These unified indicators are used for a 5-minute scalping strategy. It is not to provide signals, it is to analyze the price action and look for a quick pullback in that timeframe.
Such a retracement movement can occur in 1 or 2 candles.
We regularly look for the RSI to be overbought and the price to be outside the bollinger bands as the main analysis.
This serves as a search protocol, to then analyze the price action by visually assisting us with 4 exponential moving averages to see wear or breakout of a move.
It also adds the distance from the price close to the 10-period exponential moving average, developed in two modes where you can mark a background color where the event occurs, or you can choose a shadow that is drawn from the exponential moving average to the closing price.
These two modes can be activated or deactivated so that each person can choose the most visually comfortable way to observe that distance, it is recommended to use one at a time and not both at the same time.
The distance indicator can also be used to change the distance percentage. The percentage as a minimum value admits 0.50%, but it is recommended to use it above 0.80% to make the analysis more effective.
People can also change colors of exponential moving averages, but it is not recommended, and the period cannot be changed to keep the analysis more specific.
The RSI indicator should be added separately, as it is used to see overbought values and divergences.
The other indicators are unified but can be turned on or off for better analysis.
As a summary, what is sought with this type of unified indicators is the wear, break or retracement in 5-minute timeframe to open only short trades where there are probabilities that such event will be executed.
UPDATES:
Added a new label showing the percentage value between the last candle close price and 3 period ema.
Also a monitor was added where you can visualize that distance in percentage between the closing price of the last candle and the 3 and 10 period ema.
These values are only displayed when the price is above the previously described emas.
On this monitor you can see the RSI value of the last candle, and you can also see an OVERBUY message when the search protocol is fulfilled, i.e. RSI greater than 70 and price outside Bollinger bands.
Each of the values can be hidden or shown as the trader wishes in the indicator configuration.
Improvements were also made to the indicator settings to make it easier for the trader to understand the different configurations that can be chosen for personal use.
There are several important precautions to keep in mind when trading cryptocurrencies:
Do your research before investing: make sure you understand how to trade when investing in any trading mode.
Manage your risks: Cryptocurrency trading carries a high risk due to the volatility of the market. Make sure you do not invest more than you are willing to lose.
Beware of scams: There are many scams related to cryptocurrencies, so be careful when trading and make sure to use reliable platforms.