Major upgrades have been brought to this script. From new trade modes and signal parameters to trailing stop losses and in depth customization options, this new version is much more advanced than previous versions. For all of the users that prefer the old version, Scalp Mode and Swing Mode have not been changed, so you can use those modes if you prefer to.
Here is a list of the upgrades:
We added Super Scalp Mode, Super Swing Mode and Super Long Swing Mode. All three of these modes use different parameters than the original algorithm and are a combination of many different signals that we have found to be reliable. All modes are designed to hold positions longer, but they each have slight differences. The main difference being how long it is meant to hold positions.
Super Scalp Mode will have the quickest entries and exits, getting you in and out as early as possible while still holding positions well. Super Swing Mode won’t get you in as early as scalp mode, but holds positions even longer. Super Long Swing Mode is designed to hold positions until the end of the trend, but will give you later entries in some situations. Make sure to try out each mode on your charts and decide for yourself which mode fits your trading style the best.
Candle Size Rejection On/Off - Many times bad signals are the result of signals being given on small candles that breach market structure. By using a signal rejection when candles are small, this avoids many false signals. However, in some situations, the calculations for average candle sizes lag compared to how fast the size of the candles change, especially during quick moves. This can cause issues with late signals or great signals getting rejected sometimes, so by keeping this parameter off, you will get all signals, even if the candle is small. Test this for yourself and decide which option you like best before trading. Default is set to off.
Wait For Confirming Price Action Dots - When small candles are detected when giving a signal or some other parameters, a small yellow dot will appear above/below the candle as a warning that you should wait for confirming price action before you follow that signal. The color of the dot can be changed or turned off in the settings.
False Signal X Warning - When a signal comes in and then the next candle immediately turns around and gives an opposite signal, a yellow X will appear above/below the last signal as a warning that the market has flipped direction quickly and to get out right away or use a tight stop loss if you followed the previous signal. This can be turned on or off in the settings.
Stop loss - We added a stop loss feature with a line and price label. The stop loss uses the candle trail length to find the lowest low or highest high of the previous X number of bars. From that price, the average candle size is calculated and then it multiplies that by whatever number you decide in the settings. So if it is set to a 3 multiple with a 3 candle trail length, then it will use the lowest low or highest high of the past 3 bars as a starting point and then multiply the average candle size by 3 to give you the price for your stop loss. On each new bar, the stop loss will update automatically and give you the new price for your stop loss based on your settings. Once an opposing signal comes in, the stop loss will automatically flip to show you values for the new signal. You can change the multiplier, color of the line & turn the stop loss levels on or off in the settings.
Trailing Stop Loss Mode - For users that like to take a position and then use a trailing stop loss, without more signals coming in, this option is for you. Once you take a position in the direction of a signal, turn on Trailing Stop Loss Mode and then no more signals will be shown until you turn off this setting. This is to help reduce anxiety of conflicting signals coming in while you are in a trade. A line will be drawn on each bar that shows you the history of the trailing stop loss and it will also change color to orange once the stop loss level has been hit. The trailing stop loss will be determined by the settings of the normal stoploss, just above this setting. Once you have exited your position, make sure to turn the trailing stop loss mode off again to start seeing signals as usual.
Take Profit Levels - We added 3 take profit levels that can be customized. It uses the average candle size and multiplies that by a number you decide in the settings. The defaults are 3, 6 and 9 times an average candle size for take profit levels 1, 2 and 3. You can turn these levels off, change the color of the lines, change the multipliers and turn off the price labels in your settings.
Signal Arrow Sizes - We know that everyone prefers different things for their charts, so we gave you the option to use small arrows for signals, medium arrows and large arrows.
Unconfirmed Signal Arrow Coloring - If you prefer to not see signals show up until the candle has closed, we gave you the option to change the color of the arrow signals while the bar is still open to help deter you from following signals until the candle closes with a signal locked in. By default, unconfirmed signals will show as 50% transparent. You can go to the color choice and at the bottom slide the transparency scale down to 0 if you don’t want any signals on your chart that are not confirmed.
Alerts - On top of the normal alerts for buy and sell signals, we added alerts for stop loss being hit, trailing stop loss has been updated, take profit level 1 has been hit, take profit level 2 has been hit and take profit level 3 has been hit.
