Indicators and strategies
Fin Viraj Setup - Clean ArrowsSimple to use
Useful for Nifty & Bank Nifty
5 min & 15 min time frame
Best to Short CE or PE than buying them
Failed 2U/2D + 50% Retrace Scannerbeta.. Failed 2u and 2d on the 1h and 4h
with tick and add for guidance on overall market
Volume + Price Reversal SignalTesting so not sure if it works, using volume and candlesticks to determine reversals
BB + SMA5 반전 신호 (중복 방지 + 알림)This is an indicator that generates a sell signal when the 5sma reverses downward within the Bollinger Band.
CANX Rules© CanxStix
A simple table that can be customized to have your trading rules/plan on screen at all times.
This should help you stick to your trading plan and have no excuse for not following your own set of rules.
Like always, Keep it simple!
© CanxStix
💣 Rounded Top Short Signal💣R3KT is your scalp short assassin — locking on to rounded tops and detonating precision sell signals with zero lag. Built to expose weak highs before they collapse, it combines 3-bar swing top detection with a bearish momentum cross, then marks the kill zone with a clean 💣 emoji.
No clutter. No lag. Just surgical entries where the bulls die slow.
🔍 Signal Criteria:
3-bar rounded top structure
Bearish WaveTrend crossunder
Bomb emoji plotted — no background, sniper-ready
🧠 Optimized for Heikin Ashi:
💣R3KT performs with maximum accuracy on Heikin Ashi candles, where smoothed price action enhances signal clarity, trend momentum, and rounded top formation.
Use HA for signal detection, and standard candles for entry and execution.
Scalp sharp. Hit fast. 💣R3KT doesn’t warn — it executes.
Sessions BrockJavaThis script is a flexible, timezone-aware Session High/Low indicator for TradingView. It is based on the original work of kurtsmock (Mozilla Public License 2.0) and includes enhancements for UTC offset handling and autoscale compatibility.
Features:
Tracks and plots the highest and lowest prices within user-defined trading sessions.
Session times default to UTC, but you can set a custom UTC offset (e.g., -4 for New York, 0 for London, +8 for Singapore).
Reset modes: by session, by a set number of hours, or daily.
Backtesting support: specify a date range to limit indicator activity to historical periods.
Session constraint: restricts operation to specific sessions, with optional weekend inclusion for crypto or 24/7 markets.
Visual customization: choose to display session high/low as lines, background color, or filled regions. All colors and transparencies are user-configurable.
Efficient plotting: session levels are always included in TradingView’s autoscale, so you never lose sight of key levels.
Technical details:
Session definition uses TradingView’s session string format (e.g., 1800-1500).
Timezone handling is automatic and accurate, even with custom offsets.
Designed for high efficiency, supporting up to 5000 bars back and 500 lines.
Credit:
Major credit to kurtsmock, the original author. This version adds UTC offset and improved autoscale support.
License: Mozilla Public License 2.0
If you need session-based high/low levels that always fit your chart and your trading hours, this script is for you.
CHN TAB# CHN TAB - Technical Analysis Bot
## Overview
The TAB (Technical Analysis Bot) indicator is a comprehensive trading signal system that combines Simple Moving Average (SMA) crossovers with MACD momentum analysis to identify high-probability entry and exit points. This indicator provides both immediate and delayed signal detection with built-in risk management through automatic Take Profit (TP) and Stop Loss (SL) calculations.
