RocketScalper Long/Short Indicator

About the Rocketscalper Indicator

• Was initially made by Rocket, PM, Hav0c, LiteralMonkey and PrimetimeBart.
  
• It's our most used and advanced long/short indicator script so far, with over 450 users
  
• Was first published in December 12, 2018.
  
• It had 3 iterations, this is the 4th.
  
• It has been continuously updated throughout the past year and as long as the market doesn't shift completely, it'll stay updated and giving good outputs.
  
• It works by merging 3 oscillators and then checking the market balance between sells and buys to give you the final output.
  

Main notes about the 4th iteration:

• RSI and Moving Averages back into the filtering conditions (for a while we removed it due to signal spam or trying to make a holy grail and i think we took steps back by doing that so they're back in)
  
• Wavetrend settings closer to neutral
  
• Loosened conditions on Godmode
  
• Price Oscillator Changes
  
• Added TakeProfit and StopLoss conditions editable for users
  
• Turned the scalper more neutral with a slight long bias for the upcoming trend
  

Has several outputs on the chart that you can activate/deactivate

• Long / Short Signals
  Self Explanatory - It suggests you should long or short the asset.
  
• Show Price Oscillator signals
  It'll output long/short signals based on the Price Oscillator.
  
• Show Stop/Support/Resistance warning
  A warning label will pop-up when the trade is going against you. It's good to use as alerts, other than that, I wouldn't read much into it.
  
• Plot Stop/Support/Resistance levels
  It'll plot resistance and support horizontal lines in case you need guidance in your stops
  
• Use background for Highlighting
  It changes the background to red/green (or a color of your choosing) when its about to output a signal.
  

You also have, on the inputs tab, text inputs that you can edit such as:

• Price Gain for Take Profit 1 and 2
  Horizontal line (If you usually get at out at positive 50 points, put 50 in here and a line will plot once you get there) - Good for alerts.
  
• Initial Stop Loss Percentage
  
• Amount of $ Away from entry to Move SL After TP1
  
• Trailing Stop Loss
  

Should I use it on all timeframes and all pairs?

• You can, if you look at the historical outputs and they are good. However, I use it mostly on XBTUSD BTCUSDT ETHUSD XAUUSD and OILUS on LTF and HTF.
  
• For altcoins, I would suggest only looking at 4h candlesticks and above.
  

For access, please DM us or visit the link below in our Signature.

Versionsinformation:

• Fixed max_bar error.
  

That's all.