SCRINEO Price Action
This is an efficient tool for traders using price action.
Now, you can watch tens of charts without the need to sit at your computer for too long. Nothing is missed. The indicator is based on searching patterns - pullback, reversal and break patterns. It searches patterns on supports, resistances and trend lines.
SCRINEO Price Action is for experienced traders able to evaluate the signal the right way (according to their own experiences). The signal does not mean entry automatically!
I personally use this indicator on M5 and higher. M1 is used only for trading EURUSD, DAX (DE30), and YM (US30).
In the moment of first point display, place the pending order. In case the price is under the point, enter a long pending order. In case the price is above the point, enter a short pending stop order. The signal loses its validity when the points stop painting and order is not filled. Then just cancel the order. Colored points mark valid enters - red for short and blue for long.
In the settings, you can find choices of Filter and Strength of trend. They influence number of signals. Deactivating of the filter and reduction of strength of trend will increase number of signals. But quality of these signals decreases.
You can also turn on the display of recommended stop loss. It will display in area of last significant correction.
- Strength of the trend: Filter for pattern break of trend line. It influences number and quality of entries.
- Filter trend: Deactivating of filter will increase number of signals. But quality of these signals decreases.
- Filter divergence: Deactivating of filter will increase number of signals. But quality of these signals decreases.
- Display only in given time: Display only in time given by time of start and time of end (start hour should precede end hour)
- Time of Start: Starting time of signals (use 24-hour clock hh:mm, e.g., 8:15)
- Time of End: Ending time of signals (use 24-hour clock hh:mm, e.g., 23:00)
- Display Price Levels: Display supports and resistances
- Display Signal Validity: Display price label on signal entry
- Display Stop losses: Display recommended stop losses
- Display History: Display history of entries, good for backtest
- Levels Color: Color of supports and resistances
- Trend Lines Color: Color of trend lines
- Valid Long Signal Color: Color of valid signal (long side)
- Valid Short Signal Color: Color of valid signal (short side)
- Active Signal Color: Color of signal that is not valid yet
- Long Stop Loss Color: Long stop loss color
- Short Stop Loss Color: Short stop loss color
- Alert sound: Play sound Alert on valid signal
- Sound File: Sound file to play when Alert Sound set to Yes
- Alert of hitting price level repeat each: If the price hits the price level many times, repeat the alert after specified number of bars.
- Alert on each valid Signal bar: Repeat alert on each valid signal bar
- Pop-up Alert On Screen: Display pop-up alert when a valid signal is reached
- Send Mobile Notification: Send notification on a mobile phone
- Send Notification E-mail: Send alert via e-mail
Added Filter divergence.
Changed time format.