## Key Features
- **Dual Signal Detection**: Combines SMA(50) price action with MACD momentum
- **Smart Signal Timing**: Offers both immediate and delayed signal recognition
- **Automatic Risk Management**: Calculates TP and SL levels using ATR (Average True Range)
- **Visual Feedback**: Color-coded candles and filled zones for easy identification
- **Comprehensive Alerts**: Three distinct alert conditions for different trading needs
## How It Works
### Buy Signals
**Immediate Buy Signal:**
- Price crosses above SMA(50) (open < SMA50 and close > SMA50)
- MACD crosses above zero line simultaneously
**Delayed Buy Signal:**
- Previous candle crossed above SMA(50)
- Previous MACD was ≤ 0, current MACD > 0
- Current candle remains above SMA(50)
### Sell Signals
**Immediate Sell Signal:**
- Price crosses below SMA(50) (open > SMA50 and close < SMA50)
- MACD crosses below zero line simultaneously
**Delayed Sell Signal:**
- Previous candle crossed below SMA(50)
- Previous MACD was ≥ 0, current MACD < 0
- Current candle remains below SMA(50)
### Risk Management
- **Take Profit**: Entry price ± 1.0 × ATR(14)
- **Stop Loss**: Entry price ± 1.5 × ATR(14)
- **Risk-Reward Ratio**: Automatic 1:1.5 setup
## Visual Elements
- **Green Candles**: Buy signal triggered
- **Red Candles**: Sell signal triggered
- **Orange Line**: Entry price level (displayed for 10 bars)
- **Green Fill**: Take profit zone
- **Red Fill**: Stop loss zone
## Alert System
1. **TAB Buy Signal**: Triggers only on buy signals
2. **TAB Sell Signal**: Triggers only on sell signals
3. **TAB Buy & Sell Signal**: Triggers on any signal (buy or sell)
## Best Practices
- Use on trending markets for better signal quality
- Combine with higher timeframe analysis for confirmation
- Consider market volatility when interpreting ATR-based levels
- Backtest on your preferred timeframes before live trading
## Technical Parameters
- **SMA Period**: 50
- **MACD Settings**: 12, 26, 9 (Fast, Slow, Signal)
- **ATR Period**: 14
- **Signal Display**: 10 bars duration
## Timeframe Recommendations
- Works on all timeframes
- Best performance on 15M, 1H, and 4H charts
- Higher timeframes provide more reliable signals
## Risk Disclaimer
This indicator is for educational and informational purposes only. Trading involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Always conduct your own analysis and consider your risk tolerance before making trading decisions.
---
**Version**: 6.0
**Overlay**: Yes
**Category**: Trend Following, Momentum
**Suitable For**: Forex, Stocks, Crypto, Commodities
Reversal Hammer/InvertedHammer/ShootingStar/HangingManCheck in H4, D1 timeframes and take your trade in M5
DR SessionsDR/IDR concept sessions with multiple ways to view the session to best suit your needs.
Each session, ADR, ODR, RDR can be turned on/off, and displayed 3 different ways. Lines, will highlight each DR and IDR line, and will color the side that breaks out. Zones, will fill in the gap between the DR and the IDR lines and will color the breakout side. Finally range will fill the entire range from DR to DR with a single color that will change to the breakout color once price closes outside of the range.
Greer Free Cash Flow Yield✅ Title
Greer Free Cash Flow Yield (FCF%) — Long-Term Value Signal
📝 Description
The Greer Free Cash Flow Yield indicator is part of the Greer Financial Toolkit, designed to help long-term investors identify fundamentally strong and potentially undervalued companies.
📊 What It Does
Calculates Free Cash Flow Per Share (FY) from official financial reports
Divides by the current stock price to produce Free Cash Flow Yield %
Tracks a static average across all available financial years
Color-codes the yield line:
🟩 Green when above average (stronger value signal)
🟥 Red when below average (weaker value signal)
💼 Why It Matters
FCF Yield is a powerful metric that reveals how efficiently a company turns revenue into usable cash. This can be a better long-term value indicator than earnings yield or P/E ratios, especially in capital-intensive industries.
✅ Best used in combination with:
📘 Greer Value (fundamental growth score)
🟢 Greer BuyZone (technical buy zone detection)
🔍 Designed for:
Fundamental investors
Value screeners
Dividend and FCF-focused strategies
📌 This tool is for informational and educational use only. Always do your own research before investing.
ADX Trend Visualizer with Dual ThresholdsADX Trend Visualizer with Dual Thresholds
A minimal, color coded ADX indicator designed to filter market conditions into weak, moderate, or strong trend phases.
Uses a dual threshold system for separating weak, moderate, and strong trend conditions.
