Category: Scalping, Trend Following, Mean Reversion.
Timeframe: 1M, 5M, 30M, 1D depending on the specific technique.
Technical Analysis: The indicator supports the operations of the trader named "Scalping The Bull" which uses price action and exponential moving averages.
Suggested usage: Altcoin showing strong trends for scalping and intra-day trades. Trigger points are used as entry and exit points and to be used to understand when a signal has more power.
It is possible to identify the following conformations:
- Shimano: look at the price records of a consecutive series of closings between the 60 and the 223 when a certain threshold is reached. Use the trigger points as price structures to identify entry and exit zones (e.g. breakout of the yesterday high as for entry point) .
- Bomb: look at the price registers a percentage variation in a single candle, greater than a threshold such as 2%, in particular on shorter timeframes and around the trigger points.
- Viagra: look at there is a consecutive series of closes below the 10.
- Downward fake: look when, after a cross under (Death Cross), the price returns above the 223 using the yesterday high as a trigger point.
- Emergence: look at the 60 is about to cross over the 223.
- Anti-crossing: look at, after an important price rise and a subsequent retracement, the 60 is about to cross under the 223 but a impulse brings the price back above the EMAs.
- For Sales: look at two types of situations: 1) when the price falls by more than 10% from the opening price and around the yesterday’s low or 2) when the price falls and then reaches, in the last 5 days, a bigger percentage and then breaks a trigger point.
- Colour change: look at the opening price of the session - indicated as a trigger point.
- Third touch of 60: look for 3 touches below the 60, and enter when there is a close above the 60.
- Third touch of 223: look for 3 touches when there are 3 touches below the 223, and enter when there is a close above the 60.
- Bud: look at price when it crosses upwards the average 10 and subsequently at least 2 "rest" candles are between the maximum and minimum of the breaking candle.
- Fake on 10: look for the open of a candle higher than the 10, the minimum of the candle lower and the closing price returns above the 10..
For Stop Loss and Profit Targets consider a proper R/R depending on Risk Management, using price structures such as the low of the entering candle and a quick Position Management moving quickly the Stop-Loss at Break-Even.
- EMA: The indicator automatically configure itself on market it knows (Binance, Piazza Affari and NASDAQ) otherwise it can be configured manually fo Crypto market (5/10/60/223) or Stock Market (5/10/50/200).
- Additional Average: You can display an additional average, e.g. 20-period average.
- Session Separators: indicates the beginning of the current session (in blue)
- Background: signals with the background in green an uptrend situation ( 60 > 223) and in red background a downtrend situation (60 < 223).
- Today's highs and lows: draw on the chart the opening price of the daily candle and the highs and lows of the day (high in purple, low in red and open in green)
- Yesterday's highs and lows: draw on the chart the opening price of the daily candle, the highs and lows of the previous day (high in yellow, low in red).
- Massimo: for refactoring and suggestions.
- Calculation and optimization
- Label updates
- Better detection of EMA periods
- Shows the gaps (between orange line and green line)
- General improvements:
- Better selection of the market type
- Labels for Trigger Points
- Twitter https://twitter.com/thesocialcrypt0?lang=en
- Reddit https://www.reddit.com/user/TheSocialCryptoClub/
- Telegram https://t.me/joinchat/StkXJMYIPiypmKT2
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.