🟡🔵🟢🔴Beginner's Assistant by carljchapman

3 hari lalu

🟡🔵🟢🔴
Overview

This indicator dynamically marks highs and lows of the premarket (4:00am-9:30amEST) and opening range. It displays Fair Value Gaps, 9 and 21 period Exponential Moving Averages (EMA) and the Volume Weighted Average Price (VWAP). To really help beginners, it marks suggested entry points on the chart with green or red triangles, when a reasonable trend appears.


Features

• Automatically draws blue lines for Premarket High and Low values
  
• Dynamically marks the opening Range region
  
• Visual entry signals for long and short opportunities
  
• Primarily used for stocks/funds , but works with forex and crypto
  
• Quick configuration settings to tailor details for your experience level
  
• Mobile friendly mode
  
• Supports alerts
  

How To Use

Open your chart, and select a 1 or 2 minute timeframe.

Watch for green triangles and red triangles, hinting at entries for long or short positions. Pay particular attention to the price action as it approaches the bounds of the opening range and the premarket levels. I suggest also using a MACD indicator for confirmation of the trend.

For scalping 0dte Options, switch frequently between the 1 ,2 and 5 minute or higher timeframes. Do this so you will not miss an entry opportunity or be unaware of the overall trend.

As a beginner, until you have refined your strategy and develop risk management, take profits as low as 10%. A small profit can quickly become a much larger loss. With 0dte options, time will devour your profits even when the price doesn’t budge.


What makes this indicator so beginner friendly?


Charts with too many lines and colors are are a nightmare for beginners! And empty charts do not tell the whole story. Simple checkboxes in the configuration settings let you turn on and off features to match your comfort level. As you become more familiar you might try turning off the suggested entries to see if you would have selected the same or better ones yourself. Just one example of how you will learn and verify your knowledge. You will quickly spot Opening Range Breakouts and more.

Why are the triangle pointers not simply above or below the bars?

As a beginner, I like to review charts to see how much the price changed, then estimate how much a contract would move based on its delta. A mouthful, I know. But what price does an arrow pointing up below a bar reflect? Would I have entered at the open or close, low or high? This indicator helps by putting the marker close to the price when indicated. It can even display the actual price on the bar. This is helpful for you to make fast calculations without a measuring tool.

I am an experienced trader. Can this help me make winning trades?

Sure. It can also help you make losing ones! Profit is not guaranteed with any indicator or strategy. This indicator is designed to assist you as you learn and while you trade. You won't see the words BUY or SELL. This is not a signal bot! It is merely a tool to assist you. You can learn a lot by spending time observing price movement using this indicator without ever making a single trade.
🟡🔵🟢🔴

kelmarin

Nota Keluaran

Turned off the ‘Exclude Wics’ option by default. Because of price action, you will sometimes see different premarket and opening ranges when you change timeframes. I use this option only when scalping on a 1 min timeframe for tighter entries.