It's main goal is to provide a fast and reliable visual representation of the current price action and possible entry and exit points for trades.
Explanation of the individual functions:
The indicator includes 2 different functions:
1) The crayons (colors of the candles) show the current state of price action and trend
and can be used to find oversold or overbought areas as well price reversal points.
The colors can be turned off and/or changed in the settings.
2) The signals that can be used to enter or exit trades. There are 4 different types of signals:
Mini signals, high/low timeframe signals and special signals.
All of them can be turned on and off in the settings.
There are 3 general colors, gray, green and red.
- Red signals a general downtrend,
- Green a general uptrend,
- Gray sideways action.
There are also multiple other colors to visualize special situations:
- Blue signals overbought areas
- Orange signals oversold areas
- Yellow and purple signalling heavy oversold areas and a possible trend reversal to the upside
- Dark Green signals heavy overbought areas and a possible trend reversal to the downside (Also marked with "R")
Those are weighted indicators of heavy dumping/pumping. I implemented them to signal higher than
average which dan be useful when looking for breakouts/-downs or to avoid fomoing into huge pumps or dumps
As mentioned above, there are 4 different signal categories.
Signals for Lower Timeframes (5-30m) and Higher Timeframes (1h-D), special signals working on all timeframes
and mini signals which can be taken as TP points but also as entry points for trades.
The placement of the signals shows if it's a "BUY" (below the candles) or a "SELL" (above the candles).
Even-though signals are named "LTF signals", from my experience they can be used on all timeframes.
HTF signals do not work as good on lower timeframes.
For the best visualisation, disable candle borders in settings and turn the wick color to gray.
!! DISCLAIMER !!
All of these signals and bar colors are just visual helpers to find possible entry and exit points for your trades
and to get a quick overview of the current market conditions.
I would always recommend to use at least some basic in combination.
And as always in trading, please use proper risk management! None of these signals can an will be 100% accurate!
!! All of these signals and colors are only valid AFTER candle close !!
!! This indicator is NOT repainting !!
Please don't use the comment section to ask for access to this indicator, you can always write me a PM.
All symbols above the candles are Sell/Short signals
All symbols below the candles are Buy/Long signals
From my experience and testing:
Green and Red "L/S"s are work best on lower timeframes (15min-2h) but work also on higher timeframes
esp. when prices dump or pump very hard.
Blue and Orange "L/S"s are meant to be used on higher trimeframes, the alogrithm uses mostly filtered moving averages and on current settings
it's designed for timeframes 4h or more.
The small red and green triangles work on all timeframes but are more meant to be "take profit" points rather than entries. If other technical analysis
suggests a good entry, you can use these as a secondary method for more confidence.
The purble "L" is a special buy/long signal designed to catch deep wicks/dumps to get confidence when to buy into a dip.
* Minor improvements to signal conditions.
* Changed the style of the signals to a more sleek look
* Removed the purple Long because it was just to unreliable imo
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact vincentruoka for more information, or follow the author's instructions below.
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To get access to this indicator please write me a private message here or on twitter @vincentruoka or visit: https://www.patreon.com/vincentruoka
Warning: please read before requesting access.