So, Dear Friends, I am open-sourcing one of my scripts which I created as a thesis project, The Auto Trader System is a Scalping Tool, to be used mostly in intraday Setups!! and is designed using,
1. Fibonacci Bands Fibo Bands are Calculated by defining dynamic Fibonacci Pivots Lines over a history of Lookup values (Default is 89 periods lookback), The bands help in identifying the Target Points for the setup
2. Perfect TrendLine Setup The script uses PTS, as a filter to define the optimum entry and exit points
Which timeframe it works for ? Works for Any Time Frame, but Intraday setups are good!
Who is this System for ? Beginner and Intermediate Traders
Provision For Alerts The Script has provision for both long and short alerts!!
Brother, Can you please help with more details in simple language about how this setup actually works. I am new here and not able to understand when will get buy/sell single. Q. might be small for you but understanding is really important for me. Hope you will help.
Thanks in advance
Ankit_1618
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@hitesh.daiya86, To use the script, first apply it to your chart
The arrows which you see on the chart are the points where the script has initiated buy or sell signal,
If you wanna track that signal, create an alert for buy/sell signals (check youtube on how to create alert on script, if you want)
The script plots the targets once the entry point is confirmed (in form of arrow red/green)
Initiate the trade once you are convinced that what script is plotting is in correlation with your own analysis!
hitesh.daiya86
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@Ankit_1618, Thanks for the response but i would love if u can explain the logic behind all this plotting. Want to understand the logic here.
Ankit_1618
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@hitesh.daiya86, See the script which you are talking about, is made of two concepts,
1. Fibo Bands
2. Perfect Trend Line,
Fibo bands are like donchain channels, and is a method to calculate the pivot points based on fibinacci periods high and low, this helps in making a band which helps one figure out the Resistance and Support levels based on fibo lengths
2. Perfect Trendline is a a filter just like supertrend but uses other filtering technique,
so how the signals are computed?
when a prefect trendline triggers a buy signal above the fibo pivot, the buy action is initiated above the 1.382 ATR of the candle with the target towards upper distance which is 88% of the difference of current close and the lowest pivot
and vice versa for the short trade
hope you understand
hitesh.daiya86
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@Ankit_1618, Thanks for the details. Appreciate the efforts u r taking. I am sure u must have improved more on this strategy. If yes please share more.
Ankit_1618
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@hitesh.daiya86, See every system is profitable if traded for what it means and with a discipline,
I would suggest you to go back to basics of market microstructure and study it hard,
Am sure you will be able to figure out profitability and betterment from every perceivable system!
For this system, this was my efforts back in college days, i do work on some of the advanced systems right now, but thats the thing !
Those require a lot of discipline and technology resources!
Tradingview is one part of the evolution,
I would suggest you to put somewhere around 500 hours in understanding trades, you will improve yourself and any system including this drastically,
In the end I leave to you,
All the very best!
hitesh.daiya86
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@Ankit_1618, Thanks and m currently on mission of study only. Also i would love to be part of your advance system which you are working on. It would be great if you like to share more your advance study.
Ankit_1618
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@hitesh.daiya86, first share me at least two of your scripts in private message, then I will be in a better position to decide ur disciplines and research, also send me ur brief educational qualifications in pvt
Thanks in advance