Description: This indicator works with 2 main set ups. 1.-Price Action: 2 Trending lines : 1 superior with relevant high at 120 periods and 1 inferior with releveant lows of 120 perios. 2.-(hiden) 2 RSI Trending lines (based on 14 period and close) : 1 superior trend line with relevant high at 120 periods and 1 inferior trend line with releveant lows of 120 perios.
This indicador works as follows: 1.- Indicator detect chart form with trend lines and based on the last bar to 120 candles before. Chart detected: 1.- Wedges = Cuña 2.- Chanels = Canal
2.- Indicador calculate trend lines superior and inferior of RSI with 120 candels previus.
2.- The indicator activate alerts once these conditions presented at the same time: a) Price breake above trend line superior or breake under line inferior. b) RSI brease above trend line superior or inferior.
How to use: 1.- Add indicator 2.- Indicator will show *Buy / Sell Alerts. 3.- Stop Loss (Red Line) and Take Profit (Green Line) will be calculated automatically based on trading system theory with wedges and chanels. 4.- In Buy postion take Profit will be recalculated once new lows above the stop loss are presented. In Sell postion take Profit will be recalculated once new lows above the stop loss are presented. 5.- Once price achiece take porfit level it will trigert an alert. 6.- Trade will be closed when Price cross the Stop Loss or Take Profit Dinamic.
Originality: This is based on what I would like to know before start trading and loos a lot of money buying or selling with out any strategy regarding risk management, trade management, set up entry and close levels.
Risk Management:
Paramenters: Risk = 1% Capital = Variable Account Capital. These 2 variables that the user can change, the indicator will sugget the lot size on that trade to avoid loose more that 1% of the capital in case the trade close with losss.
Nota Keluaran
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+ I have added 1 additional criteria to improve accuracy, reduce noise: *Consider new lows to enter in Sell Position. *Consider new highs to enter in Buy Position.
Nota Keluaran
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Update Script
I have added ATR for calculation of Stop Loss, in order to reduce noise.
The next version will include Support and resitance based on volumne.
Nota Keluaran
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Added ATR Stop Continue the position after TP to creas a new one Added Visual Aids to see Risk / R/R / Profit and Loss
@confidentDinos55578, can you let me know if you have updated your indicator again. This indicator is truly outstanding God bless you
nenytorres4
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Please provide us the code...
benalitft
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Yes good
Moda-877
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What does test bot alerts do? Could you add one alert for buy and sell and for take profit? One alert will trigger them but with define description when one of them occurs, thanks
teodfredwa56
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This is a good strategy. But the problem that exists is that when close sell buy or close buy sell comes, it is not calculated in the table and it causes problems and doubts in win rate.
confidentDinos55578
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@teodoralex80, You are rigth, I made a new version correcting this, I'll update teh indicator.
God bless you