SPX500 Quick Drop & Rise AlertsSimple script thats been adjusted for 1 minute trading on spx500.
It will show you and signal to you:
dropThreshold: how much the price must rise or fall (in percent) to trigger a signal. Default is 0.05 → 5%.
lookbackBars: how many bars back to compare against. Default is 1 (i.e., compare the current close to the previous bar’s close).
Theirs a few ways to use this, you might want to use your MA 238 as a reference point. Use it as a target or a level to bounce or reject from. Then use this indicator to help show you where the market energy is flowing.
Do some backtesting and see what you see. Only use it for New York open times would probably be best.
Youll have to change your mentality depending on if the market is trending / ranging ect of course.
