Trade Wave [Bluechip Algos]Trade Wave is a momentum-based indicator designed to show reversal signals. Most of the time, markets are in range bound and this indicator tries to show you the overbought and oversold zone of the time frame you select. It works well during range bound market giving you reversal signals at highs and lows of the range. One can make use of "Momentum tuning" in inputs section to pick the level of momentum aggressiveness. If value is higher, signals will be lesser and if value is low signals will be more. One can also choose different types of stop-losses and targets.
Stop Loss Types:
Fixed SL: Set a fixed stop loss value for consistent risk management.
Dynamic SL: Adjusts with the market, providing a flexible stop loss that moves with price changes.
Previous Candle SL: Stop losses based on the recent low (for sell signals) or high (for buy signals) of the last few candles.
Target Types:
Fixed Target: Set a fixed target value for consistent profit goals.
Dynamic Target: Adjusts with market movements to maximize potential gains.
Risk:Reward Target: Define targets based on SL risk:reward ratios (e.g., 1:2), allowing for personalized risk management strategies.
Suggestion: It's better to take reversal confirmation from multiple time frames instead of relying on just one.
Pesquisar nos scripts por "wave"
Prometheus Fractal WaveThe Fractal Wave is an indicator that uses a fractal analysis to determine where reversals may happen. This is done through a Fractal process, making sure a price point is in a certain set and then getting a Distance metric.
Calculation:
A bullish Fractal is defined by the current bar’s high being less than the last bar’s high, and the last bar’s high being greater than the second to last bar’s high, and the last bar’s high being greater than the third to last bar’s high.
A bearish Fractal is defined by the current low being greater than the last bar’s low, and the last bar’s low being less than the second to last bar’s low, and the last bar’s low being less than the third to last bar’s low.
When there is that bullish or bearish fractal the value we store is either the last bar’s high or low respective to bullish or bearish fractal.
Once we have that value stored we either subtract the last bar’s low from the bullish Fractal value, and subtract the last bar’s high from the bearish Fractal value. Those are our Distances.
Code:
isBullishFractal() =>
high > high and high < high and high > high
isBearishFractal() =>
low < low and low > low and low < low
var float lastBullishFractal = na
var float lastBearishFractal = na
if isBullishFractal() and barstate.isconfirmed
lastBullishFractal := high
if isBearishFractal() and barstate.isconfirmed
lastBearishFractal := low
//------------------------------
//-------CACLULATION------------
//------------------------------
bullWaveDistance = na(lastBullishFractal) ? na : lastBullishFractal - low
bearWaveDistance = na(lastBearishFractal) ? na : high - lastBearishFractal
We then plot the bullish distance and the negative bearish distance.
The trade scenarios come from when one breaks the zero line and then goes back above or below. So if the last bullish distance was below 0 and is now above, or if the last negative bearish distance was above 0 and now below. We plot a green label below a candle for a bullish scenario, or a red label above a candle for a bearish one, you can turn them on or off.
Code:
plot(bullWaveDistance, color=color.green, title="Bull Wave Distance", linewidth=2)
plot(-bearWaveDistance, color=color.red, title="Bear Wave Distance", linewidth=2)
plot(0, "Zero Line", color=color.gray, display = display.pane)
bearish_reversal = plot_labels ? bullWaveDistance < 0 and bullWaveDistance > 0 : na
bullish_reversal = plot_labels ? -bearWaveDistance > 0 and -bearWaveDistance < 0 : na
plotshape(bullish_reversal, location=location.belowbar, color=color.green, style=shape.labelup, title="Bullish Fractal", text="↑", display = display.all - display.status_line, force_overlay = true)
plotshape(bearish_reversal, location=location.abovebar, color=color.red, style=shape.labeldown, title="Bearish Fractal", text="↓", display = display.all - display.status_line, force_overlay = true)
We can see in this daily NASDAQ:QQQ chart that the indicator gives us marks that can either be used as Reversal signals or as breathers in the trend.
Since it is designed to provide reversals, on something like Gold where the uptrend has been strong, the signals may be just short breathers, not full blown strong reversal signs.
The indicator works just as well intra day as it does on larger timeframes.
We encourage traders to not follow indicators blindly, none are 100% accurate. Please comment on any desired updates, all criticism is welcome!
