BreathEasy TrendLine Scalping - Pro

2022년 3월 4일

Dear Traders,

Trendlines are the one particular word ever trader would definitely know what it is. But the way it gets applied on to the chart is the one thing which needs to debated on. Traders definitely love to trade Trendline breaks like the way I do.
When it comes to Trendlines , we generally categorize them based on the Major Trendline and Minor Trendline, however concept of Breakout or Breakdown of trendline wouldn’t change whether it’s a Major or Minor Trendline. Trendline is by nature powerful and prices do respect the same. In order to add more power, I have combined the Trendlines with Fibonacci to time the entries correctly.

What you can expect from this Indicator?
This indicator is mainly designed to work on the lower time frames (Intraday Indicator), between 1 minute TF to 5-minute TF or max 10 minute.
It is necessary that you use this indicator on a highly liquid instruments such that calculations are smooth. since, price gaps may affect the accuracy of the results.
Script detects & plots Trendlines, based on the Pivot Points found on the chart and helps you take trading decisions wisely.

What is the scope or idea behind developing this indicator?
1. Its majorly build to identify the Trendline breaks (Break Out and Break Down)
2. Identify, Trend line False Break.
3. Identify the possible consolidation zone and intimate about the Consolidation Break
4. Peak Buying | Selling Possibility when Prices does cross levels based on the fib ratios.



Couple of Additional info | Points to Understand | Point of Comfort zone
1. Provides Alerts when the event happens such as (Important Trendline has Broken, Consolidation zone is broken etc.) and places a dummy entry indication that Indicator took a trade with the SL and Target if any.
Note: All the entries plotted by this indicator are just DUMMY for your educational purpose only. you may seek support from your financial advisor before placing similar trades in real market.
2. Indicator Can constantly notify you on ever time SL is updated, if necessary to keep you aware of. I have adopted volatility-based SL such that, if prices move too quick and too far SL also will move quick and gives enough room for the price to play its role. If the prices tend to go flat SL acts flat. It can also help you lock in some profits when your PNL reaches certain level either by price or by percentage. (All options are customizable)
3. It also takes HTF information wherever necessary if the indicator needs some additional confirmations like Trendline zone in higher timeframe or fib level in HTF zone. You can certainly advice indicator to direct which HTF to use.
4. If the Script need Volume confirmation there are possible options provided for you to direct the indicator to refer the volume source. Like if you are trading BNF you may direct the volume source to its related futures
5. Options are provided to customize to Qty and Lot and based on the suggested option it plots dummy entries with suggested Qty to trade with.
6. You may set the Max loss level for each of the trade which you would like to risk so that Indicator detects the setups which are in close proximity to that level. It so happens it detects setup with max loss level of 7K and due to price fluctuations dummy entry may lose bit more than what was capped.
There are many additional options | information’s | suitable Notifications via Alerts provided. To give you enough information for your trading decisions along with Dummy Trades info.

IMPORTANT POINT TO CONSIDER:
REPAINTING: I use the word “real time data” in my indicator tooltip in conjunction and help you understand what indicator does. By this you can understand the impacts of the same.

I strongly recommend you read the tooltips in order to understand the indicator better.

Enjoy!
DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for our documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. I am not responsible for any losses you may incur. Please invest wisely.

Happy to receive suggestions and feedback in order to improve the performance of the indicator better.

2022년 3월 9일

릴리즈 노트

In this version, I have added 2 More important trade type.
1. Key Support Resistance Break Near Trendline
2. Delta Based Scalping within the Trendline (Possible Breakout)

Minor Bugs fixed for few text snippets and improved few calculations to optimize the speed.

Happy to receive feedback which helps for continuous improvements.

2022년 3월 23일

릴리즈 노트

In this Version update below helpful features added
1. Having a bad day with Loss crossing the bearable limit ? Now in this version you may set the limit that you can take risk per day and once if loss cross the limit you will not be alerted for new trade entries.
2. You may set time gap to receive head's up alerts to understand what's your PNL for the day, to understand how the trading is going on.
3. Dhan HQ Traders can now be able to configure Algo using either Single (for Stocks, Futures) or Basket Orders (for Options, Stocks & Futures) or by default General Alerts for Trade Entry and Exits will be notified to users.
4.

2022년 3월 24일

릴리즈 노트

Minor Updates made to improve the alerts. few bugs fixed.

2022년 4월 6일

릴리즈 노트

Minor bug fixed.