Color coded ADX line:
Green– Strong trend (above upper threshold)
Yellow – Moderate trend (between thresholds)
Red – Weak or no trend (below lower threshold)
Two horizontal reference lines plotted at threshold levels
Optional +DI and -DI lines (Style tab)
Recommended Use:
Use on higher time frames (1h and above) as a trend filter
Combine with entry/exit signals from other indicators or strategies
Avoid possible false entries when ADX is below the weak threshold
This trend validator helps highlight strong directional moves and avoid weak market conditions
Bias Table (VWAP + BOS/CHOCH)Quick Summary — “Bias Table (VWAP + BOS/CHOCH)”
This indicator displays a table on your chart showing:
VWAP Bias: Indicates if the price is above or below VWAP (Bullish or Bearish) for the 4H and 1H timeframes.
BOS/CHOCH: Detects Break of Structure (BOS) or Change of Character (CHOCH) up or down for both timeframes.
Time Left: Shows how much time remains until the current candle closes, formatted in hours, minutes, and seconds.
It provides a clear snapshot of trend direction, market structure shifts, and candle timing at a glance.
Indicador de Trading AvançadoIndicator for trading operations in Forex, cryptocurrencies, stocks and indices of the dollar and the Brazilian stock exchange, such as the mini index (b3) in the M1, M2, M3, M5, M15, M30 and D1 fractals.
This indicator sends signals in the form of a buy and sell arrow to the TradingViev analysis platform. Green for buy and red for sell. Enter the name "BUY" for buy operations and "SELL" for sell operations.
Its function is to be used in situations of breakout, reversal and retraction of structures and for each time fractal, mentioned above.
It should always prioritize the macro and micro trend (Support and Resistance, Prior Cut Adjustment, Automatic Volume Profile among others, aiming for the best possible confluence. The objective is 85% assertiveness.
This indicator uses the combination of trend, momentum, volatility, price logic, price action and SMC indicators.
This indicator aims to provide the command to operate in the direction of the next arrow-shaped candlestick .
Nenhum indicador substituirá o seu conhecimento. Utilize-o como confluência para seu operacional!
IKODO Engulfing Strategy with Dynamic RR# 📈 ELITE ENGULFING STRATEGY - PUBLICATION DESCRIPTION
## **🎯 TITLE:**
**Elite Engulfing Strategy with Dynamic Risk Management - Advanced Pattern Recognition System**
---
## **📊 DESCRIPTION:**
### **🚀 OVERVIEW:**
The **Elite Engulfing Strategy** is a sophisticated trading system that combines advanced pattern recognition with dynamic risk management. This strategy identifies high-probability engulfing patterns while using the 50 EMA as a trend filter, ensuring trades align with the dominant market direction.
### **🔍 KEY FEATURES:**
**📈 ADVANCED PATTERN RECOGNITION:**
- Enhanced engulfing pattern detection with mathematical validation
- Quality filters including wick analysis and body-to-body ratio
- Volume confirmation for signal strength
- ATR-based volatility filtering for optimal entry timing
**🎯 DYNAMIC RISK MANAGEMENT:**
- Customizable Risk-Reward ratio (0.5x to 10x)
- Fibonacci-based take profit levels using swing highs/lows
- ATR-enhanced stop loss placement with buffer zones
- Real-time position sizing based on market volatility
**📊 INTELLIGENT FILTERING SYSTEM:**
- 50 EMA trend filter for directional bias
- Volume multiplier confirmation (1.0x to 3.0x average)
- Minimum engulfing ratio validation (0.01 to 1.0)
- Maximum wick ratio quality control (10% to 80%)
**🔔 COMPREHENSIVE ALERT SYSTEM:**
- Real-time entry signals with price and RR information
- Both alertcondition() and alert() functions for maximum compatibility
- Detailed signal descriptions for manual verification
### **📋 STRATEGY LOGIC:**
**🟢 LONG ENTRY CONDITIONS:**
- Price above 50 EMA (bullish trend confirmation)
- Current bullish candle completely engulfs previous bearish candle
- Current candle's low penetrates previous candle's low
- Volume exceeds average by specified multiplier
- ATR volatility meets minimum threshold
- Wick size within acceptable parameters
**🔴 SHORT ENTRY CONDITIONS:**
- Price below 50 EMA (bearish trend confirmation)
- Current bearish candle completely engulfs previous bullish candle
- Current candle's high penetrates previous candle's high
- Volume and volatility confirmations as above
### **⚙️ CUSTOMIZABLE PARAMETERS:**
**🎯 Risk Management:**
- Risk-Reward Ratio: 0.5 to 10.0 (default: 2.0)
- Fibonacci TP Level: 0.236 to 1.0 (default: 0.618)
- Use Fibonacci toggle for advanced exit strategy
**📈 Trend Analysis:**
- EMA Length: 1 to 200 periods (default: 50)
- EMA Source: OHLC4, Close, HL2, etc.
