today an upgraded version of Nova Bands indicator, here below the previous V1
This is a great analysis and scalping tool for day trading on low timeframes (5-15 minutes) or to plan swing trades on hourly timeframes. It can be used also on high timeframes just for analysis current market trend.
The indicator plots a series of levels which create a nice bands flow.
The slope of levels make you easily understand when price is in consolidation, in uptrend or in downtrend.
The golden rule is always the same: buy low and sell high.
This indicator plots:
- 3 "price is low here" levels (from dark green to light green)
- 3 "price is average here" levels
- 3 "price is high here" levels (from purple to orange)
You can find more details on how to use the indicator in the description of V1.
Please, always remember that:
- when bands are flat, price is in consolidation and this is best condition to trade with nova bands
- when bands get nearer and nearer is called "Bands Squeeze": price is next to a main breakout move, is coming!
The basic improvement in V2 is a different way to calculate the bands based on different timeframe resolution, default is setup to for example.
A trader who wants to be a winner must understand that money and risk management are very important, so manage your position size and always have a stop loss in your trades.
This is a premium indicator, so send me a private message in order to get access to this script.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact astropark for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it until you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Public Library.
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