This script looks for a set up condition where 5 consecutive candles have broken away from the fast EMA (set to 8 by default) followed by a "trigger" candle that crosses back over the fast EMA but not the medium EMA (set to 13 by default). It then determines the entry point based on the bar high or low (not tail or wick) depending on direction of the trend. Once the entry point is crossed, we can enter the position. Win or loss is determined whether the lower or upper levels are crossed (as per trend). After the position is won or lost and if the entry level is re-crossed before a new set up condition is found then a new entry signal is given.
Please note that this should really be used in conjunction with a higher timeframe "Anchor" chart with a fast and a slow EMA so setups and positions should should correspond to the trend of the higher timeframe chart. This was designed for a 5 minute timeframe and a 60 minute anchor chart.
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Bug Fix: Updated user input fields to set ATR multipliers to floating point numbers
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Fixed a bug that showed a re-entry position win even though entry level had not been crossed
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Another re-entry signal fix.
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Set to 1:1 risk-reward ratio by default in the settings but user can adjust accordingly. Also finally fixed the entry level bug - see the garbled comments in the code if you want to know more. Enjoy!
Good job. The entry point no works allways. Maybe would be nice set up a filter for time frame upper. Example. If the code show us a green triangle on 5 minuts (uptrend). The filter would be 1 hour uptrend too. What do you think?
firegenie
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@flaviog1973, Thanks for your feedback. I agree, it would be nice to have it included in the single chart instead of having to have the separate anchor chart on the higher timefreame. Its something I am trying to include in a later version so check back soon.
flyboyyy1
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@kmderham, very nice indicator!!! It sorta looks like the 5 min + 1 hour strategy similar to what the "Forex TV Signals" video shows. Just checking back, any thoughts on the 1 hour chart filter when viewing the 5 min chart?
firegenie
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I forgot to add there are alerts for set up, entry and win/lose conditions. In a later version I will explain more about how the anchor chart works and I should be able to integrate the anchor indicators into a single chart to make it easier on screen real-estate.
flyboyyy1
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@kmderham, AWESOME!!! Can't wait!
Bananarao
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Wow, it work almost 70-80% win rate can you convert it for algorithm trading.
firegenie
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If you're following the strategy properly, use the alert for the long/short set up to create a stop order using the entry, tp and stop levels which are set at the time of set up. After a win set a limit order to catch potential re-entry opportunities or another stop order if your previous position ended in a loss.