**🔍 Pattern Quality:**
- Minimum Engulfing Ratio: 0.01 to 1.0 (default: 0.1)
- Maximum Wick Ratio: 10% to 80% (default: 30%)
**🔧 Advanced Filters:**
- Volume Filter: On/Off with 1.0x to 3.0x multiplier
- ATR Filter: 1 to 50 periods with 0.1 to 2.0 ratio threshold
### **📊 PERFORMANCE METRICS:**
- Real-time P&L tracking
- Current trend identification
- ATR volatility measurement
- Risk-reward ratio display
- Strategy parameter overview
### **🎨 VISUAL ELEMENTS:**
- 50 EMA trend line with dynamic coloring
- Entry signals with triangular markers
- Stop loss and take profit levels
- Entry price reference line
- Comprehensive information table
### **💡 BEST PRACTICES:**
- Recommended for 1H to 4H timeframes
- Works best in trending markets
- Combine with higher timeframe analysis
- Use proper position sizing (1-2% risk per trade)
- Monitor during high-impact news events
### **🔧 COMPATIBILITY:**
- Pine Script v6
- Compatible with all TradingView account types
- Optimized for both free and premium users
- Works on all asset classes (Forex, Crypto, Stocks, Indices)
### **⚠️ DISCLAIMER:**
This strategy is for educational purposes only. Past performance does not guarantee future results. Always use proper risk management and never risk more than you can afford to lose. Test thoroughly on paper trading before live implementation.
## **📝 USAGE INSTRUCTIONS:**
1. Add the strategy to your chart
2. Adjust parameters according to your risk tolerance
3. Set up alerts for automated notifications
4. Backtest on your preferred timeframe and asset
5. Start with paper trading to validate performance
6. Implement proper position sizing for live trading
**🎯 Ready to elevate your trading game with professional-grade pattern recognition!**
Triple MA RS ConfluenceThis script evaluates relative strength confluence by comparing the ratio of an asset to a benchmark (e.g., Asset/SPY) against three configurable moving averages (MA #1, MA #2, MA #3).
Each bar is color-coded based on RS position relative to the MAs:
Lime Green — RS > all three MAs (full confluence)
Yellow — RS > MA #2 and MA #3, but ≤ MA #1 (partial confluence)
Red — RS ≤ MA #2 (no confluence)
Designed for systematic trend identification, this tool helps visually confirm RS alignment across short-, medium-, and long-term conditions. Inputs include adjustable MA lengths and types (EMA/SMA), benchmark symbol, and visual toggles for confluence state changes.
Pairs well with multi-timeframe RS strategies or clustered MA compression filters.
Fibo_Ma with Toggleable 200 EMA FilterPlease keep in mind, I use this indicator most with my TV_ MCDX.
If you use it in lower Timeframe like 15sec, 1min, use a Higher Background Timeframe like 15min or 1H
📈 Fibo_Ma with Toggleable 200 EMA Filter
Fibo_MA is a comprehensive multi-functional indicator designed to enhance your trend analysis, breakout detection, and signal confirmation strategy.
🔍 Core Logic Overview
📊 Background Color Highlights
The script dynamically colors the chart background based on price action relative to a customizable smoothing line (smooth1).
🟩 Green background appears when the open price is above the smooth1, signaling potential bullish conditions.
🟥 Red background shows when the open price is below the smooth1, suggesting bearish pressure.
📏 200 EMA Filter
A built-in 200-period Exponential Moving Average (EMA) acts as a long-term trend filter.
The 200 EMA line changes color to reflect momentum:
🟢 Green when trending upward
🔴 Red when trending downward
🎯 Signal Alerts
Receive buy alerts when the open crosses above smooth1.
Receive sell alerts when the open crosses below smooth1.
