Precision Strike Entry [PSE]

29 maj

This tool, known as Precision Strike Entry (PSE), automatically generates Fibonacci Retracement Levels on any chart. More specifically, it scans for continuation and reversal trades based on two inputs and provides exact entry, exit (Stop Loss), and Take Profit levels.
Precision Strike Entry can be used for both Crypto and Forex markets.

A crucial aspect is adjusting the "Trading Mode" length to identify the correct extreme points or Custom Pivot Period Lookback. Unlike manually drawn Fibonacci levels, which remain static, the tool adjusts its levels dynamically when the chart's time frame changes.

Trading Mode Options:

• Custom – To set manually Pivot Period Lookback
  
• Scalper - Recommended for 5-15 min timeframes
  
• Normal - Recommended for 15 min-2h timeframes
  
• Swing - Recommended for 2h-4h timeframes
  

Unique to this tool is that the user can filter specific conditions before the Fibonacci is drawn on the chart. Additionally, it provides exact entry, stop loss, and Take Profit levels.

The identification of possible Fibonacci Retracement happens using two trigger techniques:
1-2 Setup and Trendline Break identification.

--> Using the 1-2 Setup identification, the indicator attempts to identify the next wave for point 3 using Fibonacci retracement rules.

--> Using the TrendLine breakout filter, the indicator will try to identify a possible pullback entry, utilizing Fibonacci retracement.

The indicator has been designed for bot processes, meaning it will not identify a short trade until you are in a long position and vice versa. Every trade ends with a custom breakeven at TP5 or hitting Stop Loss. When a trade ends/closes, the indicator will automatically search for a new long/short opportunity.

Since every symbol (Pair/Coin) has different conformations and pivots, not all pivot period parameters are perfect for every pair and timeframe. This is why the indicator gives you the opportunity to find the best pivot period for every combination of pair/timeframe, thanks to the Tuning Dashboard.



For example, for APE/USDT.P, by adjusting the 1-2 Setup & TrendLine Pivot Period Lookback settings, you can find a good setting with 1-2 Setup pivots set to 14, and TrendLine Breakout set to 15. The indicator checks the past 1000 bars and historical trades to provide an overview of what happened during the past 1000 bars.
In this case, the total number of trades was 145, and only 35 trades (24% of total trades) hit the Stop Loss without hitting at least TP1. TP1 was hit 110 times (75.75% of trades), TP2 65 times, etc.
This summary table also provides an indication of which pivot period setting is best for a specific pair/time frame combination. It offers statistical insights on how Take Profits were hit, giving you more confidence in how much of your position you will sell for each Take Profit level.
Pivot period settings for 1-2 Setup & Trend Line Breakout identification can be modified in the indicator parameters when the Trading Mode is set to Custom. There is also an extra parameter for filtering Long/Short (Buy and Sell) signals based on trend, identified using two EMAs (Moving Averages) with periods of 74 and 144.



Within the settings, you can also set Stop Loss and Breakeven settings as you prefer.
Default settings are:

• TP1 Breakeven Level to Entry (possible values: Entry - DCA Entry - StopLoss)
  
• TP2 Breakeven Level to TP1 (possible values: Entry - TP1 - StopLoss)
  
• Breakeven Trigger: Use Close/Open of candles
  
• Stoploss Trigger: Use Close/Open of candles
  

The indicator settings also include some visual settings to adapt the indicator based on the template you are using for your trading view charts for the best experience.

Alert Settings:

Precision Strike Entry (PSE) is designed to integrate with third-party bot systems

You can set three different alert modes:

1. TradingView Alert: You will receive classic TradingView alerts with messages indicating the desired alert, like Open Long (BUY), StopLoss Hit, Breakeven, and TakeProfits trigger alerts. (You will receive only the selected alerts from the list.)
   
2. Bot Alert: You will receive alerts only for Create Trade or Close Trade with the string of your UUID (you have to fill them in related to your Bot indication) and remember to set the Webhook setting to ensure the alert triggers on your Bot. When you use Bot Alert, you have to set the indicator Signal Type related to your Bot settings. NB: If you have created a TradingView Bot for Long Position, you will have to choose Signal Type = Long in the indicator settings.
   
3. Free Text Trade Alert: Using this setting, you will receive alerts only for Open Trade Long or Short. All information about Stop Loss and Take Profits is integrated into the Free Text Template.
   

Explanation for possible Fibonacci Retracement identification:

1-2 Setup identification:



Trend Line Breakout Pullback Identification:

3 cze

Informacje o Wersji

- Added Start From Date parameter for the Tuning Dashboard Report ( Default: 01 Jan 2024 ): For a better "Best Filters identification" now you can choose from which Date the Tuning Dashboard have to Count Stats until the volume of a coin can change month by month.

- Added Close Trade at parameter ( Default value: TP5 ) : Now you can set on which TP you want to close the Trade, so Precision Strike Entry will search for a new opportunity after the defined TP Close Trade.

8 cze

Informacje o Wersji

• Removed Trend Filter ( Results for this filter was not so good, will found a better one in next release )
  
• Default settings modified
  

17 cze

Informacje o Wersji

• Added StopLoss Offset trim ( set the sensibility of the StopLoss )
  
• Bug Fix on Filter management
  

27 cze

Informacje o Wersji

Dashboard updated with mean value and probability distribution.

A probability distribution is a mathematical function that describes the probability of different possible values of a variable. Probability distributions are often depicted using graphs or probability tables.

What is a probability distribution?

A probability distribution is an idealized frequency distribution.

A frequency distribution describes a specific sample or dataset. It’s the number of times each possible value of a variable occurs in the dataset.

The number of times a value occurs in a sample is determined by its probability of occurrence. Probability is a number between 0 and 1 that says how likely something is to occur:

0 means it’s impossible.
1 means it’s certain.
The higher the probability of a value, the higher its frequency in a sample.

More specifically, the probability of a value is its relative frequency in an infinitely large sample.

For dashboard specifically I applied Probability Mass Function.

A probability mass function (PMF) is a mathematical function that describes a discrete probability distribution. It gives the probability of every possible value of a variable.

A probability mass function can be represented as an equation or as a graph.

https://www.tradingview.com/x/qFIG7zrp/

The above translates in the below where the blue columns is the mean value displayed in the right top corner.

https://www.tradingview.com/x/hgPFBeMs/

By describing count data. It gives the trader the probability of an event happening k number of times within a given interval of time or space. The above allows the user the ability to determine the confidence in one trade based on historical data.

For example gold or BTC have been trending down in last 2 weeks and your a scalper someone who likes to scalp the charts for low time frame wins. The dashboard allows you to analyze for example the data of last 2 weeks and scalp trades today on 5-15min time frame.

Please be aware that sample size, percentage and population size are key measures. The larger your sample, the more sure you can be that their answers truly reflect the population. I use the mean value in this case to determine if a certain target will be reached.

For future release I am thinking to and St. Deviation and more in depth analysis of a certain target outcome, however I am not prone to this solution as I see how it can be misused.

Thanks to TheRealHawk for your insights and help in refining this indicator.

1 godzinę temu

Informacje o Wersji

- Porting coreCode from PineScript v5 to PineScript Version 6
- Update the core for Trendlines Breakout calculation
- Improved the accuracy of Alerts triggers.