This script designed to identify up, down, and sideways trends. 200 HMA, 9 EMA, PSAR, and ATR are used to identify the strength of any instrument.
Candle Colors - Simpler approach to follow:
Green color indicates for up side trade signals Red color indicates for down side trade signals Yellow color can be interpreted for stop, sideways, and counter trade trade signals
Multiple Trade Setups:
*Green Zone - Trading green candles within green zone has better odds of long trades Red Zone - Trading red candles within red zone has better odds of short trades 200 HMA - Candles above 200 HMA mostly for long trades. Candles below 200 HMA usually for short trades. But the zone also very important to consider 9 EMA - Cross over above 200 HMA in Green zone, look for long trades. Cross over below 200 HMA in red zone, look for short trades PSAR - This can be used as potential initial warning sign. Also can be used to exit partial or wait for it goes to opposite side for taking trade decisions Candle Above all - If Green candle and above all the indicators, then very good sign of long side. If red candle and below all indicators, then very good sign of short side.
Multiple Time Frame:
This works very well with any instrument and on any time frame. Always its better to do analysis on multi time frame before entry, exit, and trade execution. Back test it with this setup and also observe it on live market. That will give edge in taking trade decisions. All the best and happy trading.
Disclaimer:
This script and setup is written with the sole purpose of identifying the strength of any instrument. Interpretation, trade decisions, and changing inputs are up to each individual users/trades.
Excellent indicator, How to set alerts for up and down signals please?
ANJI1968
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Hello.Thanks for Same.
Can VWAP Coloured to Signify Positive and Negative be Added as It will Give Added Benefit for Intraday Also in the same Indicator. It will be like a Total Package.
Pl Try if Possible.
pckalai
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@ANJI1968, Hi, Thanks for writing. VWAP not available for most of the indexes. Also, wanted to keep as minimal as possible at the same time the setup shall give enough signals
May you please, explain better This idea .. ??
""Same setup with higher time frames like 1 hour, 4 hour can help on swing and positional trades"""
pckalai
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@jorluiszam, Hi, I suggest you check this setup on 1 hour and 4 hour charts and back test and also check this on live market. You will be able to identify when it is trending and when it is not trending. When price in Green zone and as well trending above 200 HMA, 9 EMA, and PSAR, it is a good sign of up trend. When price in Red zone and as well trending below 200 HMA, 9 EMA, and PSAR, it is a good sign of down trend. When we see mixed signals or yellow candles, high chance that either sideways or counter trade opportunities happens. Based on the identification, you can plan for swing and positional trades. Hope it helps.
sahividhya
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Great work sir,. I am sure this formula setup will helpful for intraday trades.. thankyou