Yeeet V1 Indicator
Hi everyone,
To use this script as a strategy it's pretty complicated yet simple.
FIRST AND MOST IMPORTANTLY GO TO SETTINGS AND CHANGE THE FIRST LENGTH (WMA) TO 30, CHANGE THE SECOND LENGTH (EMA1) TO 8 , AND CHANGE THE FOURTH LENGTH (EMA2) TO 21. LEAVE THE THIRD LENGTH (SMA) THE SAME.
Basically you have 4 items on the chart, green and purple indicators up, and red and orange indicators down.
The way I use it is this:
1) Use the 1H chart. If you can find a premarket move that shows green, then purple, the day will most likely end up strongly up. If it shows red then orange, it's most likely the day will end up strongly down. (Both of these are just "at some point" , meaning if you bought calls or puts at open, at some point in the day they will go strongly up or down. Now I know that sounds vague, but it depends where these symbols are. These symbols as described in the order above in premarket are usually very strong.
2) If the last hourly candle of a day and the first post-market candle of the day are green then purple, you have a higher confidence that the following day will be up strongly at some point. And if it's red then orange, you have a high confidence it will be a down day.
3) If one hourly candle gives you both a green and purple sign, or both a red and orange sign, it holds much more value (depending where it its). It mostly means something if it's in the first or last candle of the day.
4)The closer the symbols are the higher the confidence. For example, if there's a green arrow up and then a purple arrow up 6 candles from the green it probably means nothing. But if one follows directly after the other it's higher confidence. Also, more than likely if you switch those colored arrows a trade is null. For example, if a purple up arrow comes before a green, I wouldn't take a trade. If a orange down arrow is before a red I probably wouldn't either. For some reason though, the downside is less risky with this strategy. So you could give more confidence to an orange then red down than a purple then green up.
5) For taking trades I use the 5m chart and ignore the symbols. If I see a green arrow up then purple in premarket, I usually take a trade after the close of the first 5m candle. Same for the downside of red then orange.
6) Most success in these comes from post and premarket. So if both symbols (down or up) happen like this: GREEN, PURPLE or RED, ORANGE, that day is likely going to be up (green then purple) or down (red then orange).
Back test this way: Go to the 1H chart and find instances where there's green then purple indicators close together (1 to 2 candles apart). So if you have a green symbol at 6AM-7AM and a purple symbol at 7AM-8AM, go to the 5m chart and pretend you took a trade at 8:00AM when the purple symbol candle closed.
As you can see, it went RED, then ORANGE. So next day within 2 hours from open, the price dropped 3.89%.
Here is a trade I probably wouldn't take, but it shows the strength of GREEN then PURPLE. Within 2 hours it goes up 2.36%.
Here is a candle where both green and purple are on the same one. It went up as high as 3.79% within 2 hours.
And here is another beautiful example. Premarket RED then ORANGE, 3.27% in only 1 hour.
To use this script as a strategy it's pretty complicated yet simple.
FIRST AND MOST IMPORTANTLY GO TO SETTINGS AND CHANGE THE FIRST LENGTH (WMA) TO 30, CHANGE THE SECOND LENGTH (EMA1) TO 8 , AND CHANGE THE FOURTH LENGTH (EMA2) TO 21. LEAVE THE THIRD LENGTH (SMA) THE SAME.
Basically you have 4 items on the chart, green and purple indicators up, and red and orange indicators down.
The way I use it is this:
1) Use the 1H chart. If you can find a premarket move that shows green, then purple, the day will most likely end up strongly up. If it shows red then orange, it's most likely the day will end up strongly down. (Both of these are just "at some point" , meaning if you bought calls or puts at open, at some point in the day they will go strongly up or down. Now I know that sounds vague, but it depends where these symbols are. These symbols as described in the order above in premarket are usually very strong.
2) If the last hourly candle of a day and the first post-market candle of the day are green then purple, you have a higher confidence that the following day will be up strongly at some point. And if it's red then orange, you have a high confidence it will be a down day.
3) If one hourly candle gives you both a green and purple sign, or both a red and orange sign, it holds much more value (depending where it its). It mostly means something if it's in the first or last candle of the day.
4)The closer the symbols are the higher the confidence. For example, if there's a green arrow up and then a purple arrow up 6 candles from the green it probably means nothing. But if one follows directly after the other it's higher confidence. Also, more than likely if you switch those colored arrows a trade is null. For example, if a purple up arrow comes before a green, I wouldn't take a trade. If a orange down arrow is before a red I probably wouldn't either. For some reason though, the downside is less risky with this strategy. So you could give more confidence to an orange then red down than a purple then green up.
5) For taking trades I use the 5m chart and ignore the symbols. If I see a green arrow up then purple in premarket, I usually take a trade after the close of the first 5m candle. Same for the downside of red then orange.
6) Most success in these comes from post and premarket. So if both symbols (down or up) happen like this: GREEN, PURPLE or RED, ORANGE, that day is likely going to be up (green then purple) or down (red then orange).
Back test this way: Go to the 1H chart and find instances where there's green then purple indicators close together (1 to 2 candles apart). So if you have a green symbol at 6AM-7AM and a purple symbol at 7AM-8AM, go to the 5m chart and pretend you took a trade at 8:00AM when the purple symbol candle closed.
As you can see, it went RED, then ORANGE. So next day within 2 hours from open, the price dropped 3.89%.
Here is a trade I probably wouldn't take, but it shows the strength of GREEN then PURPLE. Within 2 hours it goes up 2.36%.
Here is a candle where both green and purple are on the same one. It went up as high as 3.79% within 2 hours.
And here is another beautiful example. Premarket RED then ORANGE, 3.27% in only 1 hour.