Bitcoin Wave RainbowThis Bitcoin Wave Rainbow model is a powerful tool designed to help traders of all levels understand and navigate the Bitcoin market. It works only with BTC in any timeframe, but better looks in dayly or weekly timeframes. It provides valuable insights into historical price behavior and offers forecasts for the next decade, making it an essential asset for both short-term and long-term strategies.
How the Model Works
The model is built on a logarithmic trend, also known as a power law, represented by the green line on the chart. This line illustrates the expected price trajectory of Bitcoin over time. The model also incorporates a range of price fluctuations around this trend, represented by colored bands.
The width of these bands narrows over time, indicating that the model becomes increasingly accurate as it progresses. This is due to the exponential decrease in the range of price fluctuations, making the model a reliable tool for predicting future price movements.
Understanding the Zones
Blue Zone: This zone signifies that the price is below its trend, making it a recommended area for buying Bitcoin. It represents a level where the price is unlikely to fall further, providing a potential opportunity for accumulation.
Green Zone: This zone represents a fair price range, where the price is relatively close to its trend. In this zone, the price may continue to go up or down, depending on the halving season. ransiting up around any halving and transiting down around 2 years after each halving.
Yellow Zone: This zone indicates that the price is somewhat overheated, often due to the hype following a halving event. While there may still be room for the price to rise, traders should exercise caution in this zone, as a price correction could occur.
Red Zone: This zone represents a strong overbought condition, where the price is significantly above its trend. Traders should be extremely cautious in this zone and consider reducing their positions, as the price is likely to revert back towards the trend or even lower.
Using the Model in Your Trading Strategy
This indicator can be used in conjunction with the Bitcoin Wave Model, which complements it by showing harmonic price fluctuations associated with halving events. Together, these indicators provide a comprehensive view of the Bitcoin market, allowing traders to make informed decisions based on both historical data and future projections.
Benefits for Traders
This Bitcoin price model offers numerous benefits for traders, including:
Clear Visualization: The model provides a clear and concise visual representation of Bitcoin's price behavior, making it easy to understand and interpret.
Accurate Forecasting: The model's accuracy increases over time, providing reliable forecasts for future price movements.
Risk Management: The model helps traders identify overbought and oversold conditions, allowing them to manage their risk more effectively.
Strategic Decision-Making: By understanding the different zones and their implications, traders can make more informed decisions about when to buy, sell, or hold Bitcoin.
By incorporating this Bitcoin price model into your trading strategy, you can gain a deeper understanding of the market dynamics and improve your chances of success.
Smart Money Setup 04 [TradingFinder] Three Drive (Harmonic) + OB🔵 Introduction
The "Three Drive" pattern is a well-known formation in technical analysis, recognized for its ability to signal potential trend reversals in price action. Within the realm of trading, particularly in the context of "Reversal Patterns," the Three Drive pattern holds significance as a reliable indicator of shifts in market sentiment.
🟣 Bullish 3 Drive
This pattern typically manifests at a price bottom, where a sequence of lower lows suggests a prevailing negative trend. However, within the structure of the Three Drive pattern, a notable occurrence unfolds.
The second low breaches the range of the first low, followed by the third low surpassing the range of the second low. These penetrations signify a diminishing selling pressure and an emerging buying interest.
Traders often await the confirmation of the third low surpassing the second low as an entry point, with price targets set at the highs formed within the Three Drive pattern.
🟣 Bearish 3 Drive
Conversely, the Bearish Three Drive pattern emerges at a price top, characterized by a sequence of higher highs indicating an upward trend. Yet, amidst this apparent bullish momentum, a shift occurs.
The second high breaks beyond the range of the first high, succeeded by the third high exceeding the range of the second high. These breaches signify a waning buying strength and a resurgence in selling pressure.
Entry into a trade is often executed after the confirmation of the third high surpassing the second high, with targets set at the lows formed within the Three Drive pattern.
Importance :
Understanding the Three Drive pattern's significance extends beyond mere technical analysis. It bears resemblance to other established patterns, such as the Harmonic Pattern and Ending Diagonal within the Elliott Wave Theory.
Recognizing these parallels aids traders in comprehending broader market dynamics and potential price movements.
🔵 Formation of 3 Drive in Order Block Zone
The convergence of the Three Drive pattern with the concept of the Order Block Zone introduces a nuanced layer to traders' analytical approach.
