INVITE-ONLY SCRIPT

Trade Scanner Pro [MarketSignalsPro]

Updated

█ OVERVIEW

Trade Scanner Pro is a trade signal generator based on my trend following momentum reversal system. It identifies a pullback and then confirms momentum exhaustion which produces a signal appearing as a set of suggested orders (horizontal lines) on the chart. The goal is to help traders capitalize on price momentum while simplifying decision making and offering a way to gauge expectations. It can be used for any market, any time frame and configured for counter trend signals also.

█ CONCEPT

While markets are highly random, especially on smaller time frames, trends do exist.
Trade Scanner Pro offers a visually structured way to align the user
with price momentum that is relevant to the trend. It accomplishes this by incorporating a unique mix of standard technical formulas to identify a pullback followed by a momentum reversal. The process occurs in 3 steps:

1 — Identifying the trend of the current time frame.
2 — Evaluating the retrace in terms of how far it moves away from the typical price.
3 — Confirming price exhaustion by recognizing a reversal in price momentum.

Once the criteria are met, a signal appears as a blue horizontal line. This is the entry price suggestion (see label). Stop and take profit orders are also calculated simultaneously. These appear as a red line and green line respectively with price labels. The stop and take profit orders are based upon an average of previous price ranges and will be relative to the price action on the chosen time frame. The initial reward/risk ratio is set to 1.5:1, and can be changed in the settings menu.

This system can also be adjusted to cater to the experience level of the trader. For example, more advanced traders can select “counter trend” mode which will only show signals on the opposite side of the trend. A trailing stop can be activated to help stay in a trade after reaching the profit level. There is also a “heads up” mode which colors the candles orange which means a signal is more likely to appear over the next couple of candles. More on these features in the next section.

For best results, time frames of 1 minute and above should be considered. The smaller the time frame, the more signals, but also more noise and stop outs. Knowing your
market and the most active time of day is especially important for smaller time frames.

█ FEATURES

The following features can be found in the settings menu of Trade Scanner Pro.

Show Trend:
The initial setting is “on”. This shows the trend label on the upper right corner of the screen. Trend can be either bullish or bearish. At times there will be a “conflict” label that appears below the trend label. Conflict means the trend MAY be in the process of changing. This occurs when price persists against the prevailing trend for a prolonged amount of time.

Counter Trend:
When selected will ignore signals on the side of the trend and show counter trend signals only. If the “heads up” feature is selected, orange candles will only appear for potential counter trend signals.

Trailing Stop:
When selected, a trailing stop order suggestion (orange line) will appear beginning from the stop loss price (red line) after a few closed candles. The trailing stop line will follow the price upon each new close of the candles until it is touched. This serves as a point of reference to capture larger market movements and skew reward/risk favorably over time.

Heads Up:
When selected will paint orange candles when there is a greater chance a signal will appear. For example, in trend mode it will only evaluate signals on the side of the trend. In counter trend mode it will evaluate counter trend signals only. For advanced users, this “pre signal” can offer potential opportunities to enter a trade before the signal appears.

Reward Ratio:
This is the reward part of the reward/risk formula used to establish the take profit suggestion on the chart. Initially it is set at 1.5 which produces a line on the chart at a 1.5:1 ratio. The user can change this setting to better align with their expectations. For example, if a larger market movement is anticipated, 2 can be entered into the input field and will generate a take profit line 2X farther than the stop loss line (2:1 reward/risk).

█ LIMITATIONS

Markets are HIGHLY random, especially on smaller time frames. No system that is based on public domain formulas can be expected to be HIGHLY accurate. It is reasonable to expect a 50% win rate more often than not. Profitability in such systems depends on the reward/risk rather than win rate.

This is a system based on price momentum which means MOMENTUM must be present for best results especially on very short time frames.

While this system helps to reduce the burden of analysis, the user should have some basic familiarity with technical analysis. Basic knowledge can help to better determine a quality signal over noise.

█ RAMBLINGS

The stop loss orders MUST be respected otherwise the user puts their entire account at risk. Signals can appear at price locations where larger magnitude risk is extremely high. Respecting the stop loss suggestions can help to mitigate this risk.

For best results set up notifications to receive a message on your desktop, smart phone or tablet rather than sitting in front of a computer screen waiting for a signal to appear. Keep in mind a 1 minute chart in a single market can produce 5 or 6 signals throughout the entire daily session and NOT all will be profitable. A 1 hour time frame may produce 1 or 2 throughout the day. The larger the time frame the lower frequency of signals.

█ THANKS

Special thanks to Cryptosnagger for
helping me translate my concept into a pine script reality.

Release Notes

New Feature: turn on/off previous trade signals from settings menu.
Fixed: trailing stop, it should now follow price beyond the take profit level.
Fixed: signal repaint, new order suggestions will not appear until close of previous signal.

Release Notes

Chart updated to reflect new features.

Release Notes

Fixed: Trade suggestion will close when take profit is reached while Trailing Stop is not yet active.

Release Notes

Adjustment made to trailing stop so that it follows price beyond take profit line.

Release Notes

New feature: change the sensitivity of the trailing stop. It can be set to trail the price slower or faster. This is option is best for traders with more experience.

Release Notes

Update: Trailing stop active but not visible, take profit is reached, trade suggestion will not close.

Update: Trailing stop mode labels:
Regular: original trailing stop sensitivity.
Loose: slower trailing stop, less sensitive to help stay in trade longer.
Tight: faster trailing stop, more sensitive to exit trade sooner.

New feature: heads up background color which can be changed for better visual recognition.

New feature: settings panel arranged for optimal use. Color options now available for most visual features.

Release Notes

Fixed: stop loss reached not closing trade signal while trailing stop is active but not visible.

Release Notes

Fixed:

Bug with trailing stop closing when trade reached the take profit.

New feature:

You are now able to set the decimals used for the signal in the settings of the indicator.

Release Notes

New feature:

Now you get info about previous trades when hovering or clicking on the label.

Release Notes

Bug fix:

Error when close trade popup text was longer then 4096 chars.

Release Notes

Bug fix:

Tooltip exceeding size if previous trades not active

Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact MarcPMarkets for more information, or follow the author's instructions below.

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″Visit https://marketsignalspro.com/trade-scanner-pro/ to register for a 14 day free trial. Invite can take up an hour to receive. Please check your invite only scripts tab.

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MarcPMarkets

Try Trade Scanner Pro for FREE: bit.ly/TSCPRO

Free Signal Every Week: bit.ly/signalwk

My discord community: bit.ly/inviteme2

Trade Bybit: bit.ly/bybreg

Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E

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