Alert conditions are filterable and customizable for precise notifications.
⚙️ Custom Features and Flexibility
Choose from various moving average types for smooth1: EMA, SMA, WMA, VWMA, ALMA, SWMA, and even VWAP.
Configure alert conditions for:
EMA 200 crossovers with smoothing line
Trend crossovers using Fibonacci-based EMA selections
Breakout and breakdown formations with custom pivot logic
Optional ATR and Volume filters for refining entry quality.
Built-in VWAP, EMA 14 (color-coded), and multi-timeframe support for high-precision analysis.
🔔 Alerts Included
✅ Price crosses above or below smoothing line (smooth1)
✅ Breakout and breakdown patterns
✅ EMA 200 crossovers
✅ Custom trend-following EMA cross labels
This script is ideal for traders who want to combine trend strength, volume confirmation, and technical breakouts with intuitive visual cues. Perfect for intraday or swing trading strategies.
ℹ️ Use this tool in conjunction with your trading strategy. Always backtest before live trading.
One Line RuleOne Line Rule – Momentum-Based EMA Signal Indicator
The One Line Rule is a precision tool that combines market momentum with volume confirmation, built around a single, dynamic trend line. This line is the average of the EMA 22 and EMA 200, providing a balanced view of short- and long-term trend bias.
🧠 How It Works:
Trend Line Color:
🟢 Green: Bullish momentum (EMA 22 above EMA 200)
🔴 Red: Bearish momentum (EMA 22 below EMA 200)
⚪ Gray: Neutral momentum (sideways movement within a small threshold)
Signal Logic:
✅ Buy Signal: When price crosses above the line from below on high volume (momentum must be bullish)
❌ Sell Signal: When price crosses below the line from above on high volume (momentum must be bearish)
🔇 No signals are generated during neutral (gray) phases to avoid noise
Smoothing: Optional smoothing of the line to better capture trend structure
Volume Filter: Customizable volume threshold ensures signals only trigger during significant moves
PDH/PDL + OVN-H/L (Right-Aligned Labels + Alerts)Automatically plots the PDH/L (Prior Day High/Low) and OVN-H/L (Overnight High/Low) of the current session.
✅ What it does:
Plots PDH/PDL each day — they appear freshly after 9:30 AM EST, for the entire regular session.
Does NOT extend lines overnight — breaks the line between 16:00 and the next 9:30.
Plots OVN-H / OVN-L as dashed lines, after 9:30 AM EST each day, from 9:30 to 16:00 only.
Clean lines that reset daily
Right-aligned labels showing the level names and price values
🔔 Alerts Included:
Cross Above PDH
Cross Below PDL
Cross Above OVN-H
Cross Below OVN-L
Works on 30min or lower timeframe
Supertrend with EMASupertrend with EMA Technical Documentation
This document provides a technical overview of the "Supertrend with EMA" Pine Script indicator, designed for use on TradingView. This indicator combines the popular Supertrend indicator with an Exponential Moving Average (EMA) and an additional smoothing line, offering a comprehensive view of trend direction and potential support/resistance levels.
Indicator Overview
The "Supertrend with EMA" indicator is an overlay script, meaning it plots directly on the price chart. It is compatible with all timeframes and handles timeframe gaps.
Key Features:
Supertrend Calculation: Identifies trend direction using Average True Range (ATR) and a user-defined factor.
EMA Integration: Displays an Exponential Moving Average for additional trend confirmation and dynamic support/resistance.
Smoothing Line: Incorporates a customizable smoothing line applied to the EMA, offering further refinement of trend signals.
Visual Trend Representation: Clearly distinguishes uptrends (green) from downtrends (red) using filled areas.
Alerts: Provides alert conditions for Supertrend trend reversals.
Inputs
Users can customize the indicator's behavior through the following input parameters:
Supertrend Settings
ATR Length: input.int(10, "ATR Length", minval = 1)
Description: The lookback period used for calculating the Average True Range (ATR). A higher value results in a smoother Supertrend line, while a lower value makes it more reactive.
Default: 10
Minimum: 1
Factor: input.float(3.0, "Factor", minval = 0.01, step = 0.01)
Description: The multiplier applied to the ATR to determine the Supertrend bands. A higher factor creates wider bands and fewer signals, while a lower factor creates narrower bands and more signals.
