Zeta Scalper

2020년 11월 18일

What is Scalping?

Scalping is a trading strategy aimed at profiting from quick momentum in a volatile index or stock.


Traders who use such strategies place anywhere from 10 to a few hundred trades in a single day.

The idea behind such type of trading is that small moves in an index or stock price are much easier to capture than the larger moves.

Traders who use such strategies are known as scalpers. When you take many small profits a number of times, say 10 points scalped 20 times per day, they can easily add up to large gains.

An Option Buyer's Biggest Enemy is Time Decay and when you scalp, you do not allow the time decay to eat your Option Premium as your Entry and Exit is often quick enough.


What is Zeta Scalper?


Zeta Scalper indicator is a momentum based indicator which tries to detect momentum based upon a number of Candle Stick Patterns.

When it thinks a move has the potential to turn into a big move, it generated its Buy/Sell Signals.

It is a well known fact that actual drivers of the market are Big Institutions, Mutual Funds & Big Guys with deep pockets.

They have large amounts of money to invest and they buy & sell in bulk.


When they buy, often their objective is to buy at lower levels (below average price of the day) & when they sell they sell at higher levels (above average price of the day).

Zeta Scalper seeks to detect this activity. When aggressive buying or selling starts where Buying & Selling Forces become unequal, the Price starts moving in one direction with candles making Higher Highs or Lower Lows.

Zeta Scalper detects these Higher Highs or Lower Lows and generates Buy or Sell signals when this happens.


In order to use this indicator, simply deploy this on your chart, and wait for Buy/Sell signals.

It works on all time frames including 1 min. 3min. 5min. & 10min. etc.

When a Buy Signal is followed by Sell signal (let it be after 3 - 4 candles or after many candles) or vice-versa, you have to switch your position to make most of the reverse move.

It is a general purpose indicator and may be used on stocks, commodities and currencies alike and is not meant for any specific market.

How to Take Buy/Sell Entry with Zeta Scalper?


Whenever you see a Buy Signal, mark its closing price with a horizontal line and as soon as a candle breaks this candle's High, it is time for you to take Entry.

Your STOP LOSS could be just 0.5% below your Entry Price, hence, no big loss even if things go wrong.

Keep moving your STOP LOSS up as the price moves in your favour and when market turns around and you see a SELL signal, it is time to book your BUY position profit and take Entry on SELL Side now and so on.


How to get this indicator?

This is invite-only indicator. Get in touch with us using information given below in Signature field to try this tool FREE.

2020년 12월 28일

릴리즈 노트

Introduced ATR Based Signals along with Support & Resistance Lines.

2020년 12월 29일

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Changed Version Name and effected minor changes.

2021년 3월 3일

릴리즈 노트

Improved the code efficiency and added many new features.

2021년 3월 3일

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Alert Condition modified.

2021년 3월 3일

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Created Single Alert Condition for both up and down momentum.

2022년 3월 20일

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Updated code to Pine Version 5 with following enhancements:

(a) Entry as well as Exit signals

(b) Re-Entry when conditions are met

(c) Algo trading friendly signals in LE, LX, SE, SX format.

2022년 3월 20일

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Changed Re-Entry Condition for Long and Short

2022년 4월 27일

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Update: Option enabled to close all positions by user-defined time. For example if user goes to Settings and selects 'Close by EOD' and his session timings are set at 9:15 to 3:20 pm, then all open positions will be closed by 3:25 pm and no further trades will be taken.

2022년 5월 20일

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Exit criteria updated after back-testing.

2022년 5월 20일

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Updated code which prevents opening fresh positions after 3:15 PM if "Close by EOD" option is selected.

2022년 12월 29일

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Update: Created Variable Bands for option trading

2023년 2월 14일

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Update: (14 Feb 23): Buy/Sell Alerts functionality and automatic appearance/disappearance of support/resistance lines incorporated.

Buy Alert gets triggered when (1) Last Signal is Buy Signal and (2) Price closes above Upper Mean Variance distributed line (uppermost line)
Sell Alert gets triggered when (1) Last Signal is Sell Signal and (2) Price closes below lower Mean Variance distributed line (lowermost line)

2023년 3월 20일

릴리즈 노트

What is new in 20th Mar 2023 update:

• Less number of X symbol, so less confusion and increased accuracy
  
• Now indicator will work on any instrument no matter if it has volume or not which mean it has been optimized for FOREX as well.
  
• You want to be notified if either buy or sell signal has triggered, no problem. Set up a single alert (anysig) on your indicator and you will get an alert if either buy or sell signal occurs.
  
• 2 Lines will get drawn automatically at open and closing level of Sell and Buy Signal candle which reminds you where is your Entry and Exit.
  

2023년 3월 24일

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Signal generation code tweaked to give little earlier signals.

2023년 4월 3일

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Momentum Candle's color changed so that it is visible on a black background as well.

2023년 4월 3일

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Trend Change Detector Code and latest version date updated.

2023년 5월 28일

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Introduced consolidation zone which indicates where NOT TO TRADE (i.e. not to keep any positions open).
This feature helps option buyers to avoid zones where price is consolidating, momentum is minuscule and their option value is eroding due to time decay.

2024년 12월 23일

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Key Changes:

(1) Code updated to Version 6
(2) Code now includes a Scanner Function. By default Top 40 stocks of Nifty50 have already been inputted in the code. The user can go to settings tab of the indicator and change the stock names with his/her own stock names (if he/she wants to track different stocks).
(3) To track more than 40 stocks, save your current chart layout as Chart1 (or any name you want followed by 1). Then create another chart layout, apply the Indicator there as well, go to Indicator settings tab, change the stock names with your own stock names. Scroll Down to Indicator Settings Tab, Click drop down arrow of 'Defaults' then select "Save as Default". Now, the indicator will track these newly inputted stocks for you until you change them again.

How the scanner works:

Scanner tracks use inputted stocks to see if the price is within consolidation zone (cloud area), above the cloud area or below the cloud area.
If price is below the cloud, the stock will appear in red colour which means it is in down trend.
If price is above the cloud, the stock will appear in green colour which means it is in up trend.
The bigger the number, the more prominent is the trend and biggest number stock will appear at the top of the table.
If stock is within consolidation zone, its name will appear in gray colour and number associated with it will be 0, which means there is no trend in that stock.

You can input various Option Strikes also in place of Stock Names and it will track these Option Strikes chart as well. For example, if you want to track NIFTY 23500 CE or PE with Option Scalper scanner function, then Input ‘NIFTY241226C23500’ for the 23500 CE expiring on 26 Dec 2024 and scanner function will keep scanning and displaying this Option Strike to see when it comes out of consolidation zone.

The indicator works in all the time frames. You can track Crypto, Forex, Comodities, Stocks, ETFs and everything else available on TradingView. But 40 is the limit for a single Chart Layout.
Whatever stock is shown at the top of the table, open the chart of that stock, and then take position as per Option Scalpe Rules given below:

Rule 1: If last signal is Buy and price goes above the cloud, Buy Signal is triggered.... Hold the trade till price does not come inside the cloud again.
Rule 2: If Buy signal was triggered, but price comes inside the cloud after sometime, and you exit (as per Rule 1 above) and after sometime again price goes above the cloud, Re-Entry on Buy side is triggered
Rule 3: If last signal is Sell and price goes below the cloud, Sell signal is triggered...hold the trade till price does not come back to the cloud...

Rule 4: If Sell signal was triggered, but price comes inside the cloud after sometime and you exit, and after sometime price again goes below the cloud, Re-Entry on Sell side triggers and so on