Guys, presenting you with one of my favorite custom wrote indicator for intraday. It works best in a 5 min chart. Please use it along with your other favorite indicators to get more reliable results. I generally use this with MA's and have got enough success in this.
Once you get a long/short signal, keep a profit of upto 1.5% and SL of 0.7%. If you see the signals reverse in the subsequent candles itself, then exit the position and go in reverse or wait for a better confirmation.
This indicator basically uses the McGinley dynamic indicator with custom calculations and optimizations to make it more fit for intraday.
great work bro can i have access to this script too infact all great work
MuthiahM
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@vipmen143, Hi. This script is free for everyone to use. You can directly add it to your chart and use it. Thanks.
MuthiahM
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Hi All, Thanks for your support. A few people have asked me on PM on how I use this indicator along with other indicators to create a reliable trading setup. I am sharing here one such setup. In this setup, we will see how this indicator can be used along with VWMA to create reliable signals. What I generally observed is the look back period, needs adjustment based on the volatility of the particular stock. For the "FORTIS" (fortis healthcare) stock which is slightly volatile, i found that the McG with 23 period and VWMA with 14 period works fine. Look at the below image:
All notes are added to the image.
lathashanmugam
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@MuthiahM, Will it get generated during the candle period or post close? Thank you