PROTECTED SOURCE SCRIPT
Venky's Scalping Signals
Updated
This indicator developed specifically for the use of scalping trading.
This is combination of Most powerful indicators available in the market
1. Central Pivot Range
2. Moving Average
3. Average True Range
All the above indicators are available independently, but as per my experience combination of all these will be very good support for scalping.
How to trade this setup.
Moving Average: Look for only Long trades when market is above 200 EMA and vice versa.
4 Types of EMA can be added, Standard values kept as 8, 20, 50 & 200 for identifying scalping entry
Enjoy the ride till price does not close below/upper of EMA 8.
20 EMA can be used in trending market to re-enter a trade when price takes support or rejection from 20 EMA near an important pivot zone.
Central Pivot Range: This will indicate the immediate support and resistance zones, and we can fix our entry and exit accordingly.
Available timeframes (change in inputs tab): Daily-D, Weekly -W, Monthly -M
Change from Standard Pivots / Camarilla Pivots is possible
Tomorrow pivot is added to give a framework to plan trades to carry over for the next day.
Average True Range: This indicates the market direction and look for Long trades while the market is trading above ATR curve.
if there is a signal at important Pivot points, it can prove to be a high probability trade.
For best results and trending move, if all the signals are in the same direction, it will have a most trending move on the day.
This indicator works on all time frame, but be sure that all the 3 signals are in the same direction before entering the trade.
For Long Entry
Best Time Frame = 4 Mins
ATR Line should be Green
Price to be above ATR Line
Market should be above 200 & 50 Moving Average (If from bottom 200, 50, 20 & 8 then it will excellent most probable profitable entry)
Buy signals (Yellow Up arrow mark) appears, Immediately enter the market, or you can wait for candle close.
Exit when Exit signal (Yellow Down Arrow mark).
Stop Loss - Normally entry candle low, and you can trail stop loss for every next candle low.
For short Entry
Best Time Frame = 4 Mins
ATR Line Should be Red
Price to be below ATR Line
Market should be below 200 & 50 Moving Average (If From Top 200, 50, 20 & 8 then it will excellent most probable profitable entry)
Sell Signals (Yellow Down Arrow Mark) appears, Immediately enter the market, or you can wait for candle close.
Exit when Exit signal (Yellow Up Arrow Mark).
Stop Loss - Normally entry candle low, and you can trail stop loss for every next candle low.
Trading psychology is important, if market above 200 Moving average, look for only Long Trades.
If market below 200 Moving average, look for only Short Trades.
This is combination of Most powerful indicators available in the market
1. Central Pivot Range
2. Moving Average
3. Average True Range
All the above indicators are available independently, but as per my experience combination of all these will be very good support for scalping.
How to trade this setup.
Moving Average: Look for only Long trades when market is above 200 EMA and vice versa.
4 Types of EMA can be added, Standard values kept as 8, 20, 50 & 200 for identifying scalping entry
Enjoy the ride till price does not close below/upper of EMA 8.
20 EMA can be used in trending market to re-enter a trade when price takes support or rejection from 20 EMA near an important pivot zone.
Central Pivot Range: This will indicate the immediate support and resistance zones, and we can fix our entry and exit accordingly.
Available timeframes (change in inputs tab): Daily-D, Weekly -W, Monthly -M
Change from Standard Pivots / Camarilla Pivots is possible
Tomorrow pivot is added to give a framework to plan trades to carry over for the next day.
Average True Range: This indicates the market direction and look for Long trades while the market is trading above ATR curve.
if there is a signal at important Pivot points, it can prove to be a high probability trade.
For best results and trending move, if all the signals are in the same direction, it will have a most trending move on the day.
This indicator works on all time frame, but be sure that all the 3 signals are in the same direction before entering the trade.
For Long Entry
Best Time Frame = 4 Mins
ATR Line should be Green
Price to be above ATR Line
Market should be above 200 & 50 Moving Average (If from bottom 200, 50, 20 & 8 then it will excellent most probable profitable entry)
Buy signals (Yellow Up arrow mark) appears, Immediately enter the market, or you can wait for candle close.
Exit when Exit signal (Yellow Down Arrow mark).
Stop Loss - Normally entry candle low, and you can trail stop loss for every next candle low.
For short Entry
Best Time Frame = 4 Mins
ATR Line Should be Red
Price to be below ATR Line
Market should be below 200 & 50 Moving Average (If From Top 200, 50, 20 & 8 then it will excellent most probable profitable entry)
Sell Signals (Yellow Down Arrow Mark) appears, Immediately enter the market, or you can wait for candle close.
Exit when Exit signal (Yellow Up Arrow Mark).
Stop Loss - Normally entry candle low, and you can trail stop loss for every next candle low.
Trading psychology is important, if market above 200 Moving average, look for only Long Trades.
If market below 200 Moving average, look for only Short Trades.
Release Notes
This update includes1. Dynamic Support and Resistance
Green Dotted line - Support line with value
Red Dotted line - Resistance line with value
Kindly note - as per market movement support may change to resistance and vice versa
Trade accordingly.
Release Notes
As many of them requested to add Entry and exit alert signals, now we have added the following alerts1. Stop Loss Alert
2. Final Stop Loss Alert
3. Baseline Buy Entry
4. Baseline Sell Entry
5. Exit Sell
6. Exit Buy
7. Support Broken
8. Resistance Broken
You can use these alerts by setting alert in Trading view platform, Enjoy Trading....
Release Notes
Dear Traders,Sideways indication is added,
(ie) During market sideways Yellow Candle will be on display avoid entries.
EMA range modification is removed.
Happy trading
Release Notes
Dear Traders,As most of them requested, the following features added again.
1. 4 Editable EMA.
2. Buy, Sell, Stop loss & Exit Alerts.
Happy Trading
Release Notes
Dear Traders,Bugs fixed and color candles removed.
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Disclaimer
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