OPEN-SOURCE SCRIPT
Entry Fragger
Updated
Entry Fragger is a simple buy signal indicator.
It is most suitable for cryptocurrency, especially for altcoins on the 5 minute to daily timeframe and is based on simple volume calculations, in combination with EMA's.
Main Signal Logic explained:
A buy signal is generated by counting candles with an above average sell volume of 130% to 170%, taking into account the candles position below and above the 50 and 200 EMA.
If criteria meet, the first green candle above the 50 EMA's suggests upcoming higher prices.
The indicator has 2 input variables.
There are no generally suitable default numbers for those 2 inputs, those have to be tested out, depending on cryptocurrency and timeframe.
The calculation is very basic, the underlying idea being, market maker initiating range breakouts through rapid increase of volume above or below the EMA's .
Example settings:
SOLUSDT: Signal Confirmations: 2, Volume Calculation Base 13.
SOLUSDT: Signal Confirmations: 0, Volume Calculation Base 20.
As you can see it affects signals quite a lot, but staying accurate.
Finetune the inputs to your preference.
Risk to Reward, Stoploss, Take Profit, position sizing, etc... is up to the user.
Recommended entry is to wait for following candle closes, entering half of the candle size and setting Stoploss outside the structure, like this:
Or right below the candles open, for safety.
It is most suitable for cryptocurrency, especially for altcoins on the 5 minute to daily timeframe and is based on simple volume calculations, in combination with EMA's.
Main Signal Logic explained:
A buy signal is generated by counting candles with an above average sell volume of 130% to 170%, taking into account the candles position below and above the 50 and 200 EMA.
If criteria meet, the first green candle above the 50 EMA's suggests upcoming higher prices.
The indicator has 2 input variables.
- "Signal Confirmations (0 - 7):" Changes signal accuracy by a defining an ammount of high sell volume candles necessary below the 50 EMA.
- "Volume Calculation Base (9 - 200):" Sets the exponential volume multiplier, this affects candle coloring and the volume calculation inside the candle.
- "Style Settings": Turn ON/OFF Signals, Cloud, Bar Coloring, EMA's, etc...
There are no generally suitable default numbers for those 2 inputs, those have to be tested out, depending on cryptocurrency and timeframe.
The calculation is very basic, the underlying idea being, market maker initiating range breakouts through rapid increase of volume above or below the EMA's .
Example settings:
SOLUSDT: Signal Confirmations: 2, Volume Calculation Base 13.
SOLUSDT: Signal Confirmations: 0, Volume Calculation Base 20.
As you can see it affects signals quite a lot, but staying accurate.
Finetune the inputs to your preference.
Risk to Reward, Stoploss, Take Profit, position sizing, etc... is up to the user.
Recommended entry is to wait for following candle closes, entering half of the candle size and setting Stoploss outside the structure, like this:
Or right below the candles open, for safety.
Release Notes
Updated to Pinescript v5 to suit guidelines.Release Notes
Fixed base coloring of high volume candles., "yellowVectorThreshold" -> should be yellow, not violet.Release Notes
Massive Update!Added:
- + 100 EMA
- + Sell & Trap Signals.
- + "Moon Mode"
- + Volume calculation base changes. (to TradersReality 's PVSRA)
- + Signal accuracy changes.
--- Volume changes and aignal accuracy ---
Volume Base Input was removed.
The basic calculation for candle coloring by volume abnormalities was replaced by TradersReality PSVRA library.
In principle, the logic behind coloring candlesticks did not change drastically, but is miles ahead in catching speed and volume increases and decreases.
(Open Sourced by TradersReality)
Signal accurcy logic remains the same, takes crosses, but additionally closes around EMA's into account now.
--- 100 EMA
Is sometimes respected.
--- Sell & Trap Signals
Sell Signals were added on community request.
If price is above EMA's and signal logic criteria is met (certain different candle coloring), a sell signal is generated, indicating lower prices.
Trap Signals were added if there is a high possibility for a sell or buy signal to be negated, indicating the sell or buy signal to be less accurate.
--- Moon Mode
Simply allows buy & sell signals to appear above or below all EMA's, indicating trend continuations. (inaccurate, not recommended)
Signals are calculated after every candle close.
Again, most of the indicators setting is up to the user, especially risk!
Works best on 1min, 15min, 1h and above daily timeframe from experience.
Mainly for cryptocurrency.
Example Setups (Signal Accuracy: 3, all settings enabled):
1h 1:1 with ~5-10% price swings
1min 1:1 with ~0.5-1% price swings
v1.2 - Recommendations and Reviews appreciated!
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.