A few remarks:
- This script does NOT provide trading signals
- Merely points out windows of opportunities - candles with green background. You still need to find the entry in this area yourself. Apply geomeric , use indicators or divergences.
- Windows of opportunities can still go south, use the stop-loss! (and check for divergence)
- The script urges you NOT to trade below ema200 of the 4h timeframe, which is marked with a red background (the most smooh timeframe there is).
- Push yourself to take profits. It is marked with on the cancles to support you. Yes, it could always go higher, but try to avoid to be in a crash (and again, use a stop-loss at all time. You can make it a generous one if you want, fine. As long as you have one.).
The scripts uses and only.
divergence will be added in V2.
disclaimer: yes, not financial advise. It's educational.
- Typos, extended usecase description/purpose.
- Updated the rules on when to show the CONSIDER and DON'T TOUCH labels.
- Improved the CONSIDER and DON'T TOUCH LABEL (will add divergence to it to filter it even better - e.g. not to touch it after a for a longer time after a bearish divergence)
- the EMAs are now fixed to hourly. Use the hourly timeframe for best results.
- Updated BTC chart to make it more clear how it works
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.