The script includes usage of following public scripts:
1. Super Trend
Concept, we are using three , with source High, Low, and Close. We want to buy or sell when there is a crossover of third (fastest) over first and second respectively.
E.g. the default values are 13 High, 13 Low and 5 Close, we will get Buy signal when 5 crosses over 13 High and we will get Sell signal when 5 crosses under 13 Low.
Super Trend settings are made for Looking for Buy or Looking Sell, so that we focus on the trend. Trend is your friend.
Buy Trigger Line and Sell Trigger Line are just indication of using Trigger Line, buy is when 5 crosses 13 Low and Sell When 5 Crosses 13 High
The Tunnel or Band highlighted is the no trade zone for us and we do not want to trade side ways market.
Inside Bars are shown in Yellow, these candles do not qualify for any trade decision.
Outside Bars are shown in Pink, these candles do not qualify for any trade decision
For this I have used following variations:
Crossover of High of third EMA and Crossunder of Low of third EMA with respective high and low of our first and second EMA to give early signals.
This can be used if you want to integrate this indicator with a bot and automate entry. Many bots want a signal for starting a bot or closing a bot, and Early Buy and Early Sell can be used for that.
You can also use these for quick indication of what can come next, perhaps a confirmed buy or sell...
Default values changed from 13 to 21, to accommodate broader markets. You can always change these settings depending on your requirement.
E.g. if you are long term investor, swing trader or want to just scalp, go to settings and change the EMA values and see the result on your chart.
- I also added a long buy and long sell. This is a 4H timeframe super trend, that we will use to plan and execute our trade.
If we understand the trend then it becomes easy, that is why long buy and long sell will help us to plan.
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