This is the updated version of the MAC cross Short/ Long indicator i had posted earlier in 2022.
This script includes a RSI and EMA of the RSI with fixed OB and OS Levels.
The purpose is to refine the amount of trades taken from the moving average cross on the 30 minute timeframe.
In the overlay, the red and green dots indicate weather the moving cross is a long or a short signal.
The theory when back tested is:
When the short signal is given, the EMA must be below 30 to enter a short.
When the long signal is given, the EMA must be above 64 to enter a long, anything in between is a false signal.
Only the first dot is meant to be a long or a short signal, not meant to be interpreted as being consecutive.
The data window is meant to be built in a way to easily set up indicators or strategies using Tradelab.ai software.
This script includes a RSI and EMA of the RSI with fixed OB and OS Levels.
The purpose is to refine the amount of trades taken from the moving average cross on the 30 minute timeframe.
In the overlay, the red and green dots indicate weather the moving cross is a long or a short signal.
The theory when back tested is:
When the short signal is given, the EMA must be below 30 to enter a short.
When the long signal is given, the EMA must be above 64 to enter a long, anything in between is a false signal.
Only the first dot is meant to be a long or a short signal, not meant to be interpreted as being consecutive.
The data window is meant to be built in a way to easily set up indicators or strategies using Tradelab.ai software.
Release Notes:
Reformated to be clearer. In addition added ta.cross to only give the signal to long or short when these conditions are met:
RSI must be above 64
EMA lines must cross
Only provide a signal when at the same time.
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Previous version showed green and red dots continuously because the cross was always true. Now that has been refined this indicator can properly give a signal only when the above conditons are met and will properly work with alerts.
RSI must be above 64
EMA lines must cross
Only provide a signal when at the same time.
|
Previous version showed green and red dots continuously because the cross was always true. Now that has been refined this indicator can properly give a signal only when the above conditons are met and will properly work with alerts.
Release Notes:
Additions to the script envolve placing the dot indications to the candle sticks while removing visibility to the RSI cross. The Vwap was also added into the equation to refine the entries on the lower time frame. Due to this, ideally this strategy can best be applied on the 1 hr and below due to the Vwap reset on a daily basis. While coupling this with a longer down trend utilizing a 200 EMA as an example.
To better understand the condition for the signals are on line 56 or 63. Take the "long" and "short" as a grain of salt and you define what the signal means depending on your strategy.
To better understand the condition for the signals are on line 56 or 63. Take the "long" and "short" as a grain of salt and you define what the signal means depending on your strategy.