The indicator can be used for both Swing trade and Intra-day trading.
Swing trading:
--Use with background colors --Input: 30 or 36 --Time frame: Daily or Weekly --Buy only when background is aqua --Sell only when background is red --Use with bars or candles (use candles without borders to avoid confusion). I suggest to just use bars. --Place buy orders above the 1st or 2nd blue bar after black bars. The background must be aqua. --Ignore yellow bars with aqua background. They are shake out bars at the beginning or a trend and warnings of reversal towards the end of trend. --Place sell orders bellow the 1st or 2nd yellow bar after black bars. The background must be red. --Ignore blue bars with red background (same as above). --Black bars are nothing: Pullbacks/Chop
Day Trading:
--DO NOT use background colors. Un-click. --Input: 10 --Time frame: 5 minutes --Use with bars or candles (use candles without borders to avoid confusion). I suggest to just use bars. --Place buy orders above the 1st or 2nd blue bar after black bars. --Place sell orders bellow the 1st or 2nd yellow bar after black bars. --Utilize some sort of scanner that can identify stocks with heavy pre-market volume (news, earnings, etc)
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Use stop losses however you normally do. Take profits however you normally do.
I do not suggest using with other indicators as you may just paralyze your brain, however, if you find something that works, drop a comment.
Hi Thanks a lot for the good work!
could you please explain me the background change rules of your indicator? Did you use MA cross for that?
Thanks a lot!
raja74sekhar
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Wonderful indicator thank you boss
UnheardSheep
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Hello @fhenry, Is it possible to try this indicator out?
financewarrior
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fhenry - could you explain why the bg colors should not be used in intraday mode? Also, is the script for intraday geared specifically to 5 min or can it be adapted to 15 min? Thanks!
could you explain why the bg colors should not be used in intraday mode?
Earlier entry and confusion reduction.,
is the script for intraday geared specifically to 5 min or can it be adapted to 15 min?
The answer is more complex: It will depend on the time frame more people are watching for a particular security. This is true of most indicators. For example, one can say, I use a 9 ema pullback intra-day strategy on a 5 min time frame, but if the majority are watching that particular stock they are playing on a 15 min timeframe, that person will enter too early. It's a dance, man. for what it's worth most people intra-day trade on 5 or 1 min time-frame.
financewarrior
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@fhenry0331, Thanks for the enlightening reply. Understand what you are saying regarding the intraday M5 or M1 time frame. I am looking at it more specifically for stocks and in my neck of the woods it moves on the slower side and I believe most trade on M15 or H1 time frames. Appreciate your quick response.
vrtradez
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nice indicator I wonder how well this would work with chop and explode
NYBKLYN
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@bitcoinillumminated, Thank you.
Personally, I would use them separately: Chop and Explode is more geared towards the end of a move, the exhausted up or down move of a trend. I use it for short in and out trades. Trade Crusher, you can get in a trade a little earlier and hold a little longer. Just my opinion.