ITG Scalper

Complector Updated   
ITG Scalper by Complector.

Inspired by Juboal-Rabaroansa Perosteck Alseyn Balveda dam T'seif

- I am using a TEMA (triple EMA) to determine the local trend direction and to give buy & sell signals when the trend changes.
- An optional filter, using moving average convergence divergence (MACD), can be switched on to filter out 'false' signals.
- The calculation of the TEMA does not request data from a resolution higher or lower than the resolution of the main charts symbol,
However, the filter function does, if another resolution is chosen for the filter.
- Persistent variables are used for buy and sell prices, enabling color-coding of the sell-signal (profitable or not).

- Color coded TEMA - bullish=green , bearish=red
- Buy/Sell indicator - Sell indicator: green=profit, yellow=loss
- Optional noise filter
- Optional variable time-frame for noise filter

In my experience, the default values works best on the daily time frame. I encourage everyone to experiment with the values for best results.
Using the script on non-standard charts (Heikin Ashi, Renko etc.) can produce unrealistic results.
Using a resolution higher or lower than the main charts symbol for the filter can possibly lead to repainting.

Thanks to Iain M. Banks for making my life richer :-)
Release Notes:
- Added a function for displaying percental change of price since last buy/sell.
- Cleaned up the code and added some remarks.
Release Notes:
- Buy/Sell signal is only given on bar close.
- Changed Buy/Sell signals from text to colored up/down triangles.
Release Notes:
- The percent label change color depending on negative or positive value.
- Selectable use of a) labels w/price (max 50 visible) or b) plotshapes, for buy/sell signals.
- Modified the name of the script.
- Some cleanup of remarks.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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