RP Trend Reader Adv
This is a momentum reader with a combination of RSI and EMA indicator which looks for particular crosses to identify strong trends.
You can use this tools at any timeframe
When the momentum is meet the condition then it will show the signal "Buy" and "Sell"
Buy means that you Long or Sell means that you Short at the price after the candle close
Re-buy means that you can re-entry Long when it detects special Rsi oversold condition
Re-sell means that you can re-entry Short when it detects special Rsi overbought condition
You can setup how aggressive or conservative you're re-entry signal with setup Adv Buy-Adv Sell
0 is the conservative to 30 for aggresive Buy signal
100 is the conservative to 70 for aggressive Sell signal
There's pivot line at there
Pivot line is showing how strong the momentum right now
If the price above or way above the pivot line then the uptrend is strong (very bullish)
If the price below or way below the pivot line then the downtrend is strong (very bearish)
Anchor : Signal for Buy-Sell with different TF, you can set it up for your own suitable
Don't blindly Buy or Sell just because the signal is coming out
Combine it with the market structure, look at the big picture instead lower TF and the edge is yours
The best entry is when the price bounce close to the pivot point & Re-buy / Re-sell come up
In testing it it performed best on higher TF or daily chart
Be carefull with the sideway or choppy market. You can see that the price is going up and down at the pivot line and the signals come out quite often
Follow your trading plan...
You can use this tools at any timeframe
When the momentum is meet the condition then it will show the signal "Buy" and "Sell"
Buy means that you Long or Sell means that you Short at the price after the candle close
Re-buy means that you can re-entry Long when it detects special Rsi oversold condition
Re-sell means that you can re-entry Short when it detects special Rsi overbought condition
You can setup how aggressive or conservative you're re-entry signal with setup Adv Buy-Adv Sell
0 is the conservative to 30 for aggresive Buy signal
100 is the conservative to 70 for aggressive Sell signal
There's pivot line at there
Pivot line is showing how strong the momentum right now
If the price above or way above the pivot line then the uptrend is strong (very bullish)
If the price below or way below the pivot line then the downtrend is strong (very bearish)
Anchor : Signal for Buy-Sell with different TF, you can set it up for your own suitable
Don't blindly Buy or Sell just because the signal is coming out
Combine it with the market structure, look at the big picture instead lower TF and the edge is yours
The best entry is when the price bounce close to the pivot point & Re-buy / Re-sell come up
In testing it it performed best on higher TF or daily chart
Be carefull with the sideway or choppy market. You can see that the price is going up and down at the pivot line and the signals come out quite often
Follow your trading plan...