OPEN-SOURCE SCRIPT
Updated Single Candle Entry with Multi-Timeframe [Wang Indicators]
Single candle entry
Overview : The "Single Candle Entry Model" indicator is designed to help traders through a simple yet effective trading strategy. This indicator automatically detects candles that encompass both the high and low of the previous candle, creating key price zones for potential market entries.
- This indicator was developed with the help of DaveTeaches -
How does it works ?
- Detects when a candle trade above the high and below the low of the previous candle
- When it occur, the indicator write "SCE" on the candle
- The text will be in different color if its bearish or bullish (customizable by user)
Higher Timeframes
- Users can enable up to 3 HTF SCE detection to enhance multi timeframe analysis.
- Users can select which timeframe he want to use
- Boxes will be displayed around High time frame SCE to highlight the HTF candle.
- As regular SCE, the indicator will write "SCE" above or under the box
How does it helps users ?
- Once the SCE is created, it can be used as a zone.
- Levels (30, 50 and 70%) are displayed
- Users can customize their apparence as they see fit
- The 30 - 50 - 70 levels are support/resistance that the price tend to bounce of off
- You might find some success looking for an entry inside the zone at a level if price gives further confirmations such as a lower time frame flip or using other indicators
- Alert can be setup on any timeframe
Release Notes
Chart updateOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.