The algorithm script is based on a momentum oscillator and strategy to identify trends and reversals. The indicator can be incredibly reliable to determine the trend strength and direction.
Super Alpha generates signals for when to initiate new positions or determines when an existing trend is about to reverse in order to close positions. The "Noise reduction"-filter has been implemented to filter false signals.
The indicator was originally developed for long strategies (+), but it can also be used just as well for short positions (-).
The Super Alpha indicator can be used on all time frame charts and instrument types.
It is important that you adjust and optimize the indicator settings for the instrument and time frame you are trading. Each financial instrument has its own rhythm, so you need to adjust and fine-tune settings to optimize the trading signals. You can tune and tweak the indicator settings to improve signal generation accuracy. Settings can sometimes be very individual, depending on your trading style and time frame used.
The default settings of the Super Alpha indicator are optimized for use on all time frames. If you use the indicator to trade lower or higher time frames, you may need to adjust the default settings to optimize it for your trading style and instrument type.
How to use:
1. Use on any instrument and time frame (fine-tune Settings).
2. When ‘Buy’ signal is confirmed (Green triangle, up ▲) –> enter Long position.
3. When ‘Exit’ signal is confirmed (Red triangle, down ▼) –> exit Long position (or go Short).
4. Exit also when -> trade hits your profit target/limit or stop loss (determined by user).
IMPORTANT: Wait for close to ensure signal is a confirmed signal!
Exactly how the indicator is used varies from trader to trader. When interpreted correctly, a trader can initiate new positions in the direction of the new trend and exit before the trend reverses. It can be used as a scalping tool in shorter time frames, but also as a timing indicator for day trading or swing trading strategies.
This indicator has been developed to work with regular bar candles, but we also recommend that you use it with Heikin Ashi candles or Line Break bars to filter out as much noise as possible and as these often have an improved ability to capture high-quality trends.
⚠ If you are new to trading and/or in general, we always recommend a demo account (“paper-trading”) until you become familiar with how to use the indicator.
Super Alpha is a non-repainting indicator (meaning that signals do not change or disappear after bar close).
When using the Alert function, use the “Once Per Bar Close” configuration and wait for bar close to confirm entry/exit signal.
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 TradingCanyon for more information, or follow the author's instructions below.
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