GRIDBOT Scalper by nnam

nnamdert Actualizado   
What is this Indicator used for?
Made specifically for GRID Bots

note: before continuing... this indicator works on any timeframe, but it WORKS BEST ON THE 15 MINUTE TIMEFRAME

Straters and Forex Master Pattern Value Line Traders use this to help determine when the price could reverse.

This indicator is a scalping indicator that produces signals when a "potential" reversal in price is indicated. When the price moves UP and a Potential Bearish Reversal Signal occurs, traders can use this signal as a potential SHORT entry signal for their Short Grid Bot. The process is the same in reverse. After a sustained move down, a Potential Bullish Signal can be used by the trader as a potential LONG entry signal for their GridBot.

As shown in the screenshot below, lines develop on the chart (either RED or GREEN) indicating that a sustained move in one direction is currently occurring; however, there is no potential reversal signal plotted (this means that price action is currently moving in one direction only).

As shown in the screenshot below, lines can be used as a stop-loss after entering the GRIDbot. (usually, by this time, the Grid Bot is in Profit as it usually moves in the opposite direction first)

What this Indicator Does

The GRIDBOT Scalper provides information regarding potential reversals in the market after a sustained movement in one direction (either Bullish or Bearish).

The indicator is based on PRICE-ACTION ONLY and does not take into account the current state of the market (Bullish or Bearish).

Once the price moves in a particular direction for at least 14 bars , a line appears as shown in a previous screenshot. Once the price stops moving in that direction and begins moving in the opposite direction - and after a sustained run - a "signal" appears alerting the trader that a "potential" reversal could be on the horizon soon.

If price moves in one direction and plots both a line and a signal and then begins moving back in the other direction in a sustained manner, the original signal will remain even when a NEW line begins forming (the original line will disappear). (see below) This line will continue to move as the price continues to move. Not until a signal plots on the chart is the potential reversal forming. THE LINE DOES NOT SIGNAL A REVERSAL. Some traders, however, use this information to "ride the wave UP or DOWN" and exit their positions once the signal prints.

As shown below, optional input settings allow the trader to set the line at CLOSE or HIGH/LOW of the candle preceding the potential reversal.

It is suggested to use Close instead of High or Low but the setting allows one to use either.

As shown in the screenshot below, it is typical on LOWER TIME FRAMES to see the price pass the signal line. The Indicator works best on the 15 minute timeframe, as it gives the trader time to make the decisions required as the volatility is less on the 15 minute chart vs the 1 minute or 5 minute charts.

If you have any questions or suggestions for this indicator, please join our Discord. We offer free training on this Indicator on our Discord Server.
Notas de prensa:
Fixed Signals OFF by Default issue. Turned signals ON by default.
Notas de prensa:
Added Customized Screener
Added custom RSI for trend confirmation
Cleaned up the code to prevent "some" repainting

Added a custom Quick-Entry settings tool for easy access to the settings.
Notas de prensa:
Updated Settings button to be less intrusive.

Decoupled RSI from the Indicator so as to make it work like it did originally.

Added RSI customization and Bullish vs. Bearish on / off buttons.

Turned the Extend Lines OFF by default.

Basic code clean-up and changed the default alert status from a Yellow label to basic blue letters.

Join our DISCORD for more trading ideas and tips or if you need TRAINING on our Indicator.

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Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.

¿Quiere utilizar este script en un gráfico?