Shane73

S73 Buy Sell Indicator With S/R Levels

Pretty simple indicator.

Use with caution, it is my first indicator.

Essentially it looks at volume along with other oscillators to give a buy or sell signal.

I would recommend trading with the trend. When we are below the 26 EMA trend line only go short, when above only go long. You have the ability to change the EMA values. Personally if using an EMA , my preference is 26. It just depends on your risk tolerance and the time frame you are working on as to what you choose to use.

It can give you a signal towards the end of a trend. This is due to volume build up, and oscillator strength. This is especially true when getting close to a resistance or support levels, so please keep that in mind.

So use it with caution, while testing it out, use it as a quick scalp, in and out tool. Or make sure you follow the trade with a trailing stop.

You can use the S/R clouds as exit points. If there has been a dump or pump, check historical trend lines from the Support and Resistance tool for potential exits.

Or if you prefer, use manually drawn supports and resistances, again your choice. I have found a system that I learnt from c0tt0nc4ndyTA's course on youtube to be of great benefit. You can find that course here CottonC4ndy's Youtube Course.

You can use it with Candles or Heikin Ashi. Personally I have found Heikin Ashi to give a good indication of trend, but keep in mind the difference between standard candles and Heikin Ashi.

When entering a trade, you can look at putting your stop loss at the previous substantial candle. If the previous candle is in a very similar range, look at going back one or two. You could even put a stagger at that point, and put your stop loss at the candle before that. If you prefer to use percentage based SL's anywhere from 0.3 - 1.5% has been a working formula depending on what you are trading and what time frame you are trading. Again, test and see what works for you.

It also has 3 x inbuilt EMA's. Handy values I like to use if you choose to use all three are 8, 26, 50. But again, choose what you like to use. Longer time frames you could use 50, 100, 200 to check longer term moving averages.

Any feedback appreciated.

PS: It also utilises the S&R script provided by samuelhei, so thanks for providing the S&R script samuelhei. If you like the support and resistance feature, please go give samuelhei a btc tip.

PPS: Big thanks to vjsharma89 for helping put it together. My idea, with most of his scripting.
リリースノート: Pretty simple indicator.

Use with caution, it is my first indicator.

Essentially it looks at volume along with other oscillators to give a buy or sell signal.

I would recommend trading with the trend. When we are below the 26 EMA trend line only go short, when above only go long. You have the ability to change the EMA values. Personally if using an EMA, my preference is 26. It just depends on your risk tolerance and the time frame you are working on as to what you choose to use.

It can give you a signal towards the end of a trend. This is due to volume build up, and oscillator strength. This is especially true when getting close to a resistance, so please keep that in mind.

So use it with caution, while testing it out, use it as a quick scalp, in and out tool. Or make sure you follow the trade with a trailing stop.

You can use the S/R clouds as exit points. If there has been a dump or pump, check historical trend lines from the Support and Resistance tool for potential exits.

Or if you prefer, use manually drawn supports and resistances, again your choice. I have found a system that I learnt from c0tt0nc4ndyTA's course on youtube to be of great benefit. You can find that course here CottonC4ndy's Youtube Course.

You can use it with Candles or Heikin Ashi. Personally I have found Heikin Ashi to give a good indication of trend, but keep in mind the difference between standard candles and Heikin Ashi.

When entering a trade, you can look at putting your stop loss at the previous substantial candle. If the previous candle is in a very similar range, look at going back one or two. You could even put a stagger at that point, and put your stop loss at the candle before that. If you prefer to use percentage based SL's anywhere from 0.3 - 1.5% has been a working formula depending on what you are trading and what time from you are trading. Again, test and see what works for you.

It also has 3 x inbuilt EMA's. Handy values I like to use if you choose to use all three are 8, 26, 50. But again, choose what you like to use. Longer time frames you could use 50, 100, 200 to check longer term moving averages.

Any feedback appreciated.

PS: It also utilises the S&R script provided by samuelhei, so thanks for providing the S&R script samuelhei. If you like the support and resistance feature, please go give samuelhei a btc tip.

PPS: Big thanks to vjsharma89 for helping put it together. My idea, with most of his scripting.

Updates

Script changed so it shouldn't repaint.

Slight adjustment made to signals.

You should also be able to set alerts.
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