QTE Scalper Modified

20 Mac 2024

A modified version of the QTE scalper indicator. Produces a buy/sell signal based on a 2 candle pattern. For long signals it produces a signal when the high and low of the second candle are below the high and low of the first candle and both candles close above the 10 period EMA. The reverse is true for short signals.

Added functionality so that signals will trigger an alert: Add the indicator to the chart on the instrument and timeframe you wish to use it on. Add an alert and in the 'condition' section choose the indicator and set the trigger as 'once per bar close'. You will have to set individual alerts for both long and short signals and if you change the time period on the chart.

20 Mac 2024

Nota Keluaran

Added an ATR label to the indicator, with the option to not display the label or to change the label colour.

Also, added the option to restrict signals when the ATR is below a certain threshold. If you wish to see all signals just set the ATR threshold high to something like 20.

20 Mac 2024

Nota Keluaran

Updated the indicator to add a candle touch filter. This will filter out signals depending on if and how the signal candle touched the EMA or not. The options are:

'Body Touch' - This will produce the most signals, whether the body or just the wick touched or if there was no touch of the EMA at all.

'Wick Touch' - This will produce signals only if there was a wick touch or no touch of the EMA at all.

'No Touch' - This will produce the least number of signals, as it will only print signals where the signal candle did not touch the EMA at all. Theoretically these are the strongest signals, as no touch of the EMA suggests momentum.

I'd like to point out that this is really a trending market indicator and will perform best in those types of markets. If the market is going sideways or in a tight range it shouldn't be relied upon too much for placing trades based on the signals for obvious reasons.

I have set the default ATR thresholds for signals to '1', but when I use it I don't take trades unless the ATR is at least 10, so adjust it to whatever you are comfortable with.

Lastly, I have also set the default touch state to 'Body touch', adjust as necessary.

20 Mac 2024

Nota Keluaran

A note to anyone using this on Forex pairs: You will have to reduce the ATR threshold considerably below the default of '1' to see signals (i.e. 0.0004, etc).