kaaiii

Scalpy

Scalpy is made up of a 2 main parts.

- The cloud comprising of a 10 period SMA and a 30 period SMA .

- When the cloud is green you should be looking for long entries.
- When the cloud is red you should be looking for short entries.
- Price is most bullish above a green cloud and most bearish below a red cloud.
- Being within the cloud indicates indecision.

The blue and white lines on the indicator show the relationship between price and momentum.
They can be used to spot reversals in two ways:

- The first is a divergence between price (blue line) and RSI (white line)
- If the price makes a lower low but the RSI makes a higher low this shows the trend is weakening and may be reversing soon (as can be seen by the two yellow lines on the chart).

The second is a simple crossover:
- When the white line crosses the blue line to the upside this signals a long entry.
- When the white line crosses the blue line to the downside this signals a short entry.
Open-source script

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.

Want to use this script on a chart?

Comments

Awesome script! I'm a newbie when it comes to this, and I've been trying to add the Money Flow Index to this (not as a separate indicator).

Then I'd like to set an alert when the 10 crosses the 30 and the MFI is above 75. Tradingview doesn't allow this natively, unfortunately.

By adding the MFI, there's less chance of a false positive. This because I have noticed the MFI is below 75 when there's no real outbreak, and above when there is.

Hope you can help with this? :)
+2 Reply
kaaiii ripburger
@ripburger, Sure. Sorry I missed your message. I'll see if I get time to update the script tonight.

The issue with adding indicators such as RSI or MFI to the chart is that you need to normalise them to the price values so 75 will become another value such as 9000. If you don't do this it'll be out of scale and basically invisible on the chart.
Reply
When scalping a stock, what time should be set ?
It gives the option of one minute to much longer times.

Thanks
+2 Reply
Hi @Vsk2,
I've been using it mostly to trade forex & crypto basing my trades off the 15min chart but making sure the trend is not contradicting the higher timeframes.

See the video I created as a rough guide for how I use it to give you some ideas: https://www.youtube.com/watch?v=3Kb_sqAUX4A

Cheers
Reply
@Vsk2, The question is: I am not fluent in scripting and I want to check this your promising one... what I ahve to do in Metaeditor? I have no idea. Could you help and provide ready to use MQ4 version?
Sincerely, Marek
Reply
kaaiii ticks4FX
@ticks4FX, I'm not sure I understand your question? If you want to add it to a chart the easiest thing to do is to press the star at the top of the code section on this page. This will add it to your favourites and then from the TradingView chart you can easily find it in your favourites list
Reply
kaaiii kaaiii
Not sure how useful this will be since it's hard to get a reference on the MFI due to normalising it. @ripburger
Reply
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