OPEN-SOURCE SCRIPT
Pritesh-Intraday
This script is a customized TradingView indicator designed to identify potential intraday buy and sell opportunities using a combination of technical indicators and filters to enhance signal quality. It leverages multiple parameters and timeframes to assess market momentum, trend strength, and volume conditions, aiming to capture price swings during the day. Key features include:
1. **Multi-Timeframe Analysis**: Core signals, such as RSI, SMA, EMA, and ADX, are calculated on a 5-minute timeframe to enhance short-term trend detection.
2. **RSI and ADX Conditions**: Buy signals are generated when the short-term moving average is above the long-term moving average, the RSI is over 60, and ADX exceeds a set threshold, indicating a strong upward trend. Sell signals follow the opposite conditions with a lower RSI threshold. This combination helps validate signal strength based on price momentum.
3. **Stochastic and Volume Filters**: Optional volume and stochastic filters reduce noise by checking for high-volume conditions and avoiding overbought/oversold levels, making signals more reliable.
4. **Trend Confirmation with EMA**: A long-term EMA filter aligns entries with the prevailing trend, minimizing counter-trend signals and improving signal accuracy in trending markets.
5. **In-Position State Management**: The indicator tracks whether it’s currently "in position," ensuring that only one active signal—either buy or sell—is followed at a time, with appropriate exit conditions for each position.
6. **Custom Exit Logic**: Exit points for buy and sell positions are triggered by a trend reversal, declining RSI, or stochastic levels, optimizing the entry and exit timing for each trade.
7. **Visual Signals and Plotting**: The script includes buy and sell markers, along with the plotted short- and long-term SMAs, EMA, ADX, and stochastic levels, allowing easy visual confirmation of conditions and signal points on the chart.
1. **Multi-Timeframe Analysis**: Core signals, such as RSI, SMA, EMA, and ADX, are calculated on a 5-minute timeframe to enhance short-term trend detection.
2. **RSI and ADX Conditions**: Buy signals are generated when the short-term moving average is above the long-term moving average, the RSI is over 60, and ADX exceeds a set threshold, indicating a strong upward trend. Sell signals follow the opposite conditions with a lower RSI threshold. This combination helps validate signal strength based on price momentum.
3. **Stochastic and Volume Filters**: Optional volume and stochastic filters reduce noise by checking for high-volume conditions and avoiding overbought/oversold levels, making signals more reliable.
4. **Trend Confirmation with EMA**: A long-term EMA filter aligns entries with the prevailing trend, minimizing counter-trend signals and improving signal accuracy in trending markets.
5. **In-Position State Management**: The indicator tracks whether it’s currently "in position," ensuring that only one active signal—either buy or sell—is followed at a time, with appropriate exit conditions for each position.
6. **Custom Exit Logic**: Exit points for buy and sell positions are triggered by a trend reversal, declining RSI, or stochastic levels, optimizing the entry and exit timing for each trade.
7. **Visual Signals and Plotting**: The script includes buy and sell markers, along with the plotted short- and long-term SMAs, EMA, ADX, and stochastic levels, allowing easy visual confirmation of conditions and signal points on the chart.
開源腳本
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