First 5 Minutes Open/Close LinesThis very simple indicator paints lines at the high and low of the first 5m candle of the session. It is primarily intended for big cap NYSE traded stocks with high volume. I wrote this indicator to save me the trouble of manually drawing the lines each day.
The lines drawn at the 5m high/low will remain constant regardless of which timeframe you switch to. In the example screenshot, we are looking at the 1m timeframe. This helps us switch effortlessly between different timeframes to see if a given price movement meets our entry criteria.
In addition to drawing lines at the first 5m high/low, it will optionally paint two zones, one each around the high and low. The boundaries of this zone are configurable and expressed as a percentage of the total movement of the first 5m bar. By default, it is set to 25%.
This indicator is based on the concept that the first 5m bar always has massive volume which helps us infer that price may react around the extremes of that movement. The basic strategy works something like this:
- You identify the high timeframe (HTF) trend direction of the stock
- You wait for the first 5m candle of the session to close
- You wait for price to puncture through the outer boundary of the zone marked by the indicator.
- You enter when price retraces to the high, or low, which marks the midpoint of the punctured zone.
- Only enter long on stocks in a HTF uptrend, and short on stocks in an HTF downtrend.
- Use market structure to identify stop loss and take profit targets
Note: Use at your own risk. This indicator and the strategy described herein are not in any way financial advice, nor does the author of this script make any claims about the effectiveness of this strategy, which may depend highly on the discretion and skill of the trader executing it, among many other factors outside of the author's control. The author of this script accepts no liability, and is not responsible for any trading decisions that you may or may not make as a result of this indicator. You should expect to lose money if using this indicator.
5minute
5 Minute TraderBy request, this is an amalgamation of my most popular indicator features but tailored for lower timeframes.
Signals are generated by simple EMA crosses (with adjustable values) in the direction of the current trend and then validated against a scoring system that's comprised of 20 other indicators. When the majority of them agree then the trade can be taken. The tolerance score that permits a trade can be adjusted within the indicator preference panel and the values can be printed above/below the candle to help you tune your entry points.
To further reassure you, the smoothed candle direction from the 4 hour chart is printed in the background to validate the trend direction and a floating trade helper panel translates the scores in to practical terms (buy, sell etc)
Alerts are built in.
Note: This is a premium script. Please DM me for access.
S&R CLOUD
This script (idea) is intended for intraday use--Specifically 5 min bars/candles.
It essentially tells you the support if a stock is bullish or the resistance if a stock is bearish.
If you buy or sell around/in the cloud, you are ensured to be getting (around)VWAP price.
Enjoy.
Happy Holidays
