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The AutoBias indicator, built using Pine Script v6, is designed to identify market bias and generate trading signals by analyzing price action in conjunction with Open, High, Low, Close (OHLC) data. This indicator is ideal for traders aiming to capture trend direction and momentum shifts across various markets, such as forex, stocks, or cryptocurrencies, using OHLC patterns to confirm signals.
How to Use the AutoBias Indicator with OHLC
Setup:
Apply the AutoBias indicator to your chart on a platform supporting Pine Script v6 (e.g., TradingView).
Ensure OHLC candlestick data is visible on your chart for the chosen timeframe (e.g., 15-minute, 1-hour, or daily).
Configure the indicator’s settings if customization is available, or use default parameters.
Interpreting Signals:
Bullish Bias: The indicator signals a potential uptrend when it detects a bullish configuration (specific to its logic). Confirm this with OHLC patterns, such as a strong bullish candlestick (large body with close near the high) or a series of higher highs and higher lows.
Bearish Bias: A bearish signal is generated when the indicator identifies a downtrend. Validate this with OHLC patterns, such as a bearish candlestick (large body with close near the low) or lower highs and lower lows.
Neutral/No Bias: If the indicator shows no clear bias (e.g., indecisive signals), check for OHLC patterns like doji candles or tight consolidation ranges, indicating a lack of trend direction.
Trade Execution:
Entry:
For a bullish signal, enter a long position when a bullish OHLC pattern (e.g., engulfing bullish candle or strong close above the open) confirms the indicator’s signal.
For a bearish signal, enter a short position when a bearish OHLC pattern (e.g., engulfing bearish candle or close below the open) aligns with the indicator.
Confirmation: Only take trades when the indicator’s bias is supported by clear OHLC price action to reduce false signals.
Exit:
Exit long trades when the indicator shifts to a bearish bias or OHLC shows reversal patterns (e.g., shooting star or bearish engulfing).
Exit short trades when a bullish bias emerges or OHLC displays patterns like a hammer or bullish engulfing.
Trade Management:
Stop-Loss: Set stop-loss levels based on OHLC data, such as below the low of the entry candle for longs or above the high for shorts.
Take-Profit: Target key levels identified through OHLC analysis, such as recent swing highs/lows or a risk-reward ratio of 1:2 or higher.
Trailing Stop: Adjust stops based on OHLC structure, trailing below higher lows for longs or above lower highs for shorts.
Best Practices:
Timeframe Alignment: Use higher timeframes (e.g., 4-hour or daily) for swing trading to filter noise, or lower timeframes (e.g., 5-minute) for scalping, ensuring OHLC patterns align with the indicator’s bias.
Combine with Context: Analyze OHLC patterns near key support/resistance levels or during high-volume periods to increase signal reliability.
Risk Management: Limit risk to 1-2% of capital per trade, using OHLC-derived stop-loss levels to manage exposure.
Backtesting: Test the indicator and OHLC combination on historical data to assess performance in your chosen market and timeframe.
Example Scenario
Chart Setup: Apply AutoBias on a 1-hour EUR/USD chart with OHLC candlesticks.
Observation: The indicator signals a bullish bias. A candlestick closes significantly above its open with a small lower wick, confirming strong buying pressure.
Action: Enter a long position at the candle’s close. Set a stop-loss below the candle’s low and a take-profit at the next resistance level identified on the chart.
Monitoring: Exit the trade if the indicator shifts to a bearish bias or a bearish OHLC pattern (e.g., close below open with a long upper wick) appears.
Limitations
The AutoBias indicator may generate false signals in choppy markets. Use OHLC patterns to filter out weak signals during consolidation.
OHLC confirmation is subjective; practice identifying reliable patterns to avoid misinterpretation.
Always backtest the indicator and OHLC strategy to ensure compatibility with your trading style and market conditions.
By combining the AutoBias indicator with OHLC analysis, traders can make informed decisions, leveraging price action to confirm market bias and execute high-probability trades.
This description focuses solely on the usage of the AutoBias indicator with OHLC, avoiding any mention of EMAs as requested. If you have specific details about the AutoBias indicator’s logic or additional features, please provide them for a more tailored explanation!
How to Use the AutoBias Indicator with OHLC
Setup:
Apply the AutoBias indicator to your chart on a platform supporting Pine Script v6 (e.g., TradingView).
Ensure OHLC candlestick data is visible on your chart for the chosen timeframe (e.g., 15-minute, 1-hour, or daily).
Configure the indicator’s settings if customization is available, or use default parameters.
Interpreting Signals:
Bullish Bias: The indicator signals a potential uptrend when it detects a bullish configuration (specific to its logic). Confirm this with OHLC patterns, such as a strong bullish candlestick (large body with close near the high) or a series of higher highs and higher lows.
Bearish Bias: A bearish signal is generated when the indicator identifies a downtrend. Validate this with OHLC patterns, such as a bearish candlestick (large body with close near the low) or lower highs and lower lows.
Neutral/No Bias: If the indicator shows no clear bias (e.g., indecisive signals), check for OHLC patterns like doji candles or tight consolidation ranges, indicating a lack of trend direction.
Trade Execution:
Entry:
For a bullish signal, enter a long position when a bullish OHLC pattern (e.g., engulfing bullish candle or strong close above the open) confirms the indicator’s signal.
For a bearish signal, enter a short position when a bearish OHLC pattern (e.g., engulfing bearish candle or close below the open) aligns with the indicator.
Confirmation: Only take trades when the indicator’s bias is supported by clear OHLC price action to reduce false signals.
Exit:
Exit long trades when the indicator shifts to a bearish bias or OHLC shows reversal patterns (e.g., shooting star or bearish engulfing).
Exit short trades when a bullish bias emerges or OHLC displays patterns like a hammer or bullish engulfing.
Trade Management:
Stop-Loss: Set stop-loss levels based on OHLC data, such as below the low of the entry candle for longs or above the high for shorts.
Take-Profit: Target key levels identified through OHLC analysis, such as recent swing highs/lows or a risk-reward ratio of 1:2 or higher.
Trailing Stop: Adjust stops based on OHLC structure, trailing below higher lows for longs or above lower highs for shorts.
Best Practices:
Timeframe Alignment: Use higher timeframes (e.g., 4-hour or daily) for swing trading to filter noise, or lower timeframes (e.g., 5-minute) for scalping, ensuring OHLC patterns align with the indicator’s bias.
Combine with Context: Analyze OHLC patterns near key support/resistance levels or during high-volume periods to increase signal reliability.
Risk Management: Limit risk to 1-2% of capital per trade, using OHLC-derived stop-loss levels to manage exposure.
Backtesting: Test the indicator and OHLC combination on historical data to assess performance in your chosen market and timeframe.
Example Scenario
Chart Setup: Apply AutoBias on a 1-hour EUR/USD chart with OHLC candlesticks.
Observation: The indicator signals a bullish bias. A candlestick closes significantly above its open with a small lower wick, confirming strong buying pressure.
Action: Enter a long position at the candle’s close. Set a stop-loss below the candle’s low and a take-profit at the next resistance level identified on the chart.
Monitoring: Exit the trade if the indicator shifts to a bearish bias or a bearish OHLC pattern (e.g., close below open with a long upper wick) appears.
Limitations
The AutoBias indicator may generate false signals in choppy markets. Use OHLC patterns to filter out weak signals during consolidation.
OHLC confirmation is subjective; practice identifying reliable patterns to avoid misinterpretation.
Always backtest the indicator and OHLC strategy to ensure compatibility with your trading style and market conditions.
By combining the AutoBias indicator with OHLC analysis, traders can make informed decisions, leveraging price action to confirm market bias and execute high-probability trades.
This description focuses solely on the usage of the AutoBias indicator with OHLC, avoiding any mention of EMAs as requested. If you have specific details about the AutoBias indicator’s logic or additional features, please provide them for a more tailored explanation!
Nota Keluaran
Auto Bias Pro Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya dengan percuma dan tanpa had – ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya dengan percuma dan tanpa had – ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.