Updated version of previous Momentum Strength Entry Exit Pivot Study:
//************************ // @TheGeeBee - Credit where used // //Notes: // // Use 1,2,3,5 minute timeframes // EMA Cross line and offset allows user to alter the sell characteristics where the candle low is above the EMA line and indicates a possible pre-pivot reversal // Adjust Min and Max pivots based on risk profile // Single Candle drawdown value represents the maximum size of a single red candle before an Exit Pivot is generated // ADX Threshold inhibits Pivots when trending signal is below the threshold value // Percentage Max drawdown since Entry Pivot allows the system to generate an Exit Pivot if the security has dropped X percent from the most recent Entry Pivot point // Use Bars, Candles (preferred) or Heikin-Ashi // Multiple Green Bars = BTFD // Multiple Red bars = If you didn't already get out, do it now! // //************************
Allows for Alerts to be set for Entry and Exit Pivots.
Hi, i want to make this script version 4 that i can combine two indicators. The problem is, i have no clue how to do that. Seems a bit more complicated than other indicators.
Do you have any tips?
jluven
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Hi, what does BTFD stand for? lol I am new here and learning :) I appreciate your script!
nitingami306
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What black line indicates when it go above 63
nitingami306
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How to follow you on other platforms
sauloftarsus
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What is the differentiation between yellow and blue background? Thanks!
TheGeeBee
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@sauloftarsus, Yellow indicates that the equity has dropped below the maximum global drawdown since the last entry pivot. It's a warning to indicate that if you entered at the last pivot, you should exit (as in you should have set a stop loss, but in case you didn't this would remind you to exit the position).
Do you have any tips?