This script/indicator is designed with the main purpose of identifying the strength of the instrument. Description added at each methods. Inputs can be changed by users as per their own rules as per their matching style. Happy Trading!
PSAR:
Default PSAR setting is used with the marking of red and green as per position of above or below candle. This will help to identify the current strength
ATR:
ATR based calculation used to identify ATR strength and its zone. This will help to double confirm the strength
2 EMA:
There are 2 EMAs are used here to see the crossover and the strength of the candle.
Disclaimer:
Combination of these multiple strength identification may help the users/traders to see the strength of the instrument. That is the main and sole purpose of publishing this indicator. Changing the inputs, taking trading decisions are up to each individual users/traders.
Notas de Lançamento
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With this republish, just cleaned up the chart. Also, corrected few typo and spelling mistakes in the descriptions. No changes in the indicator though.
Trade What You See:
This script/indicator is designed with the main purpose of identifying the strength of the instrument. Description added at each methods. Inputs can be changed by users as per their own rules as per their matching style. Happy Trading!
PSAR:
Default PSAR setting is used with the marking of red and green as per position of above or below candle. This will help to identify the current strength
ATR:
ATR based calculation used to identify ATR strength and its zone. This will help to double confirm the strength
2 EMA:
There are 2 EMAs are used here to see the crossover and the strength of the candle.
Disclaimer:
Combination of these multiple strength identification may help the users/traders to see the strength of the instrument. That is the main and sole purpose of publishing this indicator. Changing the inputs, taking trading decisions are up to each individual users/traders.
Notas de Lançamento
⋅
Changes in this publish:
Couple of color changes done as follows;
Lower moving average color changed to black from purple. Color of bars in between PSAR & ATR marked with yellow color
1. 6 EMA and 9 EMA used as default value to see the moving average crossover
2. Default PSAR used to see the stop and reverse position or to hold positions
3. ATR based lines of Green and Red Zone can help to see the strength of up and down sides
4. ATR based blue line used as dynamic support or it can be used for trailing stop as well
Important points: High probability trades may come in the following setups;
1. In the Green Zone, Green candles can be used for long trades
2. In the Red Zone, Red candles can be used for short trades
3. In the Green Zone, when candle comes near or touches Green line and bounces, it can be used for long trades
4. In the Red Zone, when candle comes near or touches Red line and reverses, it can be used for short trades
All the best and happy trading. Default settings can be changed as per users/traders point of view
akshi215
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Looking great PC Kalai ...if possible convert this indicator to strategy?