INVITE-ONLY SCRIPT
MA-SS ( EMA SSL ) Indicator Strategy
This is the strategy script relating to the already-published MA-SS Indicator Study.
Backtest properties for the strategy tester results shown below are;
- 10k initial capital
- 50% of equity
- 0.0075% commission
- zero values on everything else
The MA-SS Indicator is a simple yet effective indicator using a combination of EMAs and SSL channel, utilising higher time frame data to help confirm trend/ price direction.
How does it work?
The Indicator consists of;
- 3 x EMAs – The 3rd EMA being a filter EMA
- Multi Time Frame EMA (This is an additional filter EMA which can be switched on and off)
- Multi Time Frame SSL Channel (This acts as a filter and can also be switched on and off)
The concept initially began as a simple EMA crossing indicator, but adding an MTF EMA plus a MTF SSL channel for additional filtering, helped to give a better indication of trend and ultimately filter out several bad trades.
- EXAMPLE: If price is …
o below the MTF EMA filter
o The MTF SSL Channel is red
o White and blue EMAs cross below the yellow (filter) EMA in the red SSL channel
> …a short is fired!
- (Opposite scenario for longs)
- Your stop loss would ideally be the top/ bottom of the SSL channel (either the MTF SSL channel or a standard SSL channel added manually to the chart), or, go for a clear pivot point or support/ resistance level.
- Take profit is yours to decide but I opt for a 1:1.5 risk/reward ratio. You could also use the MTF SSL channel to gauge when you should exit your trade (i.e. if you're in a long, wait for the SSL channel to flip red).
Any questions please fire away in the comments
Backtest properties for the strategy tester results shown below are;
- 10k initial capital
- 50% of equity
- 0.0075% commission
- zero values on everything else
The MA-SS Indicator is a simple yet effective indicator using a combination of EMAs and SSL channel, utilising higher time frame data to help confirm trend/ price direction.
How does it work?
The Indicator consists of;
- 3 x EMAs – The 3rd EMA being a filter EMA
- Multi Time Frame EMA (This is an additional filter EMA which can be switched on and off)
- Multi Time Frame SSL Channel (This acts as a filter and can also be switched on and off)
The concept initially began as a simple EMA crossing indicator, but adding an MTF EMA plus a MTF SSL channel for additional filtering, helped to give a better indication of trend and ultimately filter out several bad trades.
- EXAMPLE: If price is …
o below the MTF EMA filter
o The MTF SSL Channel is red
o White and blue EMAs cross below the yellow (filter) EMA in the red SSL channel
> …a short is fired!
- (Opposite scenario for longs)
- Your stop loss would ideally be the top/ bottom of the SSL channel (either the MTF SSL channel or a standard SSL channel added manually to the chart), or, go for a clear pivot point or support/ resistance level.
- Take profit is yours to decide but I opt for a 1:1.5 risk/reward ratio. You could also use the MTF SSL channel to gauge when you should exit your trade (i.e. if you're in a long, wait for the SSL channel to flip red).
Any questions please fire away in the comments
Invite-only script
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Author's instructions
″If you would like to try this indicator please contact me or see my signature for more details.
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