TRADxAI

The Scalping Suite script is mainly based on Candle Patterns that can show potential market reversal points and has 5 different types of signals, which can be individually turned on and off:

• Scalping Signals based on Tweezers

A tweezers topping pattern occurs when the highs of two candlesticks occur at almost exactly the same level following an advance, while tweezers bottom occurs when two candles, back to back, occur with very similar lows.

• Scalping Signals based on Oscillators

An oscillator is a technical analysis tool that constructs high and low bands between two extreme values, and then builds a trend indicator that fluctuates within these bounds. Traders use the trend indicator to discover short-term overbought or oversold conditions.

• Scalping Signals based on Reversal Patterns

A price pattern that signals a change in the prevailing trend is known as a reversal pattern. These patterns signify periods where either the bulls or the bears have run out of steam. The established trend will pause and then head in a new direction as new energy emerges from the other side (bull or bear)

• Scalping Signals based on Doji Patterns

A doji candlestick forms when a security’s open and close are virtually equal for the given time period and generally signals a reversal pattern for technical analysts. In Japanese,-doji- means blunder or mistake, referring to the rarity of having the open and close price be exactly the same.

• Scalping Signals based on Engulfing Patterns

A bullish engulfing pattern is a candlestick pattern that forms when a small red candlestick is followed the next timeframe by a large green candlestick, the body of which completely overlaps or engulfs the body of the previous timeframe’s candlestick.

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Oscillator Divergences are powerful tools that traders use to assess the underlying momentum in the price of an asset, and for evaluating the likelihood of a price reversal.

A negative divergence is when the price makes a new high but the oscillator analyzed makes a lower high, while a positive divergence occurs when the price of an asset makes a new low while an oscillator, starts to climb.

This script provides the 9 most used Oscillators and their respective Divergences ( RSI, Stochastic RSI, Stochastic, Williams%, MFI, ChangeMO, CCI, BB %B, WaveTrend)

The lookback period of the divergences is also fully configurable, as the settings for each of our individual oscillators.
After the user selects from the first input the desired oscillator, the indicator can display Regular or Hidden Divergences on the chart.

*The indicator also includes a smoothing option, that can be turned on and off, which allows users to smoothen the displayed oscillator, for a better visual representation of the Divergences or Overbought/Oversold scenarios.

The Trend Meter Suite consists of 5 Different Trend Indicators: ParabolicSAR, Gann HILO Activator, MESA Phase Indicator, Higher Timeframe MovingAverages, and our own custom Trend Indicator. The top meter (circles) is showing the average direction of all other meters, for a better visual representation of the current price trend.

The Trend Meter Suite is very easy to use: When the majority of the meters turn green, it is a sign the market is heading up, and when the majority of the meters turn red, it is a sign the market is going down.

– The user has the option to select how many meters must align for a signal to show (out of 5)

– The indicator also has the ability to set up Alerts when the selected number of meters turns green or red. This feature is also signaled by the red or green triangles on the top or bottom of the chart.