Everything you see in this indicator has been designed with a single purpose, to ease your trading with simplify visual of the market. It pulls data from 7 different TimeFrames and it can not be more simpler visual representation of its calculations when applied on chart.
When applied on chart, you will see GREEN/RED alternating MTF line and its 70 overbought area and its 30 oversold area. There is a gentle purple colour line in the background which represents line of the current TF (it is not crucial but it helps to know why MTF line turns RED or turns GREEN (crossing of those two).
HOW TO USE IT?
Choose the best TimeFrame for the job. I use: 1min, 2min, 3min, 5min, 8min, 13min, 21min, 34min or 56min (golden ratio). You can also pick a different TF but only to up to 1h TF chart as it does not work well with TF over 1h. Smaller TF is used for SCALPING of DAY TRADING higher TF is used for SWING TRADING. You get the picture?
TO ENTER BUY/LONG POSITION: search for HigherLows on MTF GREEN/RED LINE when it is coloured RED. To enter a position it should be confirmed with AALERT :: ALLinDivergence v 10.0 that "GREEN" Divergence is emerging.
TO ENTER SELL/SHORT POSITION: search for LowerHighs on MTF GREEN/RED LINE when it is coloured GREEN. To enter a position it should be confirmed with ALERT :: ALLinDivergence v 10.0 that "RED" Divergence is emerging.
EXIT FROM BUY/LONG POSITION: search for HigherLows on MTF GREEN/RED LINE.
EXIT FROM SELL/SHORT POSITION: search for LowerHighs on MTF GREEN/RED LINE.
Do not rush to enter a position and try to predict what indicator will do next. It does not end well.
Be aware you are not exiting a position in panic that would be too soon or even worse, you get married to bad trade and you are not exiting even though you should exit by many signals you get.
Use risk management strategy to protect your capital.
Follow the rules and make your trading easier and better.
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 igorbanker for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it until you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Public Library.
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