In "Price Action" methodology, Order Blocks represent areas on the price chart where significant market players, such as institutional traders, have executed notable orders.
These zones often act as barriers, with price encountering resistance or support upon reaching them.
When the Three Drive pattern forms within an Order Block Zone, it signifies a confluence of market dynamics.
The completion of the pattern within this zone suggests a potential reversal in the prevailing trend, augmented by the presence of significant institutional orders.
Traders incorporate these Order Blocks into their analysis to identify probable levels where price may change direction, enhancing the reliability of their trading decisions.
🔵 How to Use :
To effectively utilize the Three Drive pattern within the Order Block Zone, traders seek alignment between the completion of the pattern and the presence of significant Order Blocks.
This convergence enhances the reliability of the pattern's signals, increasing the likelihood of successful trade outcomes.
Bullish Three Drive in Demand Zone :
Bearish Three Drive in Supply Zone :
Settings :
You can set your desired "Pivot Period" via settings for the indicator to identify setups based on it.
[A618]Improved Wave channel 3D The Script is an Amalgamation of Two prominent Scripts in One
1. Ehlers 2 Pole ButterWorth Filter
2. Wave Channel 3D
Intuitively,
Buy when Candles are above all the filter Lines
Sell when Candles are below the Filter Lines
CREDITS
Event Locator BasicUsable under any conditions and in all markets, the 'event locator' provides a foundational layer for any count-based trading strategy or system. This specific installment color codes events - all down events are green, up events are blue, double-marked events are red, and smooth events are gray. It also wraps the price sequence in a 3-d line landscape plot - providing a visual using lines that are event sensitive. Though events are sometimes referred to as 'fractals,' this is not a fractal tool. These marks are based on 3 candles, not 5 as is common with the Bill Williams fractal scripts. Every countable event on the chart will be marked using this tool. Really, Elliott Wave should have told you about this... (because you can't legitimately count w/o it)
//This indicator was originally a mod of the 'Williams Fractals' indicator - modified by Erek A.D., Nov. 2017
//It was rewritten from the ground up by 'Brobear' in Sept./Oct. 2018
//This code marks 'rough' AND 'smooth' EVENTS in price flow
//EVENTS are naturally created in markets when SEPARATION occurs at candle tips
//SEPARATION happens when a high is flanked by lower highs or a low is flanked by higher lows
//EVENT LOCATORS like this provide an objective foundation for counting price movement
DlineDline is a indicator that was developed by B-Negative. This indicator was developed under convergence logic. If we have many information of prices, when the information was averaged with more enough, the average line will be the linear line that has direction. The direction of this linear line can help traders to analyze the direction of trends. Dline was made with TEMA, EMA, DEMA, and Dline line that is a average line between DEMA and EMA.
Under B-Negative's concept, DEMA and EMA that are average lines will convergence and have same direction when the trends are coming. Amount of data must more enough and diferrect by assets' type. However, user can change value of DEMA, Dline, EMA, and TEMA by themself under 7 concepts below.
1. EMA will convergence to close Dline when the trend will be changing.
2. The uptrend will occure when EMA above/below Dline and candle sticks are green/red color.
3. TEMA was setted similair DEMA.
4. When new high/low of wave cross TEMA and can not retrun to create higher/lower high/low (At oversold/overbought, Stocastic 9,3,3 counting with loop technique), that is exit point of position.
5. Difference of timeframe or assets could use different parameters. (Setting based on 4 rule above.)
6. Divergence between Dline and EMA mean sentiment of assets are sideways.
7. If Dline and EMA look like same line, the trend is most strength trend.
Dline use thickness = 4
EMA use thickness = 1
This ex. is timeframe day.
TTM Wave ABC By GanymedeNilTo facilitate the production of an open source version of the strategy TTM Wave ABC
3D Sine WaveIt's a 3D sine wave! Cool!
I made a cube follow a sine wave, it doesn't reflect any data on the chart, it just looks pretty. There are some settings to play around with, too.
You could plug the cube into any input you like, just replace the 'wave' variable with whatever you want.
Watch it on the 1 second timeframe!
RSI Wave SignalsQuick Description: Smoothed RSI with optimized trailing moving average. Look for cross above or cross under signals for buy and sell orders respectively.
