I created this indicator/study script because i ran into the issue that the same Alerts would fire multiple times. For example it would trigger a Long signal when already being in a Long. I guess there would be no issue with a very basic strategy but with a larger script and many variables, it seemed to create complications.
This is resolved by a TradingLine oscillator and only when it switches to a new and different position from previous, will it trigger an Alert.
If you are in a Long and it signals Long again, then this is seen as a "Continuation Long" in the Alerts settings. You can use this condition to add to your existing position (Optional). Continuation signals are plotted as bright green/red dots.
You will notice there's an option to uncheck "Trade Shorts" and "Trade Exits" signals.
Lets say you choose not to trade Short and Exits, then your Long would only Exit once a Short signal is detected.
This could prove useful for Back-testing purposes.
This quick example script uses the EMA 10, EMA 200, emaPlus1Atr and emaMinus1Atr.
To use in your script, you will need to modify and add your own BUY/SELL/EXIT signals in the box where it says:
//// INPUT YOUR BUY/SELL/EXIT SIGNALS HERE: ////
//////////////////////////////////////////////////
Hope someone will find this useful, or even just as an additional visual confirmation for your own trading strategy and script.
This is resolved by a TradingLine oscillator and only when it switches to a new and different position from previous, will it trigger an Alert.
If you are in a Long and it signals Long again, then this is seen as a "Continuation Long" in the Alerts settings. You can use this condition to add to your existing position (Optional). Continuation signals are plotted as bright green/red dots.
You will notice there's an option to uncheck "Trade Shorts" and "Trade Exits" signals.
Lets say you choose not to trade Short and Exits, then your Long would only Exit once a Short signal is detected.
This could prove useful for Back-testing purposes.
This quick example script uses the EMA 10, EMA 200, emaPlus1Atr and emaMinus1Atr.
To use in your script, you will need to modify and add your own BUY/SELL/EXIT signals in the box where it says:
//// INPUT YOUR BUY/SELL/EXIT SIGNALS HERE: ////
//////////////////////////////////////////////////
Hope someone will find this useful, or even just as an additional visual confirmation for your own trading strategy and script.
Contact:
www.moonlaunch.net/
www.moonlaunch.net/