sir this is a great indicator to use like small traders
bethon1980
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Would you know how to add the ADX as a filter to this script? If you use this on the 9ema pullback on the 1 minute chart in conjunction with the ADX being over 20 the winrate is very impressive.
MadMoto29
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@bethon1980, updated! Let me know how that works. I'm not seeing that high of a win rate personally. Can I ask what symbols(s) and timeframe(s) you are using? Also any tips on entry/exit rules, RRR, etc? Thanks. 🙂
bethon1980
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@MadMoto29, Hi that's brilliant. Had 2 good trades on the DAX this morning that I added to using the indicator on the 1 minute with the settings as 9 EMA, SMA at 6 though not sure if that affects anything and bars below, above at 1. I generally play the 9 EMA pullback on Indices DAX, Nasdaq etc as I don't trade anything else. The ADX filter just helps to not get involved when it isn't trending and I always wait for the entry bar to open above/below the 9 EMA. The other entry rule I use to avoid non trending markets is the 200 EMA must have a pronounced slope on it so I won't play if the price is bouncing around it and the long term MA is flat. As far as stops, exits go I use a trailing stop that is set at 1 R/R and I use the close below 20 SMA as an exit rule as that often provides dynamic support. My stop is set at 3 to 4x the 1 minute ATR as the trade goes for me the stop ratchets up 1x risk and I don't want to get stopped out by noise although sometimes I do. I generally won't play the first 15 minutes or so and let it find a direction and the Indices quite often flag away from the direction they were heading before resuming trend at or just before open. It should work well on anything that is trending really. Another nice addition would be alerts as it doesn't seem to be working post update. I used to get the alerts to work to selecting shapes crossing and then the alternate shapes in the other box. Really appreciate that, thanks.