VIDYA moving average of RSI incorporated with "optimized trend tracker" system. Thanks to kivancozbilgic and anilozeksi for implementing this great idea on Tradingview. The indicator adds "1,000" to the RSI MA values for more natural and accurate percentage trailing.
Settings:
- Period MA is the moving average length of the blue line
- Trailing Percentage of MA adjusts the percentage (sort of) trailing level of the moving average.
- RSI Length adjusts the rsi length in calculation.
Trading Tips:
- System might be enhanced by taking signals only on "oversold" or "overbought" territories (i.e <~1020 or >~1080)
- Adjust position size of by 4 times of atr(length=14)
- Take 50% of position as profit when position reaches the 4*atr TP Level (breakeven)
- Let the rest ride.
- Best performing on short frequencies such as 1, 3, 5 mins.
Double wave-trend Oscillator Buy/Sell signalsBINANCE:ROSEUSDT
This script attempts to use Wave Trend Oscillator's of different lengths in order to identify trade entries and exits for bullish trades. This indicator is strongly recommended to be used with volatile assets or on large time interval charts. You use this script by entering a trade when it signals a green block and exiting when it signals red although these signals could potentially be used as trend reversal signals instead. The script uses two wave trend oscillator's the lengths of which can be edited in the settings, but the general idea is that one is fast and one is slow and these indicate when to buy/sell when they crossover the overbought/sold lines. In the setting you can choose whether the fast or the slow line will be used for buy signal and the other is then used to signal selling. By default this will be ticked on indicating that the fast line crossing over the oversold level will be used for buy signals, if it is ticked off the slow line will be used. The other tickbox is for whether the line used for selling will signal when it first crosses over the overbought line or whether it should signal then it crosses back under the overbought line after having crossed over it, the default value is off indicating that it will signal when it crosses back under the overbought level. The overbought/sold levels should be tweaked on a per asset basis to get the best quality signals.
The original code for the Wave Trend Oscillator comes from LazyBear and was modified and built on to create this indicator.
Smoothed Wave ScalperThis one is a little different.
Instead of layering lots of indicators to filter noise, I'm instead using two different kinds of price averaging to smooth the candles and better define the direction. Just select a smoothing value that fits your chart and timeframe. In theory, this should remove a fair bit of noise (although nothing's perfect)
I've managed to determine when the candles change colour, signifying a potential new trend. When the candle colours do change, an alert is fired. It's as simple as that! Wyckoff wave volume analysis is then applied to each alert to validate the move. Further filtering can be achieved using heikin ashi candles if this is your preference.
Alerts are built in for both the candle colour change and the wave filtered signals (long/short). Use long/short for entries and the colour changes for exits.
I'm currently trading with linear regression to help indentify obvious channels and areas of support/resistance. The candles bouncing down off of the upper band can confirm a downward trend, and bouncing off of the lower band can signify an up trend. It's much easier to see with smoothed candles like these and can give you confidence when trading manually. These bands are rendered automatically, but aren't essential to taking a trade.
Elliott Wave Oscillator + TTM SqueezeThe Elliott Wave Oscillator enables traders to track Elliott Wave counts and divergences. It allows traders to observe when an existing wave ends and when a new one begins. It works on the basis of a simple calculation: The difference between a 5-period simple moving average and a 34-period simple moving average.
Included with the EWO are the breakout bands that help identify strong impulses.
To further aid in the detection of explosive movements I've included the TTM Squeeze indicator which shows the relationship between Keltner Channels & Bollinger Bands, wich highlight situations of compression/low volatility, and expansion/high volatility. The dark dots indicate a squeeze, and white dots indicates the end of such squeeze and therefore the start of an expansion.
Enjoy!
LSMA Wave RiderThe LSMA Wave Rider uses Least Squares Moving Average to make a fast oscillator ideal for scalping lower timeframe charts. Upper and lower bands contract during pullback and expand as it "booms". The perfect entry is the first crossover after bands expand. This is a great tool for entering trades.
The above image shows two examples of perfect entries:
1. The upper and lower bands contract getting tighter as it pulls back.
2. The upper and lower bands then begin to expand as it gets ready to fly.
3. The oscillator crosses over showing entry point.
* Please note that this strategy may not work during major downtrends. *
Oscillator 2 is used to detect diversions. Reduce the number to pick up shorter diversions and increase to 200 to pickup larger diversions.
