OPEN-SOURCE SCRIPT
Swing S/R Entry Indicator (5m)
Overview: This is a swing trading Indictor works using support & resistance and market trend, it is designed for all type of markets (crypto, forex, stock etc.) and works on all commonly used timeframes (preferably on 1H, 4H Candles).
How it works:
Core logic behind this indicator is to finding the Support and Resistance, we find the Lower High (LH) and Higher Low (HL) to find the from where the price reversed(bounced back) and also we use a custom logic for figuring out the peak price in the last few candles (based on the input "Strength" ). Based on the multiple previous Support and Resistance (HH, HL, LL LH) we calculate a price level, this price level is used a major a factor for entering the trade. Once we have the price level we check if the current price crosses that price level, if it crossed then we consider that as a long/short entry (based on whether it crosses resistance or support line that we calculated). Once we have pre long/short signals we further filter it based on the market trend to prevent too early/late signals, this trend is calculated based on the value from the input field "Factor". Along with this if we don't see a clear trend we do the filtering by checking how many support or resistance level the price has bounced off.
Stop Loss and Take Profit: We have also added printing SL and TP levels on the chart to make the it easier for everyone to find the SL/TP values. Script calculates the SL value by checking the previous support level for LONG trade and previous resistance level for SHORT trades. Take profit are calculated in 1:1 ratio as of now. can you amek a same indicator for 5 mins chart
How it works:
Core logic behind this indicator is to finding the Support and Resistance, we find the Lower High (LH) and Higher Low (HL) to find the from where the price reversed(bounced back) and also we use a custom logic for figuring out the peak price in the last few candles (based on the input "Strength" ). Based on the multiple previous Support and Resistance (HH, HL, LL LH) we calculate a price level, this price level is used a major a factor for entering the trade. Once we have the price level we check if the current price crosses that price level, if it crossed then we consider that as a long/short entry (based on whether it crosses resistance or support line that we calculated). Once we have pre long/short signals we further filter it based on the market trend to prevent too early/late signals, this trend is calculated based on the value from the input field "Factor". Along with this if we don't see a clear trend we do the filtering by checking how many support or resistance level the price has bounced off.
Stop Loss and Take Profit: We have also added printing SL and TP levels on the chart to make the it easier for everyone to find the SL/TP values. Script calculates the SL value by checking the previous support level for LONG trade and previous resistance level for SHORT trades. Take profit are calculated in 1:1 ratio as of now. can you amek a same indicator for 5 mins chart
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
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.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
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.