Thjs script combines two range filters, an EMA and the Ultimate oscillator. This is an indicator type of script with alerts that is ideal for one minute scalping and was developed initially for NAS100 but has been used successfully with other symbols. The two range filters are used to detect when the short and mid term trends are in the same direction. The EMA indicates the longer term trend and the UO is used to determine if an asset is overbought or oversold. This indicator pairs well with divergence indicators to add confluence to a change in direction.
Additional features of this indicator: - Configure whether to show buy and sell labels only when asset is not overbought or oversold - Select whether to show buys only when price is above the EMA , or sells only below the EMA - Indicate a bar where a trend crosses the EMA and select if the crossover or cross under should be shown only in a counter trend. - Pullbacks within a trend can be identified. This may indicate trend continuation. - Alerts can be created for pullbacks, EMA crossing and for buy or sell signals
Looks a good startegy for scalping, what are you using for exits?
bitcointrucker21
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Something is different in your indicator than the one the strategy you're speaking of uses. If you overlay both of them on the same chart, the filter lines don't match. Buy/Sell signals I think you have programmed on the wrong range filter, as they don't match either.
HornedAngel
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@bitcointrucker21, @jwelmac Have you looked into this? I'm actually really liking the look of your indicator but noticed the same and I'm wondering if it's just a setting.
cutePaella40142
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Thank you so much for this, I've been using individual indicators. Can't wait to give it a whirl!!
jwelmac
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@cutePaella40142, You are most welcome. Please let me know how it works out for you.
Filipematosbjj
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Thank you so much for this great work, exactly what i was looking for.... just missing ATR Filter hopefully on the next version ;)