OPEN-SOURCE SCRIPT
Experimental Entry Interface (Buy Arrows with TP & SL)
Updated
This script provides high probability entry points and includes Take Profit and Stop Loss targets.
Arrows
Four sets of colored arrows are included.
💵 💶 Green and Blue Entry Arrows are formed when the market is in an uptrend, and has a momentary pullback.
💴 💷 Yellow and Purple Entry Arrows are formed when the market is just starting to recover from being severely oversold.
Backtest Mode
Turn on Backtest Mode to easily see if an entry ended up as a winner or loser. A Take Profit and Stop Loss line will be drawn to show results.
Take Profit & Stop Loss Targets
You have two options for this.
Price will show you where your TP/SL exits should be placed. These values will show up under the arrow, based on your Risk/Reward ratio.
Pips are much more simple, and will only show you the market entry point and how many pips up/down to place your SL/TP. Warning: This is fixed at a 1:1 RRR .
Risk/Reward Adjustment
Each entry arrow color allows custom risk/reward ratio adjustment.
Dollar Amounts Displayed
Change your account value and leverage to see how much you would have won on each trade.
How to trade with it?
(Forex, 1H) Open the settings, and turn on all the arrow entries. Turn on Backtest mode to see how past trades would have played out. Turn on TakeProfit/StopLoss Targets to see where to set your targets, for each arrow. Set an alert to notify you once per candle close when there is an Entry. Trade happy!
Bill Williams Alligators are also included, if you want. Not necessary though. Some of the calculations depend on them for trend direction analysis.
- It attempts to predict when the market conditions are set to move up, and prints long positions.
- In addition to Long Entry Arrows, it will print Take Profit / Stop Loss targets.
- This indicator is highly adjustable. Hence the name 'Experimental' in the title. Experiment with it to find the results you want.
- Designed for use on the 1H timeframe in Forex, but could possibly be useful elsewhere. Do your own testing.
- This indicator can repaint. It is best used with alerts set for once per bar close, so that your alerts do not repaint and your trades are solid.
- Not ever signal is a winner. Backtest thoroughly. Adjust accordingly.
Arrows
Four sets of colored arrows are included.
💵 💶 Green and Blue Entry Arrows are formed when the market is in an uptrend, and has a momentary pullback.
💴 💷 Yellow and Purple Entry Arrows are formed when the market is just starting to recover from being severely oversold.
Backtest Mode
Turn on Backtest Mode to easily see if an entry ended up as a winner or loser. A Take Profit and Stop Loss line will be drawn to show results.
Take Profit & Stop Loss Targets
You have two options for this.
Price will show you where your TP/SL exits should be placed. These values will show up under the arrow, based on your Risk/Reward ratio.
Pips are much more simple, and will only show you the market entry point and how many pips up/down to place your SL/TP. Warning: This is fixed at a 1:1 RRR .
Risk/Reward Adjustment
Each entry arrow color allows custom risk/reward ratio adjustment.
Dollar Amounts Displayed
Change your account value and leverage to see how much you would have won on each trade.
How to trade with it?
(Forex, 1H) Open the settings, and turn on all the arrow entries. Turn on Backtest mode to see how past trades would have played out. Turn on TakeProfit/StopLoss Targets to see where to set your targets, for each arrow. Set an alert to notify you once per candle close when there is an Entry. Trade happy!
Bill Williams Alligators are also included, if you want. Not necessary though. Some of the calculations depend on them for trend direction analysis.
Release Notes
Added the ability to adjust font size on labels.Release Notes
Added Silver Arrows.A Silver arrow will appear if price drops below a standard Keltner Channel, and comes back up, along with having an oversold Stochastic and a PSAR support dot below the candle.
Backtest mode and targets are now enabled by default.
Release Notes
Added silver to alerts, cleaned up some code.Release Notes
Updated Green condition arrows to no longer require two previous red candles and the highest high for the previous 7 candles.Release Notes
Removed lower limit on reward settings for all arrows. Risk/Reward Ratio can now be set lower than 1:1. Caution! Use at your own risk!Release Notes
Removed a rogue plot line that was causing charts to flatten out badly, and render incorrectly. Removing this line fixes the script.Release Notes
Added Fuchsia arrows, which will appear whenever both the Stochastic and the Money Flow Index both enter Oversold territory, and one of them comes out of oversold territory.Release Notes
Added an Alert for the Fuchsia ArrowsRelease Notes
New Feature: Pip Calculator! Now when you get an entry arrow, you'll get a pip calculator. If price has risen, it will also show entry price. Now turned on by default.Bug Fix: Entry price was showing one day too far back. Now corrected.
Release Notes
Bug Fix: Fixed the pips so that they are static above close and dynamic below close.Release Notes
The script has undergone a major overhaul.Summary of Changes: Deleted entries, colors have changed, confidence feature added, and auto-trading alerts have been added.
Some color changes have occurred:
- Original Green has been deleted
- Original Blue has been deleted
- Original Yellow has been deleted
- Purple is now Green
- Fuchsia is now Blue
- Silver is now Yellow
A new "Confidence" feature has been added. This can help prevent losing trades, but setting it too high may cause the script to miss winning trades as well. Confidence subtracts stoploss from close price. Adjust up and down and watch entries appear/disappear accordingly.
Alerts can now include stoploss and takeprofit levels for auto-trading systems.
For example, to include takeprofit in an alert, use {{plot("Takeprofit")}} and for stoploss, use {{plot("Stoploss")}}
Cleaned up code significantly. Displaying indicators is now disabled and removed.
Release Notes
Added Takeprofit and Stoploss values to the alert message.Fixed some code with the yellow takeprofit if else section.
Release Notes
Fixed Auto Takeprofit & Stoploss values to reflect current instead of previous bar's value, for alerts.Also note, the 0.0008 Confidence setting is optimized by default to the AUD/USD. It will need to be tweaked per-pair and per-timeframe for best results.
Release Notes
Fixed a major issue with the Stoploss Takeprofit values being passed into the Alerts. Basically it was providing the values for one bar behind the current, when we wanted current.Also now rounding to five places.
Release Notes
Fixed an error that caused alerts to pass incorrect variables. Alerts should now match with the TP/SL levels displayed by the arrow.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.