Volume Strike Strategy 1.1
Volume Strike
This custom non-repainting indicator is based on an extremely simple strategy we came up with using only the default Volume indicator and key price levels.
We’ll start by explaining the time settings. You will see 4 of them.
The 2 times on the left represent the closed-volume candles at those times.
The 2 times on the right MUST be 1 minute after the times on the left. This is just a technicality based on pine script, so you can ignore the reasoning behind It. Just make sure these times are always 1 minute after the times on the left.
How signals are plotted
-If Volume 1 is higher than Volume 2, we are bullish
-If Volume 1 is lower than Volume 2, we are bearish
It's that simple! We added key price levels to also limit where to display trades. So if you only enable "Quarter Levels", this means trades will only be entered at or around Quarter Levels based on the "Price Offset" you enter.
Rounding Value: This is to help determine where to start marking Whole Levels.
Example: You’re trading USDJPY. The rounding value will be 10. The reasoning for this is that every $10 movement in price is equivalent to 1,000 pips, so a half level is 500 pips, and a quarter level is 250 pips. For a pair such as NAS100, we’ll use a rounding value of 1,000.
Price offset: This is to only show trades X price or less away from the enabled levels.
Example: You're trading NAS100 and enter 100 for the "Price Offset" setting. This means trades will only be displayed within a $100 price of the levels you selected. Keep in mind, if no levels are selected the Price Offset setting is disabled by default, and if Price Offset is 0, the levels are disabled by default, and trades will be displayed regardless if it's around a key price level or not.
Risk Management
We added several options to choose from for determining your SL and TP.
TP: Price, Percent or Next Level
SL: Price or Percent
Next Level: This option is only available for TP. Next level is just how it sounds, the next level in the direction of your trade. Keep in mind, if price is too close to the level, it’ll skip that one and set your TP at the next level.
Inverse Signals: This was added in case you find a losing strategy. You can inverse the trades to potentially have a winning strategy
Position Tool: This will display boxes on the cart with the price of your SL + TP, and the % movement in price of your SL + TP
An example of settings we are using for NAS100 are below:
NAS100. M15
09:30 - 09:31
12:00 - 12:01
MA Filter = 5
Rounding Value = 1,000
Price Offset = 0
Target = 100 price
Stop loss = 100 price
This custom non-repainting indicator is based on an extremely simple strategy we came up with using only the default Volume indicator and key price levels.
We’ll start by explaining the time settings. You will see 4 of them.
The 2 times on the left represent the closed-volume candles at those times.
The 2 times on the right MUST be 1 minute after the times on the left. This is just a technicality based on pine script, so you can ignore the reasoning behind It. Just make sure these times are always 1 minute after the times on the left.
How signals are plotted
-If Volume 1 is higher than Volume 2, we are bullish
-If Volume 1 is lower than Volume 2, we are bearish
It's that simple! We added key price levels to also limit where to display trades. So if you only enable "Quarter Levels", this means trades will only be entered at or around Quarter Levels based on the "Price Offset" you enter.
Rounding Value: This is to help determine where to start marking Whole Levels.
Example: You’re trading USDJPY. The rounding value will be 10. The reasoning for this is that every $10 movement in price is equivalent to 1,000 pips, so a half level is 500 pips, and a quarter level is 250 pips. For a pair such as NAS100, we’ll use a rounding value of 1,000.
Price offset: This is to only show trades X price or less away from the enabled levels.
Example: You're trading NAS100 and enter 100 for the "Price Offset" setting. This means trades will only be displayed within a $100 price of the levels you selected. Keep in mind, if no levels are selected the Price Offset setting is disabled by default, and if Price Offset is 0, the levels are disabled by default, and trades will be displayed regardless if it's around a key price level or not.
Risk Management
We added several options to choose from for determining your SL and TP.
TP: Price, Percent or Next Level
SL: Price or Percent
Next Level: This option is only available for TP. Next level is just how it sounds, the next level in the direction of your trade. Keep in mind, if price is too close to the level, it’ll skip that one and set your TP at the next level.
Inverse Signals: This was added in case you find a losing strategy. You can inverse the trades to potentially have a winning strategy
Position Tool: This will display boxes on the cart with the price of your SL + TP, and the % movement in price of your SL + TP
An example of settings we are using for NAS100 are below:
NAS100. M15
09:30 - 09:31
12:00 - 12:01
MA Filter = 5
Rounding Value = 1,000
Price Offset = 0
Target = 100 price
Stop loss = 100 price