This is a simple scalping strategy that works for all time frames... I have only tested it on FOREX
It works by checking if the price is currently in an uptrend and if it crosses the 20 EMA.
If it crosses the 20 EMA and its in and uptrend it will post a BUY SIGNAL.
If it crosses the 20 EMA and its in and down it will post a SELL SIGNAL.
The red line is the highest close of the previous 8 bars --- This is resistance
The green line is the lowest close of the previous 8 bars -- This is support
It works by checking if the price is currently in an uptrend and if it crosses the 20 EMA.
If it crosses the 20 EMA and its in and uptrend it will post a BUY SIGNAL.
If it crosses the 20 EMA and its in and down it will post a SELL SIGNAL.
The red line is the highest close of the previous 8 bars --- This is resistance
The green line is the lowest close of the previous 8 bars -- This is support
study(title="Tony's EMA Scalper - Buy / Sell", shorttitle="TUX EMA Scalper", overlay=true) len = input(20, minval=1, title="Length") src = input(close, title="Source") out = ema(src, len) plot(out, title="EMA", color=blue) last8h = highest(close, 8) lastl8 = lowest(close, 8) plot(last8h, color=red, linewidth=2) plot(lastl8, color=green, linewidth=2) bearish = cross(close,out) == 1 and close[1] > close bullish = cross(close,out) == 1 and close[1] < close plotshape(bearish, color=red, style=shape.arrowdown, text="Sell", location=location.abovebar) plotshape(bullish, color=green, style=shape.arrowup, text="Buy", location=location.belowbar)