This indicator detects Crossovers based on the current trend. It checks wether the current close price is above or below the 200 and therefore decides whether we are in an up- or down trend.
UP-TREND: If the is below 0 and crosses up the signal line, then this is a BUY signal!
DOWN-TREND: If the is above 0 and crosses down the signal line, then this is a SELL signal!
How to trade this:
First rule: Be consistent!
Second rule: You will have lost trades and losing streaks - deal with it!
- First set the SL slightly below the last significant low (eventually add/subtract the ATR value to/from it)
- Then adjust the TP and ALWAYS use a RR ratio of 1.5.
- NEVER get out of the trade earlier
- Take every possible trade!
Important: Money management is key... so be consistent!
Have fun! :)
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.
thanks for your scrip,
just wondering if is there any way you can add a part that plot the EMA 200 on the chart?
as you know on the free version on tradingview you cant add more than 3 indicators,
so it would be great if you can add a scrip that shows the EMA 200 on the chart as well
- If a Buy label is created on the chart, it cannot create another Buy label, unless a Sell label has been created previously?
- If a Sell label is created on the chart, it cannot create another Sell label, unless a Buy label has been created previously?
This would mean there's far less Buy and Sell labels, but if the script was used with an alert, it would only be triggered for one buy, then one sell, so if you were going all-in then it would stop it trying to make repeat buys and sells.