Default: 3.0
Minimum: 0.01
Step: 0.01
EMA Settings
EMA Length: input.int(9, minval=1, title="EMA Length")
Description: The number of bars used in the Exponential Moving Average calculation.
Default: 9
Minimum: 1
Source: input(close, title="Source")
Description: The price series used for EMA calculation. By default, it uses the close price.
Default: close
Offset: input.int(title="Offset", defval=0, minval=-500, maxval=500, display = display.data_window)
Description: Shifts the EMA plot horizontally by the specified number of bars.
Default: 0
Minimum: -500
Maximum: 500
Smoothing Settings
Method: input.string(title = "Method", defval = "SMA", options= , group="Smoothing", display = display.data_window)
Description: Selects the type of moving average to use for smoothing the EMA. Options include Simple Moving Average (SMA), Exponential Moving Average (EMA), Smoothed Moving Average (SMMA/RMA), Weighted Moving Average (WMA), and Volume Weighted Moving Average (VWMA).
Default: "SMA"
Length: input.int(title = "Length", defval = 5, minval = 1, maxval = 100, group="Smoothing", display = display.data_window)
Description: The lookback period for the selected smoothing method.
Default: 5
Minimum: 1
Maximum: 100
Calculations
Supertrend Calculation
The Supertrend indicator is calculated using the built-in ta.supertrend function:
= ta.supertrend(factor, atrPeriod)
supertrend: The actual Supertrend line value.
direction: Indicates the current trend direction. A value of -1 typically signifies an uptrend, and 1 signifies a downtrend.
The supertrend line is plotted in green for uptrends and red for downtrends, with fills between the bodyMiddle (average of open and close prices) and the Supertrend line for visual clarity.
Exponential Moving Average (EMA) Calculation
The EMA is calculated using the ta.ema function:
out = ta.ema(src, len)
src: The user-defined source series (default: close).
len: The user-defined EMA length.
Smoothing Line Calculation
A custom ma function is used to calculate various types of moving averages, which is then applied to the EMA output:
out: The calculated EMA value.
smoothingLength: The user-defined length for the smoothing moving average.
typeMA: The user-selected type of moving average for smoothing.
Plots
The indicator plots the following on the chart:
Up Trend: The Supertrend line when the direction indicates an uptrend (color: green).
Down Trend: The Supertrend line when the direction indicates a downtrend (color: red).
Body Middle: The average of the open and close prices (open + close) / 2. This plot is hidden (display = display.none) but used for filling the areas between the price and Supertrend line.
EMA: The Exponential Moving Average (color: blue).
Smoothing Line: The moving average applied to the EMA (color: orange, hidden by default).
Alerts
The indicator provides three alert conditions based on Supertrend trend reversals:
Downtrend to Uptrend: Triggers when the Supertrend direction switches from downtrend (direction > direction) to uptrend.
Uptrend to Downtrend: Triggers when the Supertrend direction switches from uptrend (direction < direction) to downtrend.
Trend Change: Triggers on any Supertrend trend reversal (direction != direction), combining both downtrend to uptrend and uptrend to downtrend changes.
FXMC Breakout with Strict Single SignalIt's designed to help traders identify and act on breakouts from the first candle of the trading day, with sophisticated options for managing trades and booking profits.
Understanding the "FXMC Breakout with Strict Single Signal" Indicator
This indicator, aptly named "FXMC Breakout with Strict Single Signal," is a powerful tool for day traders. It focuses on a popular strategy: trading the high and low of the first X-minute candle of the trading session. What makes this version particularly useful is its emphasis on clean, non-repetitive signals and its integration of multiple advanced exit strategies.
Core Concept: First Candle Breakout
The fundamental idea is simple: the first candle of the trading day (often the 5-minute or 15-minute candle) sets an important range. A breakout above its high suggests bullish momentum, while a break below its low suggests bearish momentum.
Here's how the script establishes this:
Adjustable First Candle: You can select the duration of this "first candle" directly from the indicator's settings (e.g., 1-minute, 5-minute, 15-minute, etc.). This makes it versatile for different markets and strategies.
