Gann Intraday Retracement Levels, by PVSharmaOne of the greatest technical analyst the world has seen, was The Legendary William Delbert Gann. He had simple, creative principles based on astronomical computations. Although he wasn't an intraday trader, his theories produced outcomes that are just as impressive as delivery trading.
On the basis of his approach, I have created an indicator based on intraday trades that offers high profits at extremely brief stop-losses.
This indicator has been well evaluated, and I can declare with confidence that its excellent performance are based on "buy at dip and sell on peak" principle. Although this indicator has been tested, it does not perform well enough in some instruments, such as Forex, some cryptocurrencies, and a few international commodities.
Please take note that this indicator is excellent for speculating on NSE indexes and is applicable to practically all NSE instruments (apart from Forex). I'm also working on several errors, that I plan to remedy and present to you in the near future
Intradaytradinglevel
Fishing The Trend - SetupFishing The Trend - Setup
HOW Does it work ?
The name itself says we must have a trading setup for ease of trading for getting the most from the market.
i.e. Combining the most useful indicator under one roof...
Fishing The Trend - Setup have following ::-
1) IntraDay Range.
2) Four Friends.
3) Fishing The Trend.
4) Multi Time Frame - Custom VWAP.
5) RSI based SMA.
1) Intraday Range
HOW Does it work ?
For calculating the average most probable range for any plotted security, it plots 2 bands higher band and a lower band for a particular range using the default ADR. This indicator is on - as default.
# Upper and Lower band act as support and resistance , user may see a reversal in trend from these bands
# If the price breaks these bands, don't take a trade expecting a reversal
# These bands are calculated by averaging the previous x number of days' highs and lows of the security.
2) Four Friends
HOW Does it work ?
Plotting different EMA for finding the direction of Trend / Market, There are actually 5 EMAs- F1 = 20 EMA, F2 = 50 EMA, F3 = 100EMA, F4= 150, and Trend = 200-EMA. Usually 200 EMA is used to find the trend of market whether bearish / bullish, if market is above 200 ema than we may say its bullish and below 200 ema its bearish. The 50 EMA and 100 EMA works as best pullbacks in the trending market, user can configure as per his trading style and method. This indicator can be changed to multi timeframe as required. User can plot lower time frame data onto higher time or vice-versa for finding better opportunities for early trend detection, also the user have the option to use feature of non-repainting or vice versa. The default Color MA option is un=ticked, means plotting 5 different color EMAs, If the user ticks this feature, the whole 5 EMA color will change into red or orange as per direction of closing candle, user can change color as per his / her color combination. Default plotting time is of 1 min. This second indicator is off by default - user have to tick-it to activate it
3) Fishing The Trend
HOW Does it work ?
The code uses dynamic current levels to identify trend, This indicator is using SuperTrend, ATR and relatively Smoothened ATR for
early trend reversal detection to determine the trend and direction so that a fruitful decision can be made.
To Indicate the strength of the trendline, The standard calculations of SuperTrend, along with multiple smoothen ATR results are clubbed determine the direction, a step ahead. However, the indicator is not appropriate for all the situations. It works when the market is trending. Hence it is best to use for short-term technical analysis . SuperTrend uses only the two parameters of ATR and multiplier which are not sufficient under certain conditions to predict the accurate direction of the market. Here in this indicator ATR value is not editable and after long backtests the best ATR value is kept that helps the indicator working very well.
The default setting is best for use, but user can customize the Multiplier for his own fine tunings, So once the Levels are matched, a Long / Short suggestion is plotted. Best Time Frames to use : starting from 1, 3, 5, 15, 30 Mins and so on... to determine Trend.
Long = L and Short = S.
Where and how to use?
The main use of this indicator is quick scalping and Intra-day trading. The Indicator shows the option to show Long/Short Signals which the use can be turned on or off. The indicator shows a very useful option for early detection of the ongoing trend whether there will be reversal of trend or not ?
Stop Loss - That should be done by following ones risk appetite, Ideally the High of the Previous Candle should be the stop loss for
the Long / Short but everyone has their own Risk Management Strategies based on the capital deployed.
by default this comes on..
4) Multi Time Frame - Custom VWAP.
HOW Does it work ?
VWAP = The volume weighted average price (VWAP) is a trading benchmark used by traders that gives the average price a
security has traded at throughout the day, based on both volume and price. It is important because it provides traders with insight into both the trend and value of a security.
This indicator is programmed for using vwap for spot indices / securities not having volume calculations but have futures, specially banknifty and nifty of Indian markets. User has option to change the plotting timeframe as per his requirements for checking the trend under vwap or over vwap. The user have to type the equivalent script symbol in the space provided to calculate the vwap of that particular security and plot on the non-volume script. Seems confusing !!!! have a look
at example..
eg. - if you have chart of banknifty spot and u want to place vwap on in then just write security name in the blank field banknifty future of continuous contract running month " BANKNIFTY1! " Futures Chart... that's it and u will have futures vwap plotting on spot chart... this can give user a definite idea about the vwap line. User have option to change color of bar and change color of the
vwap line which is plotted.
By default this comes off..
Note = This indicator changes bar color
5) RSI based SMA
HOW Does it work ?
# This indicator is for user using RSI, The twist is that not only it uses RSI but also simple moving average, So this makes the user more safe as it is a combination of RSI and SMA.
# Multi-colored ----> Green/Red/Yellow user can change ..moving average of choice
# user can change overbought / over sold values of RSI as required. The time frame here is fixed.
* There is an On/Off Option for each Indicator.
Disclaimer : There could be scenarios when the candle is shown as a long or short and then the candle turns into opposite direction red/green. In such scenarios , Please refer to the just preceding candle and the early detection signal and if this candle is moving into positive direction only then go for long, Similarly opposite for Short, the value of multiplier 1.0 is determined using series of back test across various assets with different time frames.
User Options : Choice of turning on / off the Long / Short Labels and early detection/StopLoss Option can also be activated or deactivated.
Visual Checks - The user could manually validate the back test results on various assets they would like to use this strategy on before putting it live.
Usage/Markets : Index Trading / Equities and also well with Commodities and Currencies
How to get access
Please click on the link / email available in the signature or send me a private message to get access.
Feedback
Please click on the link/email in the signature or send me a private message for suggestions/feedbacks.
