OPEN-SOURCE SCRIPT
Combined Stochastic, ADX & Breakout
The indicator marks two potential buying points in a trend after a correction:
--- Made by @immortaltraderA find him on twitter ---
First Buy Signal Type:
Requirements:
Price must move above EMA9 first
Must have at least one lower high (correction)
Breakout above previous candle's high
Stop loss: Below the last low
Second Buy Signal Type:
Appears after a blue triangle above the candle (based on closing price)
Represents a deep technical correction (measured by Stochastic) in a strong uptrend (measured by ADX)
Additional requirement: Signal candle must be above EMA9 and above previous candle's high
Stop loss: Below the last low
Exit Strategy:
The sell signal has been removed from the indicator to reduce chart clutter
Better selling methods are recommended, such as selling at new highs
--- Made by @immortaltraderA find him on twitter ---
First Buy Signal Type:
Requirements:
Price must move above EMA9 first
Must have at least one lower high (correction)
Breakout above previous candle's high
Stop loss: Below the last low
Second Buy Signal Type:
Appears after a blue triangle above the candle (based on closing price)
Represents a deep technical correction (measured by Stochastic) in a strong uptrend (measured by ADX)
Additional requirement: Signal candle must be above EMA9 and above previous candle's high
Stop loss: Below the last low
Exit Strategy:
The sell signal has been removed from the indicator to reduce chart clutter
Better selling methods are recommended, such as selling at new highs
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