"(Scalper's Channel) will work on any symbol and time frame. It can be used to either day-trade a one minute chart, swing trade a daily or weekly chart, or trade any other timeframe in between. This indicator remains effective regardless of what timeframe you are looking at. It is composed of three lines - an upper limit, a bottom limit, and a centerline. Stocks will very rarely break the upper or lower limits ((fuschia) lines on the graph), therefore these points make excellent trade entries. If price touches the upper limit, short the stock. If price touches the lower limit, go long on the stock. Very user friendly and easy to use - but the results are fantastic!"
(What about the centerline, what's it useful for? The text didn't explain... looks to be just a reference to the middle point of price) Edit: see also Donchian Channel, looks very similar.
coward_
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thank you sir.It will gratefully accepted if any possible strategy example for this. Below one is reference but needs your touch to make it works very well. Main problem in strategy library is if i'm going to use sma(close,1) instead of "high" or "lower" it will not enter on current bar, it's working for next bar rather then the current bar while backtesting. This is common issue.. How do you deal with that ?
//add this for strategy
hi1=(highest(length))
lo1=(lowest(length))
short1=cross(high,hi1)
long1=cross(low,lo1)
if (long1)
strategy.entry(id = "Long", long = true, when = long1)
strategy.exit("Long TP", from_entry = "Long",profit =250,stop=250)
if (short1)
strategy.entry(id = "Short", long = false, when = short1)
strategy.exit("Short TP", from_entry = "Short",profit =250,stop=250)
QuantitativeExhaustion
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I'll give a try.. Looking for more overlays
michaelturnbuea3c73f70fdc4435
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scalper_line does not plot properly on forex such as AUDUSD.