INVITE-ONLY SCRIPT
Pro Scalper
Updated
Overview
The Pro Scalper indicator is a powerful day trading tool designed specifically for the 30-minute timeframe, catering to stock and cryptocurrency markets. It provides traders with buy and sell signals, dynamic overbought/oversold zones, and reversal signal indicators. By combining a Kalman-adapted Supertrend calculation for buy and sell signals, and VWMA bands to determine overbought/oversold zones, this indicator aims to assist traders in identifying potential trading opportunities for scalping and day trading strategies using trend-following and mean-reverting methods. This combination of Kalman Filtering with an adapted Supertrend seeks to mitigate false signals, filter out market noise, and aims to provide traders with more reliable buy and sell indications.
Features
Buy and Sell Signals: Pro Scalper generates buy and sell signals based on a Kalman-adapted Supertrend calculation. These signals help traders identify potential entry and exit points in the market.
Dynamic Overbought/Oversold Zones: The indicator dynamically calculates overbought and oversold zones using VWMA bands. These zones provide valuable insights into potential price exhaustion levels, aiding traders in managing risk and identifying potential reversals.
Reversal Signals (R Labels): The indicator includes "R" labels that indicate potential reversal signals. These signals are based on the overbought/oversold zones calculated with VWMA bands. The appearance of an "R" label suggests a possible price reversal, offering traders an additional tool for decision-making.
Calculations
This indicator stands out as a unique tool due to unique Kalman filtering and altered Supertrend calculation, as well as its combination of specific features. This indicator combines the following calculations to provide its features:
Kalman Filter: The indicator employs a Kalman Filter to adapt the Supertrend calculation. This calculation was based on mathematical equations derived from Rudolf E. Kalman. This Kalman Filter helps smooth out price data, reducing noise and removing outliers from data.
Supertrend Calculation: This particular supertrend possesses alterations to price series data and ATR calculations in an aim to improve signal accuracy. Additionally, the calculation uses Kalman-filtering within the calculation to provide a powerful framework to handle uncertainties, noise, and changing conditions.
VWMA Bands: VWMA (Volume-Weighted Moving Average) bands are calculated using the highest high and lowest low values with specified multipliers. These bands are used to determine the dynamic overbought and oversold zones, giving traders insights into potential price exhaustion levels. These are included with the aim to adapt to changing market conditions and price data. This adaptability allows the zones to accurately reflect the current price volatility and trend.
Utility
This tool provides traders with valuable information for scalping and day trading strategies in the 30-minute timeframe. It helps traders by:
Generating buy and sell signals, indicating potential entry and exit points.
Calculating dynamic overbought/oversold zones, enabling traders to identify potential price exhaustion levels.
Displaying "R" labels to highlight potential reversal signals.
Offering optional alerts for reversal signals, buy/sell signals, allowing traders to stay updated even when they're not actively monitoring the charts.
Remember, past performance does not guarantee future performance. Traders should utilize this indicator as part of a comprehensive trading strategy and exercise their own judgment when making trading decisions.
The Pro Scalper indicator is a powerful day trading tool designed specifically for the 30-minute timeframe, catering to stock and cryptocurrency markets. It provides traders with buy and sell signals, dynamic overbought/oversold zones, and reversal signal indicators. By combining a Kalman-adapted Supertrend calculation for buy and sell signals, and VWMA bands to determine overbought/oversold zones, this indicator aims to assist traders in identifying potential trading opportunities for scalping and day trading strategies using trend-following and mean-reverting methods. This combination of Kalman Filtering with an adapted Supertrend seeks to mitigate false signals, filter out market noise, and aims to provide traders with more reliable buy and sell indications.
Features
Buy and Sell Signals: Pro Scalper generates buy and sell signals based on a Kalman-adapted Supertrend calculation. These signals help traders identify potential entry and exit points in the market.
Dynamic Overbought/Oversold Zones: The indicator dynamically calculates overbought and oversold zones using VWMA bands. These zones provide valuable insights into potential price exhaustion levels, aiding traders in managing risk and identifying potential reversals.
Reversal Signals (R Labels): The indicator includes "R" labels that indicate potential reversal signals. These signals are based on the overbought/oversold zones calculated with VWMA bands. The appearance of an "R" label suggests a possible price reversal, offering traders an additional tool for decision-making.
Calculations
This indicator stands out as a unique tool due to unique Kalman filtering and altered Supertrend calculation, as well as its combination of specific features. This indicator combines the following calculations to provide its features:
Kalman Filter: The indicator employs a Kalman Filter to adapt the Supertrend calculation. This calculation was based on mathematical equations derived from Rudolf E. Kalman. This Kalman Filter helps smooth out price data, reducing noise and removing outliers from data.
Supertrend Calculation: This particular supertrend possesses alterations to price series data and ATR calculations in an aim to improve signal accuracy. Additionally, the calculation uses Kalman-filtering within the calculation to provide a powerful framework to handle uncertainties, noise, and changing conditions.
VWMA Bands: VWMA (Volume-Weighted Moving Average) bands are calculated using the highest high and lowest low values with specified multipliers. These bands are used to determine the dynamic overbought and oversold zones, giving traders insights into potential price exhaustion levels. These are included with the aim to adapt to changing market conditions and price data. This adaptability allows the zones to accurately reflect the current price volatility and trend.
Utility
This tool provides traders with valuable information for scalping and day trading strategies in the 30-minute timeframe. It helps traders by:
Generating buy and sell signals, indicating potential entry and exit points.
Calculating dynamic overbought/oversold zones, enabling traders to identify potential price exhaustion levels.
Displaying "R" labels to highlight potential reversal signals.
Offering optional alerts for reversal signals, buy/sell signals, allowing traders to stay updated even when they're not actively monitoring the charts.
Remember, past performance does not guarantee future performance. Traders should utilize this indicator as part of a comprehensive trading strategy and exercise their own judgment when making trading decisions.
Release Notes
Updates:- Take Profit points for buys/sells have been added and are represented with X's. These are calculated based on oversold/overbought zones and higher highs/lower low price action logic.
- Alerts have been added for these take profit points.
- Inputs have been tweaked that show better backtesting results
- Reversal points have been changed to red and green vertical lines. A red vertical line indicates a downward price reversal, and green vertical lines represent upward reversals. (These may be toggled on/off in settings).
Release Notes
Fixed an issue with the take profit pointsRelease Notes
Added a table noting the entry price of the most recent signalInvite-only script
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Author's instructions
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Disclaimer
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