PAL-GO
WHAT DOES THE SCRIPT DO & HOW IT IS BEING DONE :
The script uses momentum indicators like RSI & oscillators like stochastic to identify the momentum of the stock. Whenever there is a start of momentum the stochastic indicator combined to the candlestick type gives a cross signal & alert a user to look for buying/selling opportunity.
When there is a gain in momentum , the script uses RSI & Bollinger bands to identify the breakout & provides a buy/sell signal for taking entry into the trade.
Few moving averages helps a user to hold the trade by providing a signal on the chart after each candle’s closing in the form of triangles.
When the price gets overbought/oversold the script provides a signal in the form of a circle to leave the position . Here the script uses the momentum indicators RSI & MACD & stochastic in a combined form.
The script uses momentum indicators like RSI & oscillators like stochastic to identify the momentum of the stock. Whenever there is a start of momentum the stochastic indicator combined to the candlestick type gives a cross signal & alert a user to look for buying/selling opportunity.
When there is a gain in momentum , the script uses RSI & Bollinger bands to identify the breakout & provides a buy/sell signal for taking entry into the trade.
Few moving averages helps a user to hold the trade by providing a signal on the chart after each candle’s closing in the form of triangles.
When the price gets overbought/oversold the script provides a signal in the form of a circle to leave the position . Here the script uses the momentum indicators RSI & MACD & stochastic in a combined form.
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WHAT DOES THE SCRIPT DO & HOW IT IS BEING DONE :
The script uses momentum indicators like RSI & oscillators like stochastic to identify the momentum of the stock. Whenever there is a start of momentum the stochastic indicator combined to the candlestick type gives a cross signal & alert a user to look for buying/selling opportunity.
When there is a gain in momentum , the script uses RSI & Bollinger bands to identify the breakout & provides a buy/sell signal for taking entry into the trade.
Few moving averages helps a user to hold the trade by providing a signal on the chart after each candle’s closing in the form of triangles.
When the price gets overbought/oversold the script provides a signal in the form of a circle to leave the position . Here the script uses the momentum indicators RSI & MACD & stochastic in a combined form.
HOW TO USE THE SCRIPT:
Deciding buy/sell
Strictly use only on 1 hour time frame.
Wait for a ‘X’ sign before mind make up. A red ‘X’ means look for selling opportunity , a green ‘X’ means look for buying opportunity.
Taking a position:
Wait for an arrow before entering into any position. A red arrow on upside of a bar pointing downward means open short position. A green arrow below the bar pointing upward means open buy position.
NOTE: Only after the the signalling of X , look for arrow. Do not buy/sell if you see any arrow before the signal of X.
STOP LOSS should be the most recent swing high/low or most recent STRONG CANDLE’S high/low.
While maintaining the position :
The small triangles after the each bar completion tells you to hold the position. The red triangles appearing upside on the bar tells you to hold the short position, whereas the green triangles appearing below the bars tells you to hold the long position.
Exiting the position:
After you create a buy position , if you see a green arrow above any bar pointing downward, then you should either book partially/leave the position for sometime. You will get another signal to re-enter.
Similarly, after you create a sell position , if you see a red arrow below any bar pointing upward, then you should either book partially/leave the position for sometime. You will get another signal to re-enter.
While being in position if you see any X signal which is opposite of your trade , then leave your position immediately.
When you see a big red circle dot then you must exit all your short positions. Contrary , when you see a big green circle dot , you must exit all your long positions. And then wait for a X-signal.
No Trading Zone:
When you get frequent X-signals in green-red-green-red & that too very close, then its means that stock is going to form a range. One should wait for the range break & move away to another stock. (THIS IS WHERE YOU WILL REQUIRE A PRACTICE TO IDENTIFY THE RANGE)
The script uses momentum indicators like RSI & oscillators like stochastic to identify the momentum of the stock. Whenever there is a start of momentum the stochastic indicator combined to the candlestick type gives a cross signal & alert a user to look for buying/selling opportunity.
When there is a gain in momentum , the script uses RSI & Bollinger bands to identify the breakout & provides a buy/sell signal for taking entry into the trade.
Few moving averages helps a user to hold the trade by providing a signal on the chart after each candle’s closing in the form of triangles.
When the price gets overbought/oversold the script provides a signal in the form of a circle to leave the position . Here the script uses the momentum indicators RSI & MACD & stochastic in a combined form.
HOW TO USE THE SCRIPT:
Deciding buy/sell
Strictly use only on 1 hour time frame.
Wait for a ‘X’ sign before mind make up. A red ‘X’ means look for selling opportunity , a green ‘X’ means look for buying opportunity.
Taking a position:
Wait for an arrow before entering into any position. A red arrow on upside of a bar pointing downward means open short position. A green arrow below the bar pointing upward means open buy position.
NOTE: Only after the the signalling of X , look for arrow. Do not buy/sell if you see any arrow before the signal of X.
STOP LOSS should be the most recent swing high/low or most recent STRONG CANDLE’S high/low.
While maintaining the position :
The small triangles after the each bar completion tells you to hold the position. The red triangles appearing upside on the bar tells you to hold the short position, whereas the green triangles appearing below the bars tells you to hold the long position.
Exiting the position:
After you create a buy position , if you see a green arrow above any bar pointing downward, then you should either book partially/leave the position for sometime. You will get another signal to re-enter.
Similarly, after you create a sell position , if you see a red arrow below any bar pointing upward, then you should either book partially/leave the position for sometime. You will get another signal to re-enter.
While being in position if you see any X signal which is opposite of your trade , then leave your position immediately.
When you see a big red circle dot then you must exit all your short positions. Contrary , when you see a big green circle dot , you must exit all your long positions. And then wait for a X-signal.
No Trading Zone:
When you get frequent X-signals in green-red-green-red & that too very close, then its means that stock is going to form a range. One should wait for the range break & move away to another stock. (THIS IS WHERE YOU WILL REQUIRE A PRACTICE TO IDENTIFY THE RANGE)
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Minor change : New Version
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Changes compared to previous version : Updated Script
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update
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update
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Updated version
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The script has been destroyed and is available on tradingsutra profile on tradingview