Trading type: scalping+intraday trading
Time frame: 15-30 min
Purpose: trading on rebounds and reversals
Level of aggressiveness: aggressive
“Price reversal intraday ( PRI )” indicator is designed for aggressive intraday trading on rebounds and reversals. It belongs to oscillators. The idea that formed the basis for the creation of “Price reversal intraday ( PRI )” is to obtain a synergistic effect from the use of the best oscillatory techniques: modified and the classic oscillator.
The indicator, using advanced technique, monitors the deviation of the current price from the equilibrium value, and then with the help of the oscillator it determines the moment when this deviation reaches a critical point. As a result, a buy or sell signal is generated, which is displayed on the chart in order to facilitate the trading process as much as possible.
Structure of the indicator
Indicator consists of the following elements:
- red zone – indication of a sell zone. Entry into this zone is a signal to close long positions and search for entry points to sell asset;
- red line – extremely high positive deviation of current price from its equilibrium value;
- blue zone - indication of a buy zone. Entry into this zone is a signal to close short positions and search for entry points to buy asset;
- blue line – extremely high negative deviation of current price from its equilibrium value.
Parameters of the indicator
To configure the indicator, the following parameters are provided:
- RSI_period (default value is 8) - period for calculating the oscillator.
- Ranger_period (default value - 21) - period for calculating the modified .
- Ranger_width (default value - 1) - the parameter used to control the level of aggressiveness of the indicator and frequency of signals. The lower it is, the more signals the indicator will generate. Possible values from 0 to 3.
- ob (the default value is 60) - this parameter defines the overbought zone for the indicator.
- os (the default value is 40 ) - this parameter defines the oversold zone for the indicator.
Rules of trading
The main task of the trader using indicator is to monitor the location of the current market price relative to the extreme zones (blue/red). Entering the red zone is a signal for closing long positions and searching for sell entry points. Entering the blue zone is a signal for closing short positions and searching for buy entry points.
The appearance of a blue triangle with the inscription “BUY” on the chart is a signal to open buy positions, and a red triangle with the inscription “SELL” is a signal for sale.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Trade24Fx for more information, or follow the author's instructions below.
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