About the Rocketscalper Indicator
Main notes about the 4th iteration:
Has several outputs on the chart that you can activate/deactivate
You also have, on the inputs tab, text inputs that you can edit such as:
Should I use it on all timeframes and all pairs?
For access, please DM us or visit the link below in our Signature.
- 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:
That's all.
- Fixed max_bar error.
That's all.
My Twitter @ twitter.com/7figwhen