Here with presenting the new Indicator (Strategy) for scalping which is primarily built based on the the Volume Analysis.
Idea behind this Indicator: I am sure every trader would agree that Volume is one of the Leading indicator along with Price, and hence thought to use the same for scalping the trades. There is a direct co-relation between the price and volume and thereby used this as a base for arriving at strength of the volume pumped in. Indicator is working on the Logic of "What is the ROC in price for the volume dumped in and does ROC quantify the same which is happened in the recent past of x candles." In order to be successful in scalping trade, Accuracy, Risk to reward and Money Management is very much crucial and hence thought so much on this to make it happen.
Note: Accuracy here being profitable in the trade and not hitting the bulls eye all the time.
What this indicator is providing:
Based on the volume, ROC & Candle Thresholds and using the inputs provided for RISK and Money Management options, Indicator continuously scans for trading opportunities and provides alerts for possible trades.
Alerts & Notifications:
There are basically 3 types of Alerts provided one with General Notification and Other with Dhan HQ notifications to support Algo Trades and AlgoJi for supporting Algo trades too.
I have been testing the performance in 30 seconds and 1 min chart and I haven't faced any issues yet. I strongly recommend users to use the same in timeframe less than 10 Min only.
DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for our documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. I am not responsible for any losses you may incur. Please invest wisely.
Happy to receive suggestions and feedback in order to improve the performance of the indicator better.
1. Improved Algorithm for Alerts so that Hedge leg orders are placed along with first trade.
2. Minor Bugs fixed.
3. Trade Logs enabled to check the performance of the past trades.
1. Now that you can select the moneyness for hedging options.
2. Scalping Enemy is a sudden Spike on the opposite direction of our Trade. This option helps you to exit if one happen.
3. Implemented Trail SL - to lock-in some of the profit at certain zones and spike happening at our favor.
1. Alert Notifications are now compact and easy to read on mobile.
1. Another Attempt to protect possible Loss from unexpected spike on the opposite direction or Possible Loss trade. Having said this there is an option provided in the indicator to place a Covered Leg. If enabled, Call buy option will be taken on the unexpected spike while the current trade is for the Short and Put Buy option will be taken on the unexpected spike while current trade is for long.
2. Trailing SL is now optional.
1. BUGS FIXED : PNL Alerts for the Protection Legs producing null values has been fixed to display correct amount.
2. Trailing SL for Protection Leg is now included.
1. Improved the Main Algorithm to counter the sudden spike on prices.
2. Compacted the Performance table to show what is majorly important.
3. Trade Logs now show you meaning full information for your further analysis.
4. Options Trading needs Major focus on the TIME DECAY. Hence if you choose Alert type with Options, you will get into trades which could be achieved very fast, more reliable on accuracy.
1. Now you can place Options Legs based on Spot from Futures Chart or vise versa.
2. Protection Legs Entry Exit points are shown on the chart.
3. BUG Fix : Few Sessions gets out of focus hence Day wise PNL were not shown. Now Day wise PNL will show post 15:30 or 23:59 for Crypto market session
4. Minor Algorithm change to tackle slippages in entry screening condition.
1. Slight improvements to the Alert timings.
2. Changes to the Algoji Alerts.
1. BUG Fix: PE Strike Price Adjusted
2. AlgoJi Alerts Improvised.
Note: Indicated PNL are based on Futures Chart Values for 2 Lots per Trades Taken
1. Improvised main Algorithm if you are the Option Trader. Can take price spike benefit if you are in the direction of the price spike or opposite.
2. Tackled the Time Decay trades for Day's specific. Wednesday & Thursday Trades for option traders are more possibly a more confirmed ones since it takes additional confirmations.
3. AlgoJi Alerts are combined to into Single Alerts instead of multiple Alerts.
1. Integrated with NextLevel Bot Alerts - Next Level Bot Alerts are compatible to trade using FINVASIA & FYERS.
2. Tooltips for the indicator settings have been added for reference.
3. Overall Improvements made for Scanning Algorithm.
1. Bug Fix: Default Values was not within the range
2. TSL updates is now compact.
Thanks for the suggestion.
1. Added Alerts for Dhan API Bridge
2. Overtrade Kills : Now you can control from the indicator how many trades it can take per day.
3. Most of the time we feel once the profit of X is made we tend to take few more trades and endup loosing our profits. now from indicator you can control what to do when you achieve X amount of profit. Either to Stop Trading for the Day (live) or Take trades with less Qty (Testing).
4. Ever heard about Intraday Gaps ? Gaps freaks us out with awesome moves and most of the time those gaps gets filled within the trading session. Added Trade Alerts For the Intraday Gaps.
1. Integrated for Trading with Dhan HQ (Testing)
2. Improvised Algorithm overall to eliminate few slow moving trades. Betterment in Profitability Rates.
3. Added an optional Bracket Order type for Options traders to cover up the spike Entry Exits, so that momentum works for you either in cutting the excess loss or making you more profitable. (Note: This is a Risky LEG, freak trades may happen)
1. Bugs Fix : Covered Leg Qty (max Qty has been reset)
1. BUGS Fix : Adjusted Alerts Sequence for Session Close
2. BUGS Fix: Blank Alerts used to trigger during Trade Scan.
1. Implemented Bracket Order for Options with support of Next Level Bot.
2. Trailing SL is added to for Bracket Order.
Note: Protection Leg is placed along with Main Trade with 2 OTM strike, to avoid excessive Loss and not compromising on profit much.
IMPORTANT: Bracket Order will now exit basis the Momentum if price is in running opposite to the traded direction.
plz PM me for access or you may contact me on the below 1. Watsapp me on 9740281055 2. Telegram on @Pavan_BreathEasy