Attrition

Attrition Scalper v1.0

A weird indicator to catch tops/bottoms and scalp with the signals. You should buy/sell with the signals but you should also analyze the chart manually before jumping straight into the trade. One of the most important thing is the middle VIDYA line. It is a very strong support/resistance and if you've taken a long/short from top/bottom, you might want to target there to exit as the indicator will not give you a sell signal there probably.
You should also after trying the indicator for a bit. Make a proper SL/TP strategy for it.

By default the indicator will only load with charts up to 30 minute frame. If you want to load on higher timeframe charts you have to increase the Timeframe to Lookback and the Timeframe options in it's settings.
I really recommend lower timeframes though, the default settings with 5 minute chart is most likely the best.

Each of the lines you see are pretty strong support/resistance and pivot points . So if you've taken an entry for a quick scalp you should most likely start partially closing the position on each line.
I wouldn't really recommend a tight stop as we're most likely entering at or near the bottom and the price really can't stay that overextended unless it's a major/flash dump, at that point no indicator is safe anyways. So finding the sweet spot is up to you.

If more lines are on top of each other, be careful of that spot too as it's a great confluence of support/resistance . For example if the top VIDYA line is near the upper purple 4.236 line. That is a major resistance and if price is above it, it will almost certainly test it back or fall back inside the channel.

Another strategy is to not use the buy/sell signals but use the channel/lines yourself on higher timeframe for swing trading or just putting orders at the other extreme ends/lines in the channel to catch a nice entry in flash/major dumps/pumps.

Price will most likely retrace to the middle VIDYA line after touching or overextending from the top VIDYA and upper purple 4.236 line. Same also applies for the opposite side too. Any close above/below the VIDYA might mean continuation but that's better seen and confirmed on much higher timeframes, not 5 minutes probably.

Special thanks to: https://www.tradingview.com/u/RafaelZion... i got inspired from some of his indicators and even used some snippets of code which he allowed me to do.

In the near future i'm thinking of implementing new logic with Weis Waves and few other indicators to increase the signal count as i think it's currently very low. But overtrading might be bad anyways.
Catatan Pelepasan: A small addition to not burn ourselves in trending market
Catatan Pelepasan: Higher signal count, hopefully without compromising the accuracy and the quality of them.
I suggest you use spot exchange charts like Bitstamp/Coinbase etc.
If not for leveraged exchange charts: BitMEX > Bybit > Binance.
Catatan Pelepasan: Update to signal logic. Mostly to sell signal.
Catatan Pelepasan: Added Long Term Support/Resistance Line to better understand the market as we're most likely gonna be in the 5 minute timeframe all the time. Tweaked some default settings and logic.
Catatan Pelepasan: Buy/Sell Signal Logic completely reworked.
Default settings might be a bit choppy, need more testing and feedback whether to keep using it on 5 minute chart or try 15 minute chart with various different "Timeframe to Lookback" setting.
Catatan Pelepasan: RSI Support/Resistance Lines
Catatan Pelepasan: Color changes
Keluarkan daripada Skrip Pilihan Tambah kepada Skrip Pilihan

Komen

Very Nice indicator! Any chance of developing a alert system for this indicator or a strategy based on this?
Thanks a lot. Cheers.

MEMECAO
+5 Balas
MarxBabu MEMECAO
@MEMECAO, indeed good one
Balas
Thanks❤
+2 Balas
güzel ve etkili bir çalışma, teşekürler ve tebrikler
+1 Balas
@dgtrd, Daha geliştireceğim aklımda fikirler var, teşekkürler yorumun için :)
Balas
Will give it a shoot in my scalping setup.
+1 Balas
Such an good thought
+1 Balas
Attrition RishiMa
@RishiMa, Thank you
Balas
looks like cog fib lines. scalper channel. tilson and vidya just merged.
Balas
Hello, when I try to test your script I get an error message: Add to Chart operation failed, reason: Script could not be translated from: |B|sistemmetodu := atr(round(sistemmetodu)

How can I fix this?
Balas
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