Zeta Scanner

8 Eyl 2020

It is a well known fact that actual drivers of the market are Big Institutions, Mutual Funds & Big Guys with deep pockets.

They have large amounts of money to invest and they buy & sell in bulk.


When they buy, often their objective is to buy at lower levels (below average price of the day) & when they sell they sell at higher levels (above average price of the day).

Zeta Scanner seeks to detect this activity. When aggressive buying or selling starts where Buying & Selling Forces become unequal, the Price starts moving in one direction with candles making Higher Highs or Lower Lows.

Zeta Scanner detects these Higher Highs or Lower Lows and generates Buy or Sell signals when this happens.


In order to use this scanner, simply deploy this on your chart, and wait for Buy/Sell signals.

Primarily, it is meant for Intraday trades and works best with 5 min, 10 min, 15 min & 30 min. time frames.

When a Buy Signal is followed by Sell signal (let it be after 3 - 4 candles or after many candles) or vice-versa, you have to switch your position to make most of the reverse move.

It is a general purpose indicator and may be used on stocks, commodities and currencies alike and is not meant for any specific market.

8 Eyl 2020

Sürüm Notları

Added provision so that 10 minute time-frame could also be used.

9 Eyl 2020

Sürüm Notları

Tweaked the code to filter out low probability or high risk signals and detect some more good signals based upon momentum.

12 Eyl 2020

Sürüm Notları

Removed Repeating Buy/Sell Signals.

12 Eyl 2020

Sürüm Notları

Changed Indicator Name to Zeta Scanner+

16 Eyl 2020

Sürüm Notları

Updated code to remove some false positives.

23 Eyl 2020

Sürüm Notları

We have tweaked the code further to catch some better trades. Also, traders may use following methodology while using this indicaror:

1. If you take a Buy Trade, hold your position till either (a) You Get a 'Sell' Signal or (b) Your Stop Loss Gets Hit. Ideally, Stop Loss should be the low of candle which just precedes the Buy Signal candle.

2. If you take a Sell Trade, hold your position till either (a) You Get a 'Buy' Signal or (b) Your Stop Loss Gets Hit. Ideally, Stop Loss should be the High of candle which just precedes the Sell Signal candle.


All suggestions which help us improve the code will be welcomed.

24 Eyl 2020

Sürüm Notları

Made the provision to bypass Buy/Sell Signals generated during Pre-Open and Post Close session values.

1 Kas 2020

Sürüm Notları

Overhauled the entire code to pick up Gap Up & Gap Down Traps.

25 Oca 2021

Sürüm Notları

The code is tweaked to detect panic selling or buying and short-title name has been changed.

12 May 2024

Sürüm Notları

Introduced New Features to sort stocks disregarding sectors

2 Ara 2024

Sürüm Notları

Code updated to Pine Script V6