Use this indicator with the following indicators :
When all the four indicators are sloping upwards, the long setup is triggered.
The indicators bars turns blue when each of them begins to slope upwards.
For a convincing indication, look for 3 consecutive blue bars in all of them for a long setup.
Once the setup is confirmed, all you have to do is to plan your entry.
Ensure there is no overhead resistance in the form of any levels or any other key levels when you go long after the setup.
Reverse logic for short.
2) Some fine tuning done . Now it performs well in shorter time frame (5 min) also apart from 10 min and 15 min.
It is found to perform fairly well in all intraday time frames 1min / 2min / 3min / 5min / 8min / 10min / 15 min.
Not a holy grail. Have a proper money management.
Price action activated in Strategy too.
Fine tuned entry with price action for signals with better conviction.
Next day's 2 day CPR added.
ADMIN removed from settings. However, strategy takes it into consideration.
1) Position size converted to % of equity.
2) INR option not there in currency. Hence please assume USD as INR.
3) Brokerage added more than the requirement of discount brokers .
4) Starting capital chosen as 1,000,000 inr (inr option not there . hence assume usd as inr).
Best way of using this is to combine with stochastics (7,3,3) with upper and lower line as 60/40.
Once you get a long signal, wait for the stochastics to make a crossover below 40 line for a better entry.
Once you get a short signal, wait for the stochastics to make a crossunder above 60 line for a better entry.
This has a disadvantage in case of very strong trending market as stochastics remain at extremes in a very strong trending market.
Hence it is a call that needs to be made by the trader.
Disclaimer : Not guaranteeing that future results will mirror past results. Hence use this at your own discretion.
Wasnt showing short trades.
Please note that past performance is not an indicative of future performance.
Pls use this at your own risk.
This update differentiates bullish cpr and bearish cpr with color codes.
Red denotes bearish cpr and Blue denotes bullish cpr.
The general context is ,
In a bearish CPR context, when price opens below CPR, there is a possible continuation pattern.
In a bearish CPR context, when price opens above CPR, there is a possible short covering pattern.
Similar logic holds good for bullish CPR.
1) Now you can plot `n' day cpr, where n = 2 days, 3 days........, upto 50 days.
2) Now you can plot intraday cpr with a flexibility of choosing your own subsessions. Default is 125 min which divides the whole session into 3 subssessions. You can plot from 1 min to 375 min subsessions. However it is better to restrict to either 125min which divides into 3 subsessions or 187 or 188 min which divides into 2 subsessions.
3) Strategy exits is also updated with any reversals during the day instead of end of the day.
4) Capital of 25 lacs choosen based on the margin required banknifty for 10 lots, which ideally requires 12 plus lacs. Currency to be assumed INR instead of USD as there is no option for INR. Brokerage is assumed as Rs 50 per order as against Rs 20 per order in real markets. Remember : Past returns is not reflective of future performance. Use at your own risk.