This indicator is an implementation of the Bollinger Band and Awesome Oscillator Scalping system.
This technique is for those who want the most simple method that is very effective. It is BEST traded during the busiest trading hours, 3am to 12am EST NY time. This method doesn't work in sideways markets, only in volatile trending markets.
Time Frames: 1, 5, 10, 15 ,30 min. Currency pairs: majors.
Other Chart indicators:
Add Awesome Oscillator.
Optionally Add Squeeze Indicator.
Here's the strategy:
Going LONG: Enter a long position when the black 3 EMA has crossed up through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zeroline, going up. This is indicated by "Buy" alert.
Going SHORT: Enter a short position when the black 3 EMA has crossed down through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zero line, going down. This is indicated by the "Sell" Alert.
Take profit: 10-20 pips depending on pair or When Awesome Oscillator turns a different colour.
HINTS: Best trades tend to occur when price reversing bounce off outer band and outside the Optional Bollinger Squeeze indication.
Release Notes
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Added optional extra condition that the signal candle close price must stay within the Bollinger Bands. This helps remove some of the oversized signal candles, these candles have a lower success probability.
Added Alarm system Alerts for BUY and SELL. This helps with automation, however, if you use the optional BB filter you will not get a complete buy/sell sequence, that is you may get multiple Sell's or Buy's before a change of direction.
Release Notes
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Added optional BB squeeze filter. The squeeze Algo is based on the current relative width of the BB, this squeeze Algo is NOT based on the LazyBear Algo.
Release Notes
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Converted to Pinescript V4
Release Notes
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Modified "alertcondition" calls to include the close placeholder, this forces the compiler to recognize the alert as a placeholder style alert (V4 Pinescript) and other placeholders can be accessed in the alarm message.
Hi, is I'm looking to use this with Autoview to automate my trades. Is there any way to add an alert for when the buy/sell signals appear? Thanks
MDicko123
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I'm currently testing out your Bollinger Awesome Alert R1 strategy, it looks great however I'm trying to implement TV alerts for the BUY and SELL alerts. I've added alerts using 'BAWE alert - Breakout Down' for sell alert and 'BAWE alert - Breakout Up' for a buy alert.
The problem seems to be that when a line crosses up or down, both alerts are triggered. I am planning to test this out with a bot however the alerts will only block each other. For some reason, the line crossing up seems to also trigger a down/sell alert and vice versa.
Is there perhaps a workaround this, does the crossing know the difference between going up or down at all?
Thanks for your time, look forward to hearing from you! :)
JustUncleL
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@MikeDickens, You should only need to add two extra alertcondtion() calls to generate the association alerts for the TradingView Alarm subsystem, something like this after line 113
@JustUncleL, That worked perfectly. Thank you so much!
caimano
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@MikeDickens, add this to my Autoview for this freaking sideways market. HOw you have set the alert:
Breakout down ----> BBAWE down ----->trigger buy order
Breakout up ---->BBAWE up ------->trigger sell order?
any suggestion?
MDicko123
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@caimano, That should work. I've not used it for a few months to be honest. Just have to play around with it to see what works.
ernie76
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justuncle let me have your opinion is this indicator better to use in 5minutes or 15minutes?and to utilize this indicator if we see the buy or sell signal we have to wait for the candle to close for confirmation and take a trade on the next candle am i right thanks
JustUncleL
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Same Chart but with Bollinger Squeeze indicator, it indicates when not good to trade during squeeze (fuchsia +) areas:
JustUncleL
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@JustUncleL, With the above chart, you can leave the AO indicator off your chart, the squeeze indicator can serve a dual purpose as it is also shows a Momentum histogram that is almost the same as the Awesome Oscillator.
ernestovaras
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@JustUncleL, Where do i find the bollinger squeeze indicator thx