yuthavithi volatility based force trade scalper
This scalper uses elder's force index cross over to provide trade signal. Unlike the simple,ema cross over, forces index takes volume into consideration.
Besides it uses ATR to filter out bad signals in the sideway period, and give quality signals only when volatility comes.
The result is fewer false signals and better trade.
Besides it uses ATR to filter out bad signals in the sideway period, and give quality signals only when volatility comes.
The result is fewer false signals and better trade.
study(title="yuthavithi volatility based force trade scalper", shorttitle="YUTHAVITHI Volatility based FORCE Scalper", overlay=true) fast = input(3, minval= 1, title="Fast") slow = input(20, minval = 1, title = "Slow") atrFast = input(20, minval = 1, title = "ATR Fast") atrSlow = input(50, minval = 1, title = "ATR Slow") len = input(20, minval=1, title="Length") multiplier = input(2, minval=1, title="multiplier") src = input(close, title="Source") bbMid = sma(src, len) plot(bbMid, color=blue) atrFastVal = atr(atrFast) atrSlowVal = atr(atrSlow) stdOut = stdev(close, len) bbUpper = bbMid + stdOut * multiplier bbLower = bbMid - stdOut * multiplier plot(bbUpper, color = (atrFastVal > atrSlowVal ? red : silver)) plot(bbLower, color = (atrFastVal > atrSlowVal ? red : silver)) force = volume * (close - nz(close[1])) xforce = cum(force) xforceFast = ema(xforce, fast) xforceSlow = ema(xforce, slow) bearish = ((xforceFast < xforceSlow) and (atrFastVal > atrSlowVal)) and ((xforceFast[1] > xforceSlow[1]) or (atrFastVal[1] < atrSlowVal[1])) and (close < open) bullish = ((xforceFast > xforceSlow) and (atrFastVal > atrSlowVal)) and ((xforceFast[1] < xforceSlow[1]) or (atrFastVal[1] < atrSlowVal[1])) and (close > open) plotshape(bearish, color=red, style=shape.arrowdown, text="Sell", location=location.abovebar) plotshape(bullish, color=green, style=shape.arrowup, text="Buy", location=location.belowbar)