One For All - xMAs : wave ribbon + trend strenght + xMAcrossThis script is not intended to bring anything new or original, but mainly for educational purposes and aesthetic visualization of 10 moving average behavior.
Main features :
Moving Averages : as shown by the wave ribbon (the gradient colored areas opacity is correlated with the distance from the Nth xMA to the last xMA)
Trend Strenght : as shown by the blue/orange/red triangle shape plotted at the bottom of the chart
Moving Average Cross Signal : as shown by the labels green LabelUp and red LabelDown
Also it is designed to be easily customizeable as the settings allow to:
Chose different smoothing method for the 10 xMAs plotted
Manually setup the length of each xMA or simply select a predefined list of convenient length
Choose different MA length not only for crossover but also for crossunder
Trend Strenght explanation :
When all the "fast xMA" are above "slow xMA" there is an opaque Blue UpTriangle plotted at bottom (bull trend)
As more "fast xMA" fall/cross below "slow xMA", the Blue UpTriangle will start fading to a translucid orange UpTriangle
As even more "fast xMA" fall/cross below "slow xMA", a Red DownTriangle is plotted insteand and become more and more opaque as more MA fall below others
Overall, this means that the opacity of the triangles represent trend strenght and a fading trend is shown by the color fading into a translucid orange color
p.s. : If you would like to see some other MA calculation method included, please comment below, I'd be happy to update this script
3D Wave-PMThe Wave-PM (Whistler Active Volatility Energy - Price Mass) indicator is an oscillator described in Mark Whistler's book 'Volatility Illuminated'.
The Wave-PM was specifically designed to help read cycles of volatility. When visualizing volatility cycles as a heatmap we can get a clear overview of market volatility phases on multiple timeframes, and more importantly as traders give us insight into 'potential' volatility from to pent up energy signaled by the blue and green plumes which invariably give way to big moves signaled by the orange and red plumes.
This indicator can be quite GPU intensive, so simple and also line based visualization methods are included. Also, its free and open source so go ahead and hack it to your hearts content. Enjoy!
QF WAVEThis indicator contains multiple types of moving averages and clouds for trend following and scalping .
INCLUDES
Sine Wave bands formed from a baseline and multiple standard deviations.
Elastic PSAR , Elastic weighted moving average combined with the Parabolic SAR . this is plotted as a moving average and is used with the ATR to display multiple bands indicating trend direction and potential reversals in price.
Hull cloud with different filter options
VWAP Cloud
Multi-Option Ma
Weis Wave Volume Bar Colours AdvancedIn this advanced version of the Weis Wave Volume Bar Colour indicator, you can change the trend length for the green & red bars individually. Alerts can also be triggered at the start of a new trend easily, by the green/red dots.
multi RSI channel for divergence / wave analysisThis is an indicator that will make analysis using RSI much easier!
This indicator is basically an RSI, that uses the concept of bollingerbands, and draws channel that corresponds with the real RSI value.
With this script, you will be able to
1.spot divergences visually, and much easier (rsi channel is set to 35/65-white 30/70-yellow 20/80-orange 15/85-red)
2.analyze the wave easier with the guidance of labels printed
For those people who use RSI alot, you will be able to use this indicator for spotting divergence scenarios before the divergence forms,
and with the multi-rsi channel & help of label, you will be able to visually know that the divergence has formed.
this indicator will help guide you to read RSI indicator much better, and I personally don't think that you need extra RSI indicator(default),
because this is much more intuitive, and you get all the benefits of RSI as well.
hope this helps someone like me who really wanted to use RSI channel more professionally!
Function Cosine WaveI didn't see a public script for drawing a cosine wave on the chart, with slight changes to RicardoSantos' Function Sine Wave Indicator, so I published this as my first script.
I hope that is useful.
Trend WaveThis indicator is used to filter the trend of stock.
2 period moving average is used to filter the unstable market.
Retracement only max 3 days,to avoid big retrace cause profit burn.
Background color is based on candle color.
Green Candle = Bull Momentum
Yellow Candle = Possible Retrace / Bear Momentum ( to avoid miss the bull wave )
Red Candle = Bear Momentum
❗ = Danger signal - based on volume,candlestick,support
Have a look to the wick to determine the momentum power of bull/bear
Strategy To Trade:
Long when candle turn RED to GREEN
Long when retrace end and BULL momentum appear
Short when candle turn GREEN/YELLOW to RED
Wait for Red Candle to Exit if your cost is low
Not suggest to catch high for day changes% > 15
**PLEASE TRADE USING SEVERAL INDICATOR (NOT ONLY ONE)!!!
Kindly Comment Below For your opinion to this indicator.
This is permanently share to public.
X Wave DetectorThis indicator is designed mainly for day traders who want to use Supply and Demand, but it is good for swing traders too.
X Wave Detector indicator script detects Short Term supply and demand zones. These zones do offer great insight into the structure of any market. If you understand and know how to trade with support and resistance zones, then you might find supply and demand zones very similar.
A list of all the features is provided below.
1. Customize Basing Color
2. Strength of the zone.
3. Number of candles in basing from 1 to 4
4. Color customization for Supply Demand Zone Labels
5. Hide Zone Labels
6. Hide Supply and Demand candles
This indicator/script focuses on strong volume moves to the upside and downside. When price makes a decent move with volume, the indicator will create a supply or demand zone (the candlestick is painted).
How to trade with it:
1. Focus on a price level (zone)
It’s difficult to analyze the market without key levels. If you look for turning points at every key level, you will only find confusion.
How do you know which price level to focus on? Which price levels are potential market turning points?
2. When the market tests a potential demand area, look out for:
Bullish price pattern
Clear trend
Increased volume
Congestion
When the market tests a potential supply area, look out for:
Bearish price pattern
Clear trend
Increased volume
Congestion
Happy Trading and Stay Awesome!
Use it at your own risk. I cannot be held liable for any damages financial or otherwise, directly or indirectly related to using this script.
[blackcat] L2 Ehlers Sine Wave IndicatorLevel: 2
Background
John F. Ehlers introuced Sine Wave Indicator in his "Rocket Science for Traders" chapter 9.
Function
blackcat L2 Ehlers Sine Wave Indicator compared to conventional oscillators such as the Stochastic or Relative Strength Indicator (RSI), the Sinewave Indicator has two major advantages. These are
1. The Sinewave Indicator anticipates the Cycle Mode turning point rather than waiting for confirmation.
2. The phase does not advance when the market is in a Trend Mode. Therefore, the Sinewave Indicator tends to not give false whipsaw signals when the market is in a Trend Mode.
An additional advantage is that the anticipation signal is obtained strictly by mathematically advancing the phase. Momentum is not employed. Therefore, the Sinewave Indicator signals are no more noisy than the original signal.
Key Signal
Smooth --> 4 bar WMA w/ 1 bar lag
Detrender --> The amplitude response of a minimum-length HT can be improved by adjusting the filter coefficients by
trial and error. HT does not allow DC component at zero frequency for transformation. So, Detrender is used to remove DC component/ trend component.
Q1 --> Quadrature phase signal
I1 --> In-phase signal
Period --> Dominant Cycle in bars
SmoothPeriod --> Period with complex averaging
DCPhase ---> dominant cycle phase for sine wave
Pros and Cons
100% John F. Ehlers definition translation of original work, even variable names are the same. This help readers who would like to use pine to read his book. If you had read his works, then you will be quite familiar with my code style.
Remarks
The 8th script for Blackcat1402 John F. Ehlers Week publication.
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
ATLAS Wave RiderATLAS Wave Rider
Intended Trading Style Use
Scalping
Intended time frame use
10-min and under, ideal on 3-min chart and 5-minute chart.
Funtion
The base calculation of the candlestick chart uses the philosophy of equilibrium in Japanese technical analysis, the code reflects this by utilizing the Japanese moving average of Heiken-Ashi.
Trends are checked against an average of two time periods. They are further filtered according to the open of the unseen Heiken-Ashi and where that open occurs against the two averages. Finally, moves above and below a mean are filtered against a measured parabolic average.
Entries
Buy/Long entries occur when sufficient criteria are met to consider taking a buy/long.
Sell/Short entries occur when sufficient criteria are met to consider taking a sell/short.
Possible exits identify probable zones of safely exiting to protect profit or abandon a losing position.
This indicator is meant to be used on time frames below 10-minutes and it is intended to be used with an active 'eyes on the chart' approach.
Practice effective and efficient risk management.
