OPEN-SOURCE SCRIPT
Updated LA_Crpyto_Pirate Modifie VuManChu B Script with Scalping Filters
I added the following filters for entry signals to the VuManChu B with divergences for use as a scalping indicator. You will need to load the 50 EMA and this indicator to trade this per the rules below
The rules for trading this are as follows; You can only take a long or short entry when all of these requirements match
Here are the filters I employed in the script to help you trade this
When you get an alert, simply check to see that price has pulled back to the 50 EMA before entering. Place long and short orders when the indicator signals and you confirm price has pulled back to the 50 ema before entering the long or short. Set your Stop Loss above or below the pervious pullback and set a reward ratio of your choice. Good luck!
The rules for trading this are as follows; You can only take a long or short entry when all of these requirements match
- The wave cross is under the zero line (long) or over the zero line (short)
- The money flow indicator is green (long) or red (short)
- The closing price is above the 200 EMA (long) or below the 200 EMA (short)
- price has pulