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Dave Trend Lines
Updated
Description:
This indicator works with 2 main set ups.
1.-Price Action: 2 Trending lines : 1 superior with relevant high at 120 periods and 1 inferior with releveant lows of 120 perios.
2.-(hiden) 2 RSI Trending lines (based on 14 period and close) : 1 superior trend line with relevant high at 120 periods and 1 inferior trend line with releveant lows of 120 perios.
This indicador works as follows:
1.- Indicator detect chart form with trend lines and based on the last bar to 120 candles before.
Chart detected:
1.- Wedges = Cuña
2.- Chanels = Canal
2.- Indicador calculate trend lines superior and inferior of RSI with 120 candels previus.
2.- The indicator activate alerts once these conditions presented at the same time:
a) Price breake above trend line superior or breake under line inferior.
b) RSI brease above trend line superior or inferior.
How to use:
1.- Add indicator
2.- Indicator will show
*Buy / Sell Alerts.
3.- Stop Loss (Red Line) and Take Profit (Green Line) will be calculated automatically based on trading system theory with wedges and chanels.
4.- In Buy postion take Profit will be recalculated once new lows above the stop loss are presented.
In Sell postion take Profit will be recalculated once new lows above the stop loss are presented.
5.- Once price achiece take porfit level it will trigert an alert.
6.- Trade will be closed when Price cross the Stop Loss or Take Profit Dinamic.
Originality:
This is based on what I would like to know before start trading and loos a lot of money buying or selling with out any strategy regarding risk management, trade management, set up entry and close levels.
Risk Management:
Paramenters:
Risk = 1%
Capital = Variable Account Capital.
These 2 variables that the user can change, the indicator will sugget the lot size on that trade to avoid loose more that 1% of the capital in case the trade close with losss.
This indicator works with 2 main set ups.
1.-Price Action: 2 Trending lines : 1 superior with relevant high at 120 periods and 1 inferior with releveant lows of 120 perios.
2.-(hiden) 2 RSI Trending lines (based on 14 period and close) : 1 superior trend line with relevant high at 120 periods and 1 inferior trend line with releveant lows of 120 perios.
This indicador works as follows:
1.- Indicator detect chart form with trend lines and based on the last bar to 120 candles before.
Chart detected:
1.- Wedges = Cuña
2.- Chanels = Canal
2.- Indicador calculate trend lines superior and inferior of RSI with 120 candels previus.
2.- The indicator activate alerts once these conditions presented at the same time:
a) Price breake above trend line superior or breake under line inferior.
b) RSI brease above trend line superior or inferior.
How to use:
1.- Add indicator
2.- Indicator will show
*Buy / Sell Alerts.
3.- Stop Loss (Red Line) and Take Profit (Green Line) will be calculated automatically based on trading system theory with wedges and chanels.
4.- In Buy postion take Profit will be recalculated once new lows above the stop loss are presented.
In Sell postion take Profit will be recalculated once new lows above the stop loss are presented.
5.- Once price achiece take porfit level it will trigert an alert.
6.- Trade will be closed when Price cross the Stop Loss or Take Profit Dinamic.
Originality:
This is based on what I would like to know before start trading and loos a lot of money buying or selling with out any strategy regarding risk management, trade management, set up entry and close levels.
Risk Management:
Paramenters:
Risk = 1%
Capital = Variable Account Capital.
These 2 variables that the user can change, the indicator will sugget the lot size on that trade to avoid loose more that 1% of the capital in case the trade close with losss.
Release Notes
I have added a extra filer SMA 12 and 36 to open pocistion only in direction of the trend.
Disclaimer
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