Trend Trader-RemasteredThe script was originally coded in 2018 with Pine Script version 3, and it was in invite only status. It has been updated and optimised for Pine Script v5 and made completely open source.
Overview
The Trend Trader-Remastered is a refined and highly sophisticated implementation of the Parabolic SAR designed to create strategic buy and sell entry signals, alongside precision take profit and re-entry signals based on marked Bill Williams (BW) fractals. Built with a deep emphasis on clarity and accuracy, this indicator ensures that only relevant and meaningful signals are generated, eliminating any unnecessary entries or exits.
Key Features
1) Parabolic SAR-Based Entry Signals:
This indicator leverages an advanced implementation of the Parabolic SAR to create clear buy and sell position entry signals.
The Parabolic SAR detects potential trend shifts, helping traders make timely entries in trending markets.
These entries are strategically aligned to maximise trend-following opportunities and minimise whipsaw trades, providing an effective approach for trend traders.
2) Take Profit and Re-Entry Signals with BW Fractals:
The indicator goes beyond simple entry and exit signals by integrating BW Fractal-based take profit and re-entry signals.
Relevant Signal Generation: The indicator maintains strict criteria for signal relevance, ensuring that a re-entry signal is only generated if there has been a preceding take profit signal in the respective position. This prevents any misleading or premature re-entry signals.
Progressive Take Profit Signals: The script generates multiple take profit signals sequentially in alignment with prior take profit levels. For instance, in a buy position initiated at a price of 100, the first take profit might occur at 110. Any subsequent take profit signals will then occur at prices greater than 110, ensuring they are "in favour" of the original position's trajectory and previous take profits.
3) Consistent Trend-Following Structure:
This design allows the Trend Trader-Remastered to continue signaling take profit opportunities as the trend advances. The indicator only generates take profit signals in alignment with previous ones, supporting a systematic and profit-maximising strategy.
This structure helps traders maintain positions effectively, securing incremental profits as the trend progresses.
4) Customisability and Usability:
Adjustable Parameters: Users can configure key settings, including sensitivity to the Parabolic SAR and fractal identification. This allows flexibility to fine-tune the indicator according to different market conditions or trading styles.
User-Friendly Alerts: The indicator provides clear visual signals on the chart, along with optional alerts to notify traders of new buy, sell, take profit, or re-entry opportunities in real-time.