Session Time: You define your trading session (e.g., "0915-1530" for Indian markets). The script will capture the high and low of the selected first candle only at the start of this session each day.
Daily Reset: At the beginning of each new day, all previous signals and trade states are reset, preparing the indicator for a fresh set of opportunities.
Visualizing the Range: Once identified, the high (green line) and low (red line) of this first candle are plotted as horizontal lines that extend throughout the trading day, clearly marking your breakout levels.
Entry Signals: Once per Direction, Per Day
The script generates clear entry signals:
Buy Entry (Green Up-Triangle): Appears when the price closes above the first candle's high.
Sell Entry (Orange Down-Triangle): Appears when the price closes below the first candle's low.
Strict Single Signal: A key feature is that you'll only see one Buy Entry and one Sell Entry signal per day. If a buy signal triggers, the script won't generate another buy signal until the trade is exited and a new opportunity arises (which would be the next day, as this strategy is typically intraday). Similarly for sell signals.
Advanced Exit Strategies: Multiple Options, Single Signal
This is where the indicator truly shines, offering robust ways to manage your trades once an entry has occurred. You can enable or disable these methods in the indicator settings:
Price Cross Back (Default Exit):
Long Trade Exit: If you're in a long position and the price closes back below the first candle's high, it signals an exit.
Short Trade Exit: If you're in a short position and the price closes back above the first candle's low, it signals an exit.
ATR Trailing Stop:
Volatility-Adjusted: This stop loss automatically adjusts to market volatility. When you enter a trade, a trailing stop is set a certain multiple of the Average True Range (ATR) away from the entry price.
Protects Profits: As the price moves in your favor, the stop trails behind it, locking in profits while still allowing room for normal market fluctuations. It never moves against your position.
Exit Trigger: An exit signal is generated if the price closes back beyond this trailing stop level.
RSI Exit (Overbought/Oversold):
Momentum Based: Uses the Relative Strength Index (RSI) to identify extreme momentum conditions.
Long Trade Exit: If you're long and the RSI moves above a user-defined "overbought" level (e.g., 70 or 80), it suggests the upward move might be exhausted, prompting an exit.
Short Trade Exit: If you're short and the RSI moves below a user-defined "oversold" level (e.g., 30 or 20), it suggests the downward move might be overdone, prompting an exit.
EMA Crossover Exit:
Trend Reversal: This uses two Exponential Moving Averages (EMAs) – a fast one and a slow one.
Long Trade Exit: If you're long and the fast EMA crosses below the slow EMA, it indicates a potential shift to a bearish trend, signaling an exit.
Short Trade Exit: If you're short and the fast EMA crosses above the slow EMA, it indicates a potential shift to a bullish trend, signaling an exit.
Single Exit Signal (Crucial Improvement): Just like entries, you'll only see one exit signal (an "X" mark) per trade. The script tracks your implied position (long, short, or flat). Once you're in a trade, it continually checks all enabled exit conditions. The first condition met will trigger the single exit signal, flatten your implied position, and reset for the next trading day.
Visual Aids and Alerts
Background Colors: The chart background changes color to indicate if the indicator is currently in a simulated Long position (light green) or Short position (light orange). This gives you a quick visual overview of the trade's duration.
Plotting Trailing Stop (Optional): You can see the ATR trailing stop line dynamically adjust on your chart when a position is active, providing clear visualization of your protective stop.
Alerts: The indicator is equipped with alerts for both entries and exits, so you can be notified in real-time when signals occur without constantly watching the chart.
How to Use It
Add to Chart: Apply the indicator to any intraday chart (e.g., 1-minute, 5-minute, 15-minute).
Adjust Settings: Open the indicator's settings (Inputs tab) to:
Set your desired "First Candle Timeframe."
Define your "Session Time."
Enable or disable each of the "Exit Conditions" (ATR, RSI, EMA) and customize their parameters to fit your trading style and the asset you're analyzing.
Analyze Signals: Observe the entry and exit signals, along with the background colors, to understand the indicator's proposed trades.
This robust indicator provides a comprehensive framework for a first-candle breakout strategy, offering clear signals and dynamic trade management, all with a focus on a clean, uncluttered chart.
