ALFX - CEI Sniper
Hello everyone!
This is a reasonably comprehensive indicator for taking entries on the lower timeframe based on my personal experiences.
This indicator uses three key elements to provide entries that occur only a handful of times throughout the month on lower timeframes. The first element incorporated is used in naked trading strategies, which involve using specific conditions for the candle profile to determine short-term directional bias; for example, the candle must be an engulfing candle to be considered a valid entry. The second element is the use of EMAs to identify crossovers, usually called 'Slingshot' candles, which push price in the pro-trend direction after a short-term pullback. The last element is MACD pro-trend crossovers, which can indicate a future reversal or a continuation of the trend direction with a good level of consistency.
How to Use
The most important element of this indicator is the standard buy and sell signal candles. You will find that they do not appear often and are displayed on the chart as either Green or Red Candles with Diamonds above (sell) or below (buy) them; if you receive an alert and see one of these candles form you can consider the entry in the proposed direction. All other elements are designed to support the entry and confirm that the entry is indeed 'high-probability.' In terms of elements, these are just some of the questions I ask myself before taking the trade.
1) Does this entry candle make sense?
2) Has price tested an area of significance and rejected it? If so, how many times did it test?
3) Am I trading with the trend?
4) Was there a market structure break?
5) Is the EMA the same colour as the entry candle?
6) Has there been a recent MACD pro-trend crossover?
Every person is different, and so you must create your own confirmations to support your trading style.
Settings description
NOTE: The default value for each setting are my settings; it is advisable to backtest this to see if in the current market condition the indicator works satisfactorily; my personal study makes me feel that this indicator performs well anywhere between 1-10m timeframe
Entry Type
Enable Long: Enable this if you want to see all long related data (TRUE)
Enable Short: Enable this if you want to see validation for short related data (TRUE)
Trading Session Times
Use Session Filter: Use this if you only want signals during New York and London Trading Sessions (TRUE)
London Start Time: The start time of the London session (03)(15)
London End Time: The end time of the London Session (07)(00)
New York Start Time: The start time of the New York Session (08)(00)
New York End Time: The end time of the New York Session (12)(00)
Standard Candle
Room To Left Interval Check: Price action Technique which involves checking the X number of previous candles to see if the price has space to move in the intended signal direction (2)
Largest of Last X Candles: Price Action Technique which involves checking X number of previous candles to see if volume has entered the market in the form of a larger candle body (7)
Slingshot Candle
Aggressive Slingshot Candles: High-Risk Slingshot Candles where there is not as much confirmation of predicted price movement (False)
Conservative Slingshot Candles: Medium Risk Slingshot Candles where predicted price movement has more confirmations (False)
Conservative Entry Arrows: Safer entry candles where bias has been confirmed (False)
Trend Arrows: If you prefer directional arrows for your slingshot candles, use this (False)
Show Buy & Sell Letters: If you prefer Buy and Sell headers for slingshot candles, use this (False)
EMA Settings
SlingShot EMA Long: Slow EMA used for Slingshot candles (62)
SlingShot EMA Short: Fast EMA used for Slingshot candles (38)
EMA Timeframe: General EMA used in some of the logic (can be left as "Same as Chart" setting) (Same as Chart)
EMA 1 Length: High Timeframe EMA used to determine trend direction and filter MACD Signals (100)
This is a reasonably comprehensive indicator for taking entries on the lower timeframe based on my personal experiences.
This indicator uses three key elements to provide entries that occur only a handful of times throughout the month on lower timeframes. The first element incorporated is used in naked trading strategies, which involve using specific conditions for the candle profile to determine short-term directional bias; for example, the candle must be an engulfing candle to be considered a valid entry. The second element is the use of EMAs to identify crossovers, usually called 'Slingshot' candles, which push price in the pro-trend direction after a short-term pullback. The last element is MACD pro-trend crossovers, which can indicate a future reversal or a continuation of the trend direction with a good level of consistency.
How to Use
The most important element of this indicator is the standard buy and sell signal candles. You will find that they do not appear often and are displayed on the chart as either Green or Red Candles with Diamonds above (sell) or below (buy) them; if you receive an alert and see one of these candles form you can consider the entry in the proposed direction. All other elements are designed to support the entry and confirm that the entry is indeed 'high-probability.' In terms of elements, these are just some of the questions I ask myself before taking the trade.
1) Does this entry candle make sense?
2) Has price tested an area of significance and rejected it? If so, how many times did it test?
3) Am I trading with the trend?
4) Was there a market structure break?
5) Is the EMA the same colour as the entry candle?
6) Has there been a recent MACD pro-trend crossover?
Every person is different, and so you must create your own confirmations to support your trading style.
Settings description
NOTE: The default value for each setting are my settings; it is advisable to backtest this to see if in the current market condition the indicator works satisfactorily; my personal study makes me feel that this indicator performs well anywhere between 1-10m timeframe
Entry Type
Enable Long: Enable this if you want to see all long related data (TRUE)
Enable Short: Enable this if you want to see validation for short related data (TRUE)
Trading Session Times
Use Session Filter: Use this if you only want signals during New York and London Trading Sessions (TRUE)
London Start Time: The start time of the London session (03)(15)
London End Time: The end time of the London Session (07)(00)
New York Start Time: The start time of the New York Session (08)(00)
New York End Time: The end time of the New York Session (12)(00)
Standard Candle
Room To Left Interval Check: Price action Technique which involves checking the X number of previous candles to see if the price has space to move in the intended signal direction (2)
Largest of Last X Candles: Price Action Technique which involves checking X number of previous candles to see if volume has entered the market in the form of a larger candle body (7)
Slingshot Candle
Aggressive Slingshot Candles: High-Risk Slingshot Candles where there is not as much confirmation of predicted price movement (False)
Conservative Slingshot Candles: Medium Risk Slingshot Candles where predicted price movement has more confirmations (False)
Conservative Entry Arrows: Safer entry candles where bias has been confirmed (False)
Trend Arrows: If you prefer directional arrows for your slingshot candles, use this (False)
Show Buy & Sell Letters: If you prefer Buy and Sell headers for slingshot candles, use this (False)
EMA Settings
SlingShot EMA Long: Slow EMA used for Slingshot candles (62)
SlingShot EMA Short: Fast EMA used for Slingshot candles (38)
EMA Timeframe: General EMA used in some of the logic (can be left as "Same as Chart" setting) (Same as Chart)
EMA 1 Length: High Timeframe EMA used to determine trend direction and filter MACD Signals (100)