NorthStarDayTrading

NSDT Scalping Channel

This script uses the highs and lows of the candles (instead of the close) to make a "channel" to reference while scalping.

Use the green lower line as a guide to go long and the red upper line as a guide to go short. You may use the lines as potential entry points and direction but you may want to consider exiting before the opposite colored line prints, as that may be too late. As always, entries and exits are at the discretion of each trader.

You will need to adjust the "Line Spacing" settings as you change instruments, chart timeframes, and/or volatility increases/decreases.
Release Notes: By request, added the ability to set alert for long or short condition.
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Comments

Hi! I appreciate the script. I was wondering if it is possible to make the alert go off just when it changes condition. Currently it goes off once per bar or bar close or once every 1 minute but I would love to just get an alert when it changes from green to nothing etc. Thanks so much!
Reply
since it is based on high and low so probably can repaint within candle. recommended after close ? anything else for taking trade based on it ?
Reply
@daytraderph, The entries will vary from person to person. I suggest waiting for the candle to close to get an accurate print. Also, consider entering when the color opposite your position direction is gray. For example, if you are interested in a long position, consider entering when the lower line in green and upper line is gray (not red). Good luck.
+2 Reply
daytraderph NorthStarDayTrading
@NorthStarDayTrading, thanks you idea and explanation is cool . i made a study to show actual buy and sell but it creates noise .. looks like everything works on just trending markets only .
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daytraderph NorthStarDayTrading
i like the name of your account much , it's viking of own type :) @NorthStarDayTrading,
Reply
can you make it any alert about the color change of ema line?
Reply
@Rolypop, Alertcondition added per request
+2 Reply
great! thkx!!
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@bernylr1984, You're welcome
Reply
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