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)