Class: oscillator Trading type: scalping, intraday trading Time frame: 5-60 min Purpose: search for reversal points Level of aggressiveness: standard
Indicator «Yogev_Miness» is developed for short-term intraday trading purposes. It can be used for time frames from 5 to 60 minutes and can be a useful tool for scalping trading.
Indicator provides information about possible support/resistance levels in 2 dimensions: dynamic and stationary. This is achieved by using different technics to detect support/resistance lines.
For the purposes of dynamic levels detection Indicator «Yogev_Miness» uses Gaussian function to find the most possible reversal points which are visualized with the green lines.
To detect stationary levels pivot technics are used. These level lines can be used for stop-loss/take-profit purposes.
As the result Indicator «Yogev_Miness» provides trader with sufficient information to take a trading decision: when to open the trade, when to close it, where stop-loss/take-profit orders should be set etc.
Structure of the indicator
Indicator consists of stationary and dynamic level lines:
- stationary level lines (red/blue lines) – show the most likely points of max and min price values. Red line indicates the resistance level and signals about possible maximum price value. Blue line – the level of support, it signals about minimum price;
- dynamic level lines (green lines) – show the most favorable point of price reverse. For the buy trades the bottom green line should be used. For the sell trades – the upper green line.
Rules of trading
When price gets close to the green line the opposite trade to the current movement should be opened. Buy from the bottom green line and sell from the upper green line.
Profits are set near the opposite green line (for buy trades – upper line, for sell trades – bottom line). Positions can be held till the price enters the stationary level lines.