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Scalping formula

The Scalping formula indicator is intended for stock players and Forex traders. It is never redrawn, it automatically build support and resistance levels, draws entry arrows using 4 buy rules and 4 sell rules. The main idea of the indicator is to show strong support and resistance levels, possible bounces and breakouts of the levels. The indicator marks iceberg orders by generating a sound alert. It can work on all symbols.

Description of buy and sell entry rules:

  • rule No. 1 for entry into a long - candlestick body and shadows do not break out the level
  • rule No. 2 for entry into a long - breakout and Close below the level
  • rule No. 3 for entry into a long - breakout and Close above the level
  • rule No. 4 for entry into a long - resistance turns into support, breakout candlestick closes above the level
  • rule No. 1 for entry into a short - candlestick body and shadows do not break out the level
  • rule No. 2 for entry into a short - breakout and Close below the level
  • rule No. 3 for entry into a short - breakout and Close above the level
  • rule No. 4 for entry into a short - resistance turns into support, breakout candlestick closes above the level


Indicator Parameters

  • alert - a sound alert
  • distance - distance between the arrow and the bar
  • buy - the color of the buy arrow
  • sell - the color of the sell arrow
  • line color
  • size - the size of arrows
  • line - line width
  • history - history depth in bars
Aravind
1460
2017.01.02 06:32 
 

Indicator works as described.