TradeChartist Chameleon

™TradeChartist Chameleon is an exceptionally beautiful trend following indicator (visualised using Chameleon plot) based on Momentum and Volatility using User input of Chameleon Mode and Risk factor (ATR multiple) to generate Trade Opportunities.

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™TradeChartist Chameleon Features

• Minimal user input of Chameleon Mode Selection from (Aggressive, Normal and Laid Back) and Chameleon Risk Factor (Min - 1, Max - 5 of ATR Multiple).

---> For Higher Timeframes, lower Risk Factor is recommended (Max - 3) as the trading range can be high based on Volatility.

---> For Lower Timeframes, higher Risk Factor can be used (Normal or Laid Back Mode) based on asset price volatility.

• Comprehensive Chameleon Dashboard with useful information like Real-time Gains Tracker, User settings and general trade information. Dashboard can be customised based on user preference from Chameleon Settings.

• Automatic Targets based on Trade.

• Option to paint Price Bars to help identify Price Trend.

• Option to display Profit Taking Bars (enabling this from settings will paint $ signs where Profit taking is recommended).

• Option to color background based on trade type.

• Alerts can be created for Long and Short Entry Signals using "Once per Bar" as Trade Entries are generated only upon confirmation (previous candle close below/above Chameleon Trigger line).

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How to create Alerts for ™TradeChartist Chameleon Long and Short Entries?

Alerts can be created for Long or Short entries using Once Per Bar as BUY and SELL labels appear with entries only on confirmation after bar close.


Does the indicator include Stop Loss and Take Profit plots?

This script doesn't have Stop Loss and Take Profit plots, but it can be connected to ™TradeChartist Plug and Trade as Oscillatory signal ("Chameleon") to set StopLoss and Take Profit plots and to create all types of alerts too.


Does this indicator repaint?

No. This script doesn't repaint as it confirms its signals only after close above/below Chameleon Trigger line and also uses security function to call higher time-frame values in the right way to avoid repainting. This can be verified using Bar Replay to check if the plots and fills stay in the same bar in real time as the Bar Replay.

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Best Practice: Test with different settings first using Paper Trades before trading with real money

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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)

Premium Scripts - Trial access and Information

• Trial access offered on all Premium scripts.

• PM me directly to request trial access to the scripts or for more information.

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Versionsinformation:

Code updated

Versionsinformation:

Code Updated

Versionsinformation:

Code Optimised