VANILLA BUY SELL
This script uses three components:-
USEFUL MA by @ALEXGROVER
SUPERTREND INDICATOR(3 supertrend with different ATR and multiplier) provided by tradingview.
VIX FEAR GAUGE by @bizkitbr
To make it easy and line free, supertrend lines have been removed but the color fill has been kept. This makes the chart clean.
For option traders, direction and momentum is everything. Hence, two need to be really clear:-
a) BUY OR SELL
b) Whether momentum exists of not
While rise is charecterised by a steady pace, a fall is charecterized by a rapid decline.
So in order to make the best use of of the charecters, a careful interpretation and backtesting has been done to enable buy sell only when vix conditions are met.
BUY SIGNAL
A buy signal is generated on following conditions:-
a)PRICE CLOSE ABOVE USEFUL MA
B)ALL THREE SUPERTRENDS ARE GREEN
C)VIXFIX IS BELOW 0.18.
SELL SIGNAL
This is generated when following is met:-
A) PRICE BELOW USEFUL MA
B)ALL THREE SUPERTRENDS ARE RED
C)VIXFIX IS ABOBE 0.18
ADDITIONALLY, A SMALL BACKGROUND COLOR CHANGE PROVIDED FOR AREAS WHERE THERE IS A BUY OR SELL.
Either labels can be used or background colours referred for seeing buy or sell.
USEFUL MA by @ALEXGROVER
SUPERTREND INDICATOR(3 supertrend with different ATR and multiplier) provided by tradingview.
VIX FEAR GAUGE by @bizkitbr
To make it easy and line free, supertrend lines have been removed but the color fill has been kept. This makes the chart clean.
For option traders, direction and momentum is everything. Hence, two need to be really clear:-
a) BUY OR SELL
b) Whether momentum exists of not
While rise is charecterised by a steady pace, a fall is charecterized by a rapid decline.
So in order to make the best use of of the charecters, a careful interpretation and backtesting has been done to enable buy sell only when vix conditions are met.
BUY SIGNAL
A buy signal is generated on following conditions:-
a)PRICE CLOSE ABOVE USEFUL MA
B)ALL THREE SUPERTRENDS ARE GREEN
C)VIXFIX IS BELOW 0.18.
SELL SIGNAL
This is generated when following is met:-
A) PRICE BELOW USEFUL MA
B)ALL THREE SUPERTRENDS ARE RED
C)VIXFIX IS ABOBE 0.18
ADDITIONALLY, A SMALL BACKGROUND COLOR CHANGE PROVIDED FOR AREAS WHERE THERE IS A BUY OR SELL.
Either labels can be used or background colours referred for seeing buy or sell.
Notas de prensa:
-THE BUY SELL LINES WERE REQUESTED TO BE MADE THINNER. DONE!!!
Notas de prensa:
Hi all! Here is a great update to the script,
Have updated the code so that you get a bull bear rank across time frames. A table can be seen at right top that lets you know whether the higher time frames are bullish or bearish. USE 5 MIN chart for ENTRY please. A HIGHER TIME FRAME CHART WILL SHOW INCORRECT VALUES.
A set of EMA's, VWAP, MACD histogram and RSI has been taken into account. If close is above all ema's with RSI above RSI average and MACD histogram as green, the bull bear will be shown as 8/0. A corresponding background color is also obtained. Similarily, the case for bear rank.
Also, its always nice to know RSI values across time frames to keep a check that its not too much overbought in shorter time frames. Hence, an RSI TABLE HAS BEEN INCLUDED TOO!!. The table will turn yellow once the RSI is in overbought or oversold territory.
How to take a trade?
DO YOUR OWN ANALYSIS, and while taking a buy or a sell call when the indicator says, make sure that at least 4hr/1hr timeframe is bullish or bearish for taking swing trades, and RSI is not overbought(while taking a bullish trade) or oversold(while taking a bearish trade) . If all timeframes are same and you just got a buy or sell at the moving average line with normal RSI, you have a much higher probability!!!
Have updated the code so that you get a bull bear rank across time frames. A table can be seen at right top that lets you know whether the higher time frames are bullish or bearish. USE 5 MIN chart for ENTRY please. A HIGHER TIME FRAME CHART WILL SHOW INCORRECT VALUES.
A set of EMA's, VWAP, MACD histogram and RSI has been taken into account. If close is above all ema's with RSI above RSI average and MACD histogram as green, the bull bear will be shown as 8/0. A corresponding background color is also obtained. Similarily, the case for bear rank.
Also, its always nice to know RSI values across time frames to keep a check that its not too much overbought in shorter time frames. Hence, an RSI TABLE HAS BEEN INCLUDED TOO!!. The table will turn yellow once the RSI is in overbought or oversold territory.
How to take a trade?
DO YOUR OWN ANALYSIS, and while taking a buy or a sell call when the indicator says, make sure that at least 4hr/1hr timeframe is bullish or bearish for taking swing trades, and RSI is not overbought(while taking a bullish trade) or oversold(while taking a bearish trade) . If all timeframes are same and you just got a buy or sell at the moving average line with normal RSI, you have a much higher probability!!!
Notas de prensa:
A new feature of Stop Loss will now be displayed. The stop loss has been tested many times on different scripts. enjoy the script
Notas de prensa:
The rountick had to bee improved because some forex pairs required 3/4 digits.
The line cluttering on buy sell has been hidden
The line cluttering on buy sell has been hidden