INVITE-ONLY SCRIPT
Updated Impulse Master [CastAwayTrader]
This indicator detects completed impulsive (trending moves). Quite often completion of an impulsive move up creates a lasting Top and completion of an impulsive move down creates a lasting Bottom.
When you use that indicator you should always remember that:
1. Once we get the "Top" signal, we need to consider three distinct scenarios:
1.1. "Breakout":
The resistance created by the top of the completed impulsive move gets broken, and the rally extends, making another impulsive move up. Quite often, this extended move up comes as an accelerated rally.
1.2. "Bearish Reversal"
A completed rally, marked by the "Top" signal, can be followed by a strong bearish reversal and an impulsive move down.
1.3. "Boring directionless consolidation"
A completed impulsive move up can be followed by a range-bound, shallow consolidation (the most common scenario).
2. Once we get the "Bottom" signal, we need to consider three distinct scenarios:
"Breakdown Reversal":
The support created by the bottom of the completed impulsive move gets broken, and the decline extends, making another impulsive move down. Quite often, this extended move down comes as an accelerated sell-off.
2.2. "Bullish Reversal":
A completed decline, marked by the "Bottom" signal, can be followed by a strong bullish reversal and an impulsive move up.
2.3. "Boring Directionless Consolidation":
A completed impulsive move down can be followed by a range-bound, shallow consolidation (the most common scenario).
This indicator is solely for informational purposes, shall not be considered a complete trading system, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.
The indicator provides trade set-ups and alerts that are for educational and hypothetical purposes only and shall not be considered trade recommendations.
Any signals or trading setups drawn by the indicator is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the indicator must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
CastAway Trader LLC, the publisher of this indicator is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority.
CastAway Trader LLC reserves the right to un-publish this indicator or change it without any written notice.
Past results are not indicative of future profits.
When you use that indicator you should always remember that:
1. Once we get the "Top" signal, we need to consider three distinct scenarios:
1.1. "Breakout":
The resistance created by the top of the completed impulsive move gets broken, and the rally extends, making another impulsive move up. Quite often, this extended move up comes as an accelerated rally.
1.2. "Bearish Reversal"
A completed rally, marked by the "Top" signal, can be followed by a strong bearish reversal and an impulsive move down.
1.3. "Boring directionless consolidation"
A completed impulsive move up can be followed by a range-bound, shallow consolidation (the most common scenario).
2. Once we get the "Bottom" signal, we need to consider three distinct scenarios:
"Breakdown Reversal":
The support created by the bottom of the completed impulsive move gets broken, and the decline extends, making another impulsive move down. Quite often, this extended move down comes as an accelerated sell-off.
2.2. "Bullish Reversal":
A completed decline, marked by the "Bottom" signal, can be followed by a strong bullish reversal and an impulsive move up.
2.3. "Boring Directionless Consolidation":
A completed impulsive move down can be followed by a range-bound, shallow consolidation (the most common scenario).
This indicator is solely for informational purposes, shall not be considered a complete trading system, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.
The indicator provides trade set-ups and alerts that are for educational and hypothetical purposes only and shall not be considered trade recommendations.
Any signals or trading setups drawn by the indicator is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the indicator must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
CastAway Trader LLC, the publisher of this indicator is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority.
CastAway Trader LLC reserves the right to un-publish this indicator or change it without any written notice.
Past results are not indicative of future profits.
Release Notes
v.2 published on June 19, 2023Refined conditions and the way how labels are drawn
Release Notes
v.3. June 19, 2024Added "Breakout" and "Breakdown" labels
Release Notes
v.2 published on June 21, 2024Added "Buy PB" and "Short PB" signals. They can be activated / deactivated in the menu by clicking a check box "Detect Pullbacks"
Release Notes
v2.1. fixed a bug in drawing labelsRelease Notes
v.3 published on Jun 22, 2024Added detection of starting impulsive/trending moves. The algo will be drawing small boxes. I called them "Impulse Start"
You can consider going Long when price goes over the top of the green box and you can go Short when price goes under the low of a small red box.
Release Notes
Dec 24, 2024Update draws Supply and Demand zones
Release Notes
4.2 published on Dec 25, 2024One of the key additions is the trend band, which dynamically changes color based on the trend direction. In my opinion, this feature adds significant value, as it not only provides a clear visual cue for the trend direction but also highlights zones where it makes sense to utilize pullbacks to open positions in the direction of the trend.
Additionally, I’ve added two new types of signals:
Red "Short Re-test" signals for bearish pullbacks.
Green "Long Re-test" signals for bullish pullbacks.
As a strong advocate of opening positions on pullbacks to catch the continuation of trending moves, these signals help pinpoint potential entry points with precision.
Another enhancement is the inclusion of support and resistance lines:
Lines drawn from the bottom of a pullback (marked by the green "Long Re-test" signal) serve as critical support levels.
Lines drawn from the top of a bullish pullback (marked by the red "Short Re-test" signal) act as critical resistance levels.
Release Notes
Release v.4.3added floating labels showing support / resistance and Key Support and Key Resistance
Release Notes
Dec 27, 2024fixed bugs in the way how Support/Resistance is displayed
Release Notes
published v.4.32 to fix a bug with labelsRelease Notes
Jan 14, 2025improved the way how info labels for Supply and Demand zones are printed
Release Notes
updated 16 Jan, 2025added alerts for "Short re-test" and "Long re-test" signals
Release Notes
v.4.4, published 1-16-2025, improved Breakout and Breakdown signals,
added alerts for Breakouts and Breakdowns
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Disclaimer
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