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S73 Buy_Sell_Indicator WIth S/R
Pretty simple indicator.
Use with caution, it is my first one.
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 trendline 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.
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. Or use manually drawn supports and resistances, again your choice.
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.
It also has 3 x inbuilt EMA's. Handy value if using all three are 8, 26, 50.
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 teh support and resistance feature, please go give samuelhei a btc tip.
PPS: Big thanks to vjsharma89 for helping put it together.
Use with caution, it is my first one.
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 trendline 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.
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. Or use manually drawn supports and resistances, again your choice.
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.
It also has 3 x inbuilt EMA's. Handy value if using all three are 8, 26, 50.
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 teh support and resistance feature, please go give samuelhei a btc tip.
PPS: Big thanks to vjsharma89 for helping put it together.
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