The indicator gives signals based on possible ENTRY/EXIT zones (calculated using an ema ribbon of the BBW) and BB%B oversold/overbought conditions, also a 200 EMA filter is used to trade following the major trend. ENTRY/EXIT zones can be used as a confirmation on other strategies (green zones suggest a possible entry for a long in an uptrend and for a short in a downtrend, red zones suggest a possible exit for long & short) Only LONG signals are given.
Signals are divided in 3 categories based on their strenght:
- Weak BUY/SELL (green/red circles on chart) - normal BUY/SELL (green/red triangles with "BUY" or "SELL" text on chart) - strong BUY/SELL (green/red labels with "STRONG BUY" or "STRONG SELL" text on chart)
You can use signals from the same category as triggers for entering or exiting a trade or you can try using signals from different categories
All indicators settings can be costumized Possible EXTRY/EXIT zones can be turned ON/OFF Every signal label can be turned ON/OFF EMA that changes color based on last candle close can be turned ON/OFF
Alerts can be set for: - General Signals (every signal will trigger it) - Weak Signals (only weak signals will trigger it) - Normal Signals (only normal signals will trigger it) - Strong Signals (only strong signals will trigger it)
There are 3 BB%B Oversold & 3 BB%B Overbought value presets:
- BASIC (default values) - LOW (slightly lower values from default) - HIGH (slightly higher values from default)
Tips: Use BB%B OS LOW preset to find entries at a better price Use BB%B OS HIGH preset to find entries faster Use BB%B OB LOW preset to find exits faster Use BB%B OB HIGH preset to find exits at a better price
There are 3 Filters already included:
- A checkbox to toggle ON/OFF the use of Heikin Ashi candels to detect trades - A checkbox to toggle ON/OFF the use of an ema filter for the ribbon that tries to reduce the number of false signals on over-extended price movements - A checkbox to toggle ON/OFF the use of an ema filter that tries to reduce the number of false signals when price crosses the moving average many times consecutively
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