OPEN-SOURCE SCRIPT
Momentum Scalping by Arpit Shah
This custom indicator is designed for scalping and short-term trading on the 5-minute timeframe, combining multiple technical tools to highlight key market movements.
Features:
✅ Swing Highs and Lows Detection:
Marks important swing highs with green arrows below bars.
Marks important swing lows with red arrows above bars.
Helps identify potential reversal points and market structure shifts.
✅ Supertrend Indicator (10, 1.3) (No Line Breaks):
Green line represents an uptrend.
Red line represents a downtrend.
Bull (🐂) and Bear (🐻) icons indicate trend reversals based on Supertrend direction changes.
✅ Exponential Moving Averages (EMAs) for Trend Confirmation:
EMA 5 (Blue, Thin) – Short-term momentum.
EMA 50 (Red, Medium Thickness) – Medium-term trend.
EMA 200 (Black, Thickest) – Long-term trend filter.
How to Use:
📌 Look for Supertrend buy/sell signals (🐂/🐻) for potential trend shifts.
📌 Use Swing Highs and Lows to identify support/resistance areas.
📌 Check EMA crossovers for trend direction confirmation.
Long Entry= Wait for Uptrend then wait for green arrow below candle take entry above high and place stoploss below low take Risk Reward as 1:1.
Short Entry=Wait for Downtrend then wait for Red arrow above candle take entry below low and place stoploss above high take Risk Reward as 1:1.
You can use EMA for extra Confirmation.
This indicator is ideal for scalpers and intraday traders looking to combine trend-following and price action strategies for better decision-making. 🚀📈
Features:
✅ Swing Highs and Lows Detection:
Marks important swing highs with green arrows below bars.
Marks important swing lows with red arrows above bars.
Helps identify potential reversal points and market structure shifts.
✅ Supertrend Indicator (10, 1.3) (No Line Breaks):
Green line represents an uptrend.
Red line represents a downtrend.
Bull (🐂) and Bear (🐻) icons indicate trend reversals based on Supertrend direction changes.
✅ Exponential Moving Averages (EMAs) for Trend Confirmation:
EMA 5 (Blue, Thin) – Short-term momentum.
EMA 50 (Red, Medium Thickness) – Medium-term trend.
EMA 200 (Black, Thickest) – Long-term trend filter.
How to Use:
📌 Look for Supertrend buy/sell signals (🐂/🐻) for potential trend shifts.
📌 Use Swing Highs and Lows to identify support/resistance areas.
📌 Check EMA crossovers for trend direction confirmation.
Long Entry= Wait for Uptrend then wait for green arrow below candle take entry above high and place stoploss below low take Risk Reward as 1:1.
Short Entry=Wait for Downtrend then wait for Red arrow above candle take entry below low and place stoploss above high take Risk Reward as 1:1.
You can use EMA for extra Confirmation.
This indicator is ideal for scalpers and intraday traders looking to combine trend-following and price action strategies for better decision-making. 🚀📈
Script de código aberto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Script de código aberto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.