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OPEN-SOURCE SCRIPT

Easy Scalping by JayKasun

By chnthkksn
Updated
BTCUSDTPERP
This indicator can show stochastic RSI K and D line crosses and some candlestick patterns on chart.

You can use this indicator to scalping, check usage for more info. Always backtest before trading with your real money.
This indicator will also help mobile TradingView users to get an idea when getting stochastic RSI signals, they can use this indicator to check if stochastic RSI K and D crossed or not. ( Because they have limited area to view chart ) .

4 Exponential moving averages are there in the indicator with easy enable disable option. 9 , 21 , 55 , 100 is suggested as default values.

Meanings of signs in chart

  • Blue triangle bellow candle means it's a stochastic RSI K and D line cross in oversold level
  • Red triangle above candle means it's a stochastic RSI K and D line cross in overbought level
  • Green plus sign shows when EMA 50 crossover EMA 100
  • Red plus sign shows when EMA 50 cross bellow EMA 100


Features

  • You can enable candlestick pattern displaying when stochastic RSI K and D cross happen. Check indicator settings.
  • You can enable displaying ATR Trailing Stops in indicator settings.
  • Indicator will only show blue triangle after Green plus sign and Red triangles after Red plus sign
  • After you enable candlestick pattern option, stochastic RSI crosses with candlestick patterns will show in deferent colors. Blue triangle will turn into green and Red triangle into pink.


Usage

  • Use lower time frames like 5m or 15m
  • After green plus sign, if price retouched 21 EMA or 55 EMA and blue triangle appeared , you can enter a long position.
  • After red plus sign, if price retouched 21 EMA or 55 EMA and red triangle appeared , you can enter a short position.
  • Always wait for candle close . signs of chart can be changed when candle closing. ( Does repaint until candle close )
  • Use ATR trailing to get a stop loss price.
  • Use 1:1 or 1:0.5 Risk Reward ratio. Because it's scalping and lower time frame.
  • Use more indicators like RSI to get more confirmations ( like divergences ) before entering a trade. Its more reliable.


Candlestick Patterns Short names

  • H - Hammer
  • IH -Inverted Hammer
  • BE - Bullish Engulfing ( green triangle )
  • BE - Bearish Engulfing ( pink triangle )
  • BH - Bullish Harami ( green triangle )
  • BH - Bearish Harami ( pink triangle )


I have included ATR + Trailing Stops by SimpleCryptoLife and Candlestick Patterns Identified (updated 3/11/15) by repo32
this is a combination of multiple indicators
credit goes to original creators of above indicators
Release Notes
  • Added Super Trend to use as stoploss indicators
  • Golden Cross and Death Cross displaying off in default , you can turn it on in more tools.

Release Notes
  • Improved signals ( triangles ) according to the trend direction
  • Added supertrend fill colors to identify trend and stop loss prices
Candlestick analysisExponential Moving Average (EMA)EMASjaykasunscalpingStochastic Oscillatorstochatic

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.

Want to use this script on a chart?

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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.