This Script is used for scalping on the 15 min. It can do the other time frames but i built it for primarily the 15. There is some logic where i use the previous candles and i'm using intervals of 4 to get 1 hour estimates. This also works with the 1 hour, because the 4 hour is what it will compare with.
It uses Buy volume and sell volume to create the indicators. If the buy volume starts losing traction on the sell volume the indicator triggers.
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Adjusted logic in scalping tool. Added a take profit after 1% gains and buy volume is reducing. Adjusted Buy Theory, Now it will only buy if it is in the lower resistance zone. and it is set to sell if 1% gain or if its in the upper resistance zone. Bull Market setup added. This will NOT SELL if the item goes into a bull market. and will sell when new top resistance is formed. Bear Market theory added, This will not buy on weird manipulation pumps. If a Top Resistance is created below a Low Resistance it will not do any buys.
Hope you guys enjoy the adjustments :)
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Adjusted Bear Market settings. Also fixed a bug
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Added EMA rules to buy settings. Tweaked the view a bit, so now you can see bullish momentum
adjusted settings to send multiple signals because this was not working with a program i built. Note: To change your signals so you only get 1 indicator per bar the alerts will need to be changed to (revLong or revShort) these will use built in memory to detect if a pervious buy signal had gone off. I've left the code in there but i changed it for this version.
Please give feedback as to if you like these changes or would like to see other features. This is just kind of my personal script but i am just leaving it open to the public to use. Feel free to leave comments as i am still new to pine script.
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Adjusted for false indicators, I pretty much told the script, to not report a buy signal if the last 2 indicators were sell signals. , this delays the buy and the indicator will appear clear. If you see a clear mark on this it means that there is a potential point to Buy or Sell, but it was not confirmed.
This is intended to be a guide for your trading to show the market direction, should clean up false positives.
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Edited Core of this code, fixed issue where there were false positives by telling it to take a % of loss or a % of gain before rebuying bac in. So now it will only buy if the buy alert hits and its under 2.3 % of the sell price, and it will only sell if the price is 2.3 % above the buy in. There is a built in stop loss at 1% also. so you may see 1% loss on a sale but its a stop loss feature.
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If you use the alerts my last version was alerting the entire time it was green bc i had forgot to change alert condition. Now alerts work.
@kkhaial, You might like the new update i just did.
bpscripts
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@kkhaial, nope. Should be easy to convert if u decide to strategy it
rohitdave_22
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Thanks
A_Traders_Edge
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Hi, is this sipposed to be used for to Long and to Short? and you mentioned a Take Profit and Stop Loss but I dont see any in the coding? or did I miss something? Great script btw. Thanks for sharing it with the public.
bpscripts
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@chadcomb, I think i took it out because i had to manually set it every time and it would of been difficult to explain how to configure
bpscripts
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@chadcomb, I don’t think I still have the stop loss in this version as I hit a loop where it would just never buy, so I took lower resistance breaking as stop loss . It will Mark sell if lower resistance is broken. The script is intended to be a guide , you still should be making your best judgement . I combine both of my scripts now and will see odd variations between my fib charts and this one.