GEN Sniper Entry

INDICATOR: GEN Sniper Entry

Developer: gedeegi

General Description

GEN Sniper Entry is a technical indicator for MetaTrader 5 (MT5) designed to identify potential market entry points based on divergence between price and the Relative Strength Index (RSI). This indicator specifically looks for sharp and accurate "sniper" divergences at price tops and bottoms. A unique feature is its ability to automatically visualize Stop Loss (SL) and Take Profit (TP) levels calculated based on the Average True Range (ATR), helping traders apply structured risk management.

Main Features

• Divergence Signal Detection: Uses RSI to identify divergences on both short and long periods.
  • Sell Signal (Bearish Divergence): Occurs when price forms a higher high, but RSI forms a lower high.
  • Buy Signal (Bullish Divergence): Occurs when price forms a lower low, but RSI forms a higher low.
• Complete Signal Visualization:
  • Signal Arrows: Displays BUY and SELL arrows directly on the chart when a signal is detected.
  • Divergence Lines: Colored lines are drawn between the corresponding price and RSI peaks/troughs to indicate divergence.
• Automatic Risk Management:
  • ATR-Based SL/TP Levels: The indicator automatically draws horizontal lines for Entry, Stop Loss (SL), Take Profit 1 (TP1), and Take Profit 2 (TP2) after a signal appears. These levels are calculated using ATR multipliers, which are user-adjustable.
  • Customizable Lines: These lines remain on the chart until a new signal appears, and their length can be adjusted for older signals.
• Additional Trend Filter: Users can enable an optional trend filter using the Exponential Moving Average (EMA) to ensure trades are taken in the direction of the overall trend.
• Comprehensive Notification System: Offers various notification options to ensure you don't miss any trade signal, including:
  • Pop-up Alerts
  • Push Notifications to mobile devices
  • Email Notifications

Input Parameters

Indicator Settings

• RsiLength: RSI calculation period.
• ShortPeriod: Period for detecting short-term divergence.
• LongPeriod: Period for detecting long-term divergence.
• ShowLabel: Enable/disable signal arrows.

SL/TP Settings

• ShowSLTP: Show/hide SL/TP lines.
• AtrPeriod: ATR period for SL/TP calculation.
• SL_Multiplier: ATR multiplier for Stop Loss.
• TP1_Multiplier: ATR multiplier for Take Profit 1.
• TP2_Multiplier: ATR multiplier for Take Profit 2.
• OldLineLengthBars: Length of old SL/TP lines (in bars) after a new signal appears.
• Line Colors: Line color settings for Entry, SL, TP1, and TP2.

Trend Filter Settings

• UseEmaFilter: Enable/disable EMA filter.
• EmaPeriod: EMA period.

Notification Settings

• EnableAlerts: Enable pop-up alerts.
• EnablePushNotifications: Enable mobile push notifications.
• EnableEmailNotifications: Enable email notifications.

Signal Logic

• Sell Signal: Triggered when:
  • A bearish divergence exists between price (higher high) and RSI (lower high).
  • The current candlestick is bearish and the previous one is bullish.
  • (Optional) The closing price is below the EMA, if filter is enabled.
• Buy Signal: Triggered when:
  • A bullish divergence exists between price (lower low) and RSI (higher low).
  • The current candlestick is bullish and the previous one is bearish.
  • (Optional) The closing price is above the EMA, if filter is enabled.
• SL/TP Calculation: The distance from the entry price to SL, TP1, and TP2 is calculated using multiples of the ATR value at the time of signal appearance.

How to Use

• Entering Trades: Enter a trade when a signal arrow appears on the chart.
• Risk Management: Use the automatically drawn SL, TP1, and TP2 lines as reference levels to place your orders, or adjust the multipliers in the indicator settings to match your strategy.
• Additional Confirmation: Use the EMA filter to validate signals and only take trades in the direction of the broader trend, potentially increasing success rates.