JustUncleL

Bollinger Awesome Alert R1 by JustUncleL

This indicator is an implementation of the Bollinger Band and Awesome Oscillator Scalping system.

This technique is for those who want the most simple method that is very effective. It is BEST traded during the busiest trading hours, 3am to 12am EST NY time. This method doesn't work in sideways markets, only in volatile trending markets.

Time Frames: 1, 5, 10, 15 ,30 min.
Currency pairs: majors.

Other Chart indicators:

Here's the strategy:

Going LONG:
Enter a long position when the black 3 EMA has crossed up through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zeroline, going up. This is indicated by "Buy" alert.

Going SHORT:
Enter a short position when the black 3 EMA has crossed down through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zero line, going down. This is indicated by the "Sell" Alert.

Take profit:
10-20 pips depending on pair or When Awesome Oscillator turns a different colour.

HINTS: Best trades tend to occur when price reversing bounce off outer band and outside the Optional Bollinger Squeeze indication.
Notas de Lançamento:
  • Added optional extra condition that the signal candle close price must stay within the Bollinger Bands. This helps remove some of the oversized signal candles, these candles have a lower success probability.
  • Added Alarm system Alerts for BUY and SELL. This helps with automation, however, if you use the optional BB filter you will not get a complete buy/sell sequence, that is you may get multiple Sell's or Buy's before a change of direction.

Notas de Lançamento: Added optional BB squeeze filter. The squeeze Algo is based on the current relative width of the BB, this squeeze Algo is NOT based on the LazyBear Algo.
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JustUncleL

Comentários

I see alerts for buy & sell, but is there any TP alert?
Resposta
JustUncleL Flacwby
@Flacwby, No there is no TP alert, that is up to how the Trader wants to trade.
Resposta
Hi JustuncleL,

First of all: I love your study/script. It really helps a lot! One thing that I might some support is the following scenario that happens quite a lot:
When the candle crosses above or below the Bollinger red middle band an alert gets fired. However when within the same candle the price reverts back, the signal buy or sell dissapears. The alert gets triggered to early. Would it be possible to get a filter on that, for example to only fire the alert once the candle is closed?

Thanks a lot!
Resposta
The_Maexter The_Maexter
Today I found out that using OHLC4 instead of Close gives a much more fundamental signal which essentially solves my issue to large extend.
Resposta
JustUncleL The_Maexter
@The_Maexter, That is normal functionality of the script. I coded it that way so that you get a pre-warning of a pending trade before the candle closes. If you are using the TradingView alarm system to alert you of a trade just use the option "Once per Bar Close" to get an alert as soon as the bar closes.
Resposta
Any updates for 2020?
Resposta
Hi Uncle, any idea why sometimes it's not capturing some break downs?
https://ibb.co/CWtM9XV
Resposta
JustUncleL fmghqht2019
@fmghqht2019, I expect it's because the AO condition is not satisfied, you did not show the AO Oscillator in those examples so I cannot really tell.
Resposta
I love this, thank you. Can you please tell me a good way to screen for studies to find those which are likely to have a buy indicator?
Also, is this only really useful for daily charts or any timescale?
Thank you again
-Matt
Resposta
JustUncleL GemeenAapje
@GemeenAapje, This indicator should work on any Time frame, even lower time frames.
Resposta
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