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Isdown = cciVal open and (not filterR or rsiVal>rsiUpper) and (not filterM or OutputSignalslowMC and rising(slowMC,dCandles))) ? na(cciup_alert) ? 1 : cciup_alert+1 : 0 OutputSignal = signal > macd ? 1 : signal 0?red: OutputSignal lenUpper RsiLower= input(30,maxval=50,minval=0,title="RSI Lower Limit")įilterM = input(true,title="Use MACD confilter filter")įilterR = input(true,title="Use RSI confirm filter")įilterE = input(true,title="Use Trend direction filter")ĭCandles= input(4,minval=2,title="Direction test Candles") RsiUpper= input(70,minval=50,maxval=100,title="RSI Upper limit") RsiLen = input(7,minval=2,title="RSI length") SignalLength=input(8,minval=1,title="MACD Signal Length") SlowLength=input(17,minval=1,title="MACD Slow Length") LenMe = input(4, minval=1, title="Median Channel Length")įastLength = input(12, minval=1,title="MACD Fast Length") LenHi = input(5, minval=2, title="High Channel Length") LenLo = input(5, minval=2, title="Low Channel Length")
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LenLower = input(-75, maxval=-1, title="CCI DownLevel")īars_on = input(true, title="Color CCI Bars") LenUpper = input(75, minval=1, title="CCI UpLevel") Len = input(14, minval=1, title="CCI Length") Study(title="Price Action Trading System v0.3 by JustUncleL",overlay = true, shorttitle="CCIPAT v0.3 by JustUncleL") - Used some ideas from RSI Candles by glaz - Chandelier Stop by pipCharlie (not used in this version) 0.2 : Use MACD instead of Chandelier Stop for filtering, giving - one bar pullback did not reset trigger, missing some alerts - input for lenLower minval=1 should be maxval=-1 0.3 : Added optional filters for trend direction from MACD slow EMA(17)
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chopper (yellow and blue MA cross over quickly over short period). - don't trade when channel and slow MA are flat or close together or - don't take trades when MACD and signal are close together. - works best on the first alert after MACD cross over. - will work well on trending patterns only. - For best put entry wait for the price retrace on the gold line, - Red Triangle, confirmed by MACD background red.
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- For best call entry wait for the price retrace back to the gold line, - Green Triangle, confirmed by MACD background green. This is suitable for 15min charts, with 2 to 4 candle (30min to 60min) expiry. I replaced them with a MACD(12,17,8) indicator. To complete the setup instead of the two "Chandelier Stop" indications, This is a Trend following price action system. for Binary Options, originally a scapling system, but without the MA cross "Arrow1". This is an implementation of 'Price Action Channel, “The Gold line” Trading System' don't trade when channel and slow MA are flat or close together orĬhopper (yellow and blue MA cross over quickly over short Price Action Channel Trading System v0.3 by JustUncleL don't take trades when MACD and signal are close together. works best on the first alert after MACD cross over. will work well on trending markets only. this is an alert indicator not a signal generator, each alert is a strong trend continuance candidate,īut should be treated on it's own merits by looking at chart dynamics and market conditions. one bar pullback did not reset trigger, missing some alerts input for lenLower minval=1 should be maxval=-1 I have added two extra optional filters, one is a trend direction filter based on the MACD slow EMA (17), blue line, and the other is a RSI (7) filter which works similarly to CCI (14) but slightly different dynamics (thank you to gianfranco60 for the suggestion). This is an updated and improved version of my "Price Action Trading strategy".