B-Xtrender By Neal inspired from @Puppytherapy

8 ore fa

Thanks to @puppytherapy for creating the original B-Xtrender indicator, available at this link: B-Xtrender by QuantTherapy

I played around the code to have entry and exit condition. The B-Xtrender QuantTherapy
indicator is a momentum-based tool designed to help traders identify potential trade opportunities by tracking shifts in market momentum. Using a smoothed momentum oscillator, it detects changes in trend direction and provides clear signals for entry and exit points.
Features

1. Momentum Detection:
   Tracks market momentum using the BX-Trender Oscillator.
   Green bars indicate bullish momentum, while red bars indicate bearish momentum.
   Lighter shades of green/red reflect weakening momentum.
   
   
2. Entry and Exit Signals:Entry Condition: A long trade is triggered when the oscillator changes from red to green.
   Exit Condition: A long trade exit is triggered when the oscillator changes from green to red.
   
3. Dynamic PnL Calculation:
   Automatically calculates profit or loss in percentage (%) when a trade is exited.
   Positive PnL values are prefixed with `+`, and negative values are shown as `-`.
   
   
4. Clear Visualization:
   Bar chart-style oscillator in a separate pane for better trend visualization.
   Trade labels on the main price chart for clear entry and exit points.
   

Inputs

1. Short-Term Momentum Parameters:Short - L1: Length of the first EMA for short-term momentum calculations.
   Short - L2: Length of the second EMA for short-term momentum calculations.
   Short - L3: RSI smoothing period applied to the short-term momentum.
   
2. Long-Term Momentum Parameters:
   • Long - L1: Length of the EMA for long-term momentum calculations.
     
   • Long - L2: RSI smoothing period applied to the long-term momentum.
     

Entry and Exit Logic

1. Entry Condition:
   A long trade is triggered when:
   The BX-Trender Oscillator changes from red to green.
   This shift indicates bullish momentum.
   
2. Exit Condition:
   A long trade exit is triggered when:
   The BX-Trender Oscillator changes from green to red.
   This shift indicates a loss of bullish momentum or the start of bearish momentum.
   
3. PnL Calculation:
   When exiting a trade, the indicator calculates the profit or loss as a percentage of the entry price.
   
   • Example:
     
     • A profit is displayed as +5.67%.
       
     • A loss is displayed as -3.21%.
       

Visualization

1. Oscillator Bars:Green Bars: Represent increasing bullish momentum.
   Light Green Bars: Represent weakening bullish momentum.
   Red Bars: Represent increasing bearish momentum.
   Light Red Bars: Represent weakening bearish momentum.
   Just make sure that you checked off the B-Xtrend oscillator off from the style so chart can be active
   
2. Trade Labels:Entry Labels: Displayed below the candle with the text Entry, long [price].
   Exit Labels: Displayed above the candle with the text Exit [+/-PnL%].
   
3. Bar Chart Pane:
   The oscillator is displayed in a separate pane for clear trend visualization.
   

Default Style

1. Oscillator Colors:Green for bullish momentum.
   Red for bearish momentum.
   Light green and light red for weaker momentum.
   
2. Trade Labels:
   • Green labels for entries.
     
   • Red labels for exits, with percentage PnL displayed.
     

Use Cases

1. Momentum-Based Entries:
   Detects shifts in momentum from bearish to bullish for precise trade entry points.
   
   
2. Trend Reversal Detection:
   Identifies when bullish momentum weakens, signaling an exit opportunity.
   
   
3. Visual Simplicity:
   Offers an intuitive way to track trends with its bar chart-style oscillator and clear trade labels.
   

This indicator doesn't indicate that it will work perfectly. More updates on the way.

8 ore fa

Note di rilascio

Just updated the name