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 [timeframe dependent], 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.
Nota Keluaran
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Fixed Signals OFF by Default issue. Turned signals ON by default.
Nota Keluaran
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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.
Nota Keluaran
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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.
Nota Keluaran
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Update December 20, 2023
Added "Show Historical Lines" Option
Removed the Screener as it was causing issues on higher time frames
Revamped the Price Label Option (works better now)
Cleaned up script
ommented out removed items, but left them in the script so traders can uncomment to se the script as it was before the changes
Adjusted the User Inputs Section
Removed Easy Settings Tool (no longer needed)
Removed Line Limit Tool (no longer needed)
Changed Extend lines to BOTH vs RIGHT
]Changed default setting for lines to LOW/HIGH vs CLOSE (can easily change back in settings if you prefer)
@Mode_m-889, Let me look into this. Can you elaborate on what you mean though please.
Moda-877
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@nnamdert, for eg see the grid line of 5 min tf in 1 min chart, thanks
nnamdert
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@Mode_m-889, Got it, let me work on that for the next update.
nnamdert
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@nnamdert, I added (for now) a screener for your favorite stocks / cryptos. You can either set the same asset on multiple timelines for alerts, or different assets on the same timeline or a combo of each for now.
You may have to remove it from favorites, then add it back to get the update.
@specialistboy, Did you change any of the assets on the Screener? (under inputs). Try to reset to default and redo the screener choices.
specialistboy
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@nnamdert, Previously it was working in the weekly and daily timeframe. Currently it only works in the 4 hour timeframe. Can you get it to work on a daily and weekly timeframe again?
chernukhavladimir1973
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Очень хорошая работа! Просьба или совет, ничего не менять! Огромное спасибо!