Zeta Scalper

jellygill Atualizado   
What is Scalping?

Scalping is a trading strategy aimed at profiting from quick momentum in a volatile index or stock.

Traders who use such strategies place anywhere from 10 to a few hundred trades in a single day.

The idea behind such type of trading is that small moves in an index or stock price are much easier to capture than the larger moves.

Traders who use such strategies are known as scalpers. When you take many small profits a number of times, say 10 points scalped 20 times per day, they can easily add up to large gains.

An Option Buyer's Biggest Enemy is Time Decay and when you scalp, you do not allow the time decay to eat your Option Premium as your Entry and Exit is often quick enough.

What is Zeta Scalper?

Zeta Scalper indicator is a momentum based indicator which tries to detect momentum based upon a number of Candle Stick Patterns.

When it thinks a move has the potential to turn into a big move, it generated its Buy/Sell Signals.

It is a well known fact that actual drivers of the market are Big Institutions, Mutual Funds & Big Guys with deep pockets.

They have large amounts of money to invest and they buy & sell in bulk.

When they buy, often their objective is to buy at lower levels (below average price of the day) & when they sell they sell at higher levels (above average price of the day).

Zeta Scalper seeks to detect this activity. When aggressive buying or selling starts where Buying & Selling Forces become unequal, the Price starts moving in one direction with candles making Higher Highs or Lower Lows.

Zeta Scalper detects these Higher Highs or Lower Lows and generates Buy or Sell signals when this happens.

In order to use this indicator, simply deploy this on your chart, and wait for Buy/Sell signals.

It works on all time frames including 1 min. 3min. 5min. & 10min. etc.

When a Buy Signal is followed by Sell signal (let it be after 3 - 4 candles or after many candles) or vice-versa, you have to switch your position to make most of the reverse move.

It is a general purpose indicator and may be used on stocks, commodities and currencies alike and is not meant for any specific market.

How to Take Buy/Sell Entry with Zeta Scalper?

Whenever you see a Buy Signal, mark its closing price with a horizontal line and as soon as a candle breaks this candle's High, it is time for you to take Entry.

Your STOP LOSS could be just 0.5% below your Entry Price, hence, no big loss even if things go wrong.

Keep moving your STOP LOSS up as the price moves in your favour and when market turns around and you see a SELL signal, it is time to book your BUY position profit and take Entry on SELL Side now and so on.

How to get this indicator?

This is invite-only indicator. Get in touch with us using information given below in Signature field to try this tool FREE.
Notas de Lançamento:
Introduced ATR Based Signals along with Support & Resistance Lines.
Notas de Lançamento:
Changed Version Name and effected minor changes.
Notas de Lançamento:
Improved the code efficiency and added many new features.
Notas de Lançamento:
Alert Condition modified.
Notas de Lançamento:
Created Single Alert Condition for both up and down momentum.
Notas de Lançamento:
Updated code to Pine Version 5 with following enhancements:

(a) Entry as well as Exit signals

(b) Re-Entry when conditions are met

(c) Algo trading friendly signals in LE, LX, SE, SX format.
Notas de Lançamento:
Changed Re-Entry Condition for Long and Short
Notas de Lançamento:
Update: Option enabled to close all positions by user-defined time. For example if user goes to Settings and selects 'Close by EOD' and his session timings are set at 9:15 to 3:20 pm, then all open positions will be closed by 3:25 pm and no further trades will be taken.
Notas de Lançamento:
Exit criteria updated after back-testing.
Notas de Lançamento:
Updated code which prevents opening fresh positions after 3:15 PM if "Close by EOD" option is selected.
Notas de Lançamento:
Update: Created Variable Bands for option trading
Notas de Lançamento:
Update: (14 Feb 23): Buy/Sell Alerts functionality and automatic appearance/disappearance of support/resistance lines incorporated.

Buy Alert gets triggered when (1) Last Signal is Buy Signal and (2) Price closes above Upper Mean Variance distributed line (uppermost line)
Sell Alert gets triggered when (1) Last Signal is Sell Signal and (2) Price closes below lower Mean Variance distributed line (lowermost line)
Notas de Lançamento:
What is new in 20th Mar 2023 update:
  • Less number of X symbol, so less confusion and increased accuracy
  • Now indicator will work on any instrument no matter if it has volume or not which mean it has been optimized for FOREX as well.
  • You want to be notified if either buy or sell signal has triggered, no problem. Set up a single alert (anysig) on your indicator and you will get an alert if either buy or sell signal occurs.
  • 2 Lines will get drawn automatically at open and closing level of Sell and Buy Signal candle which reminds you where is your Entry and Exit.
Notas de Lançamento:
Signal generation code tweaked to give little earlier signals.
Notas de Lançamento:
Momentum Candle's color changed so that it is visible on a black background as well.
Notas de Lançamento:
Trend Change Detector Code and latest version date updated.
Notas de Lançamento:
Introduced consolidation zone which indicates where NOT TO TRADE (i.e. not to keep any positions open).
This feature helps option buyers to avoid zones where price is consolidating, momentum is minuscule and their option value is eroding due to time decay.

To avail FREE TRIAL for all our invite-only indicators, please contact us:

Telegram: @jellygill

Our Telegram Channel: @CheetaTrader

join to complete FREE TRAINING on how to use the indicators effectively and then request @jellygill for FREE TRIAL
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Instruções do autor

The indicator should be used on liquid stocks, commodities, indices or currency pairs. It has been tested to work well on time frames ranging from 01 min. to 1 year.

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