtrend), which is visible in the EMA dashboard. An alignment across VWAP, CPR, and EMAs signifies high confidence in trend direction.
Breakouts & Breakdowns: Mercury has an alert system to signal when a price breakout or breakdown occurs across VWAP, EMA1, and EMA2. This can help in spotting strong directional moves.
Example Application: In my trading, I use Mercury to identify support/resistance zones, confirming trends with EMA/VWAP alignment and using CPR as a checkpoint. I find this especially useful for day trading and swing setups.
Recommended Timeframes:
Day Trading: 5 to 15-minute charts for swift, actionable insights.
Swing Trading: 1-hour or 4-hour charts for broader trend analysis.
Note:
The Mercury Indicator should be used as a supportive tool rather than a standalone strategy, guiding you toward informed decisions in line with your trading style and goals.
EXAMPLE OF TRADE
you can see the cart of XAUUSD on 11th nov 2024
1.SHORT POSITION - TIME FRAME 15 MIN
So here for a short position you need to wait for a breakdown candle which will print in orange post the candle you need to check ema dashboard is completly red that indicates no traffic blocks in your journey to destiny target from ema's and you can take the target from nearest cpr support line
TAKEN IN XAUUSD you can see in chart of XAUUSD on 7th nov
2.LONG POSITION - TIME FRAME 15 MIN -
So here for long position you need to wait for a breakout candle from indicator thats here is blue and check all ema boxes are green and candle body should close above all the 3 lines here it is the both ema 1 and 2 and the vwap line then you can take and entry and your target will be the nearest resistance from the daily cpr
3. STOP LOSS CRITERIA
After the entry any candle close below any of the last line from entry for example we have 3 lines vwap and ema 1 and 2 lines and u have made an entry and the last line before the entry is vwap then if any candle closes below vwap can be considered as stoploss like wise in any lines
The MERCURY indicator is a comprehensive trading tool designed to enhance traders' ability to identify trends, breakouts, and reversals effectively. Created by Dr. Abhiram Sivprasad, this indicator integrates several technical elements, including Central Pivot Range (CPR), EMA crossovers, VWAP levels, and a table-based EMA dashboard, to offer a holistic trading view.
Core Components and Functionality:
Central Pivot Range (CPR):
The CPR in MERCURY provides a central pivot level along with Below Central (BC) and Top Central (TC) pivots. These levels act as potential support and resistance, useful for identifying reversal points and zones where price may consolidate.
Exponential Moving Averages (EMAs):
MERCURY includes up to nine EMAs, with a customizable EMA crossover alert system. This feature enables traders to see shifts in trend direction, especially when shorter EMAs cross longer ones.
VWAP (Volume-Weighted Average Price):
VWAP is incorporated as a dynamic support/resistance level and, combined with EMA crossovers, helps refine entry and exit points for higher probability trades.
Breakout and Breakdown Alerts:
MERCURY monitors conditions for upside and downside breakouts. For an upside breakout, all EMAs turn green and a candle closes above VWAP, EMA1, and EMA2. Similarly, all EMAs turning red, combined with a close below VWAP and EMA1/EMA2, signals a downside breakdown. Continuous alerts are available until the trend shifts.
Real-Time EMA Dashboard:
A table displays each EMA’s relative position (Above or Below), helping traders quickly gauge trend direction. Colors in the table adjust to long/short conditions based on EMA alignment.
Usage Recommendations:
Trend Confirmation:
Use the CPR, EMA alignments, and VWAP to confirm uptrends and downtrends. The table highlights trends, making it easy to spot long or short setups at a glance.
Breakout and Breakdown Alerts:
The alert system is customizable for continuous notifications on critical price levels. When all EMAs align in one direction (green for long, red for short) and the close is above or below VWAP and key EMAs, the indicator confirms a breakout/breakdown.
Adaptable for Different Styles:
Day Trading: Traders can set shorter EMAs for quick insights.
Swing Trading: Longer EMAs combined with CPR offer insights into sustained trends.
Recommended Settings:
Timeframes: MERCURY is suitable for timeframes as low as 5 minutes for intraday traders, up to daily charts for trend analysis.
Symbols: Works across forex, stocks, and crypto. Adjust EMA lengths for asset volatility.
Example Strategy:
Long Entry: When the price crosses above CPR and closes above both EMA1 and EMA2.
Short Entry: When the price falls below CPR with a close below both EMA1 and EMA2.
Developed from over 10 years of personal trading experience, the Mercury Indicator is a strategic tool designed to enhance accuracy in trading decisions. Think of it as a guiding light—a supportive tool that helps traders refine and build more robust strategies by integrating multiple powerful elements into a single indicator. I’ll be sharing some examples to illustrate how I use this indicator in my own trading journey, highlighting its potential to improve strategy accuracy.
Reason behind the combination of emas , cpr and vwap is it provides very good support and resistance in my trading carrier so now i brought them together in one plate
How It Works:
Mercury combines three essential elements—EMA, VWAP, and CPR—each of which plays a vital role in detecting support and resistance:
Exponential Moving Averages (EMAs): Known for their strength in providing dynamic support and resistance levels, EMAs help in identifying trends and shifts in momentum. This indicator includes a dashboard with up to nine customizable EMAs, showing whether each is acting as support or resistance based on real-time price movement.
Volume Weighted Average Price (VWAP): VWAP also provides valuable support and resistance, often regarded as a fair price level by institutional traders. Paired with EMAs, it forms a dual-layered support/resistance system, adding an additional level of confirmation.
Central Pivot Range (CPR): By combining CPR with EMAs and VWAP, Mercury highlights “traffic blocks” in your target journey. This means it identifies zones where price is likely to stall or reverse, providing additional guidance for navigating entries and exits.
Why This Combination Matters:
Using these three tools together gives you a more complete view of the market. VWAP and EMAs offer dynamic trend direction and support/resistance, while CPR pinpoints critical price zones. This combination helps you find high-probability trades, adding clarity to complex market situations and enabling stronger confirmation on trend or reversal decisions.
How to Use:
Trend Confirmation: Check if all EMAs are aligned (green for uptrend, red for downtrend), which is visible in the EMA dashboard. An alignment across VWAP, CPR, and EMAs signifies high confidence in trend direction.
Breakouts & Breakdowns: Mercury has an alert system to signal when a price breakout or breakdown occurs across VWAP, EMA1, and EMA2. This can help in spotting strong directional moves.
Example Application: In my trading, I use Mercury to identify support/resistance zones, confirming trends with EMA/VWAP alignment and using CPR as a checkpoint. I find this especially useful for day trading and swing setups.
Recommended Timeframes:
Day Trading: 5 to 15-minute charts for swift, actionable insights.
Swing Trading: 1-hour or 4-hour charts for broader trend analysis.
Note:
The Mercury Indicator should be used as a supportive tool rather than a standalone strategy, guiding you toward informed decisions in line with your trading style and goals.
EXAMPLE OF TRADE
you can see the cart of XAUUSD on 11th nov 2024
1.SHORT POSITION - TIME FRAME 15 MIN
So here for a short position you need to wait for a breakdown candle which will print in orange post the candle you need to check ema dashboard is completly red that indicates no traffic blocks in your journey to destiny target from ema's and you can take the target from nearest cpr support line
TAKEN IN XAUUSD you can see in chart of XAUUSD on 7th nov
2.LONG POSITION - TIME FRAME 15 MIN -
So here for long position you need to wait for a breakout candle from indicator thats here is blue and check all ema boxes are green and candle body should close above all the 3 lines here it is the both ema 1 and 2 and the vwap line then you can take and entry and your target will be the nearest resistance from the daily cpr
3. STOP LOSS CRITERIA
After the entry any candle close below any of the last line from entry for example we have 3 lines vwap and ema 1 and 2 lines and u have made an entry and the last line before the entry is vwap then if any candle closes below vwap can be considered as stoploss like wise in any lines
The MERCURY indicator is a comprehensive trading tool designed to enhance traders' ability to identify trends, breakouts, and reversals effectively. Created by Dr. Abhiram Sivprasad, this indicator integrates several technical elements, including Central Pivot Range (CPR), EMA crossovers, VWAP levels, and a table-based EMA dashboard, to offer a holistic trading view.
Core Components and Functionality:
Central Pivot Range (CPR):
The CPR in MERCURY provides a central pivot level along with Below Central (BC) and Top Central (TC) pivots. These levels act as potential support and resistance, useful for identifying reversal points and zones where price may consolidate.
Exponential Moving Averages (EMAs):
MERCURY includes up to nine EMAs, with a customizable EMA crossover alert system. This feature enables traders to see shifts in trend direction, especially when shorter EMAs cross longer ones.
VWAP (Volume-Weighted Average Price):
VWAP is incorporated as a dynamic support/resistance level and, combined with EMA crossovers, helps refine entry and exit points for higher probability trades.
Breakout and Breakdown Alerts:
MERCURY monitors conditions for upside and downside breakouts. For an upside breakout, all EMAs turn green and a candle closes above VWAP, EMA1, and EMA2. Similarly, all EMAs turning red, combined with a close below VWAP and EMA1/EMA2, signals a downside breakdown. Continuous alerts are available until the trend shifts.
Real-Time EMA Dashboard:
A table displays each EMA’s relative position (Above or Below), helping traders quickly gauge trend direction. Colors in the table adjust to long/short conditions based on EMA alignment.
Usage Recommendations:
Trend Confirmation:
Use the CPR, EMA alignments, and VWAP to confirm uptrends and downtrends. The table highlights trends, making it easy to spot long or short setups at a glance.
Breakout and Breakdown Alerts:
The alert system is customizable for continuous notifications on critical price levels. When all EMAs align in one direction (green for long, red for short) and the close is above or below VWAP and key EMAs, the indicator confirms a breakout/breakdown.
Adaptable for Different Styles:
Day Trading: Traders can set shorter EMAs for quick insights.
Swing Trading: Longer EMAs combined with CPR offer insights into sustained trends.
Recommended Settings:
Timeframes: MERCURY is suitable for timeframes as low as 5 minutes for intraday traders, up to daily charts for trend analysis.
Symbols: Works across forex, stocks, and crypto. Adjust EMA lengths for asset volatility.
Example Strategy:
Long Entry: When the price crosses above CPR and closes above both EMA1 and EMA2.
Short Entry: When the price falls below CPR with a close below both EMA1 and EMA2.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
Declinazione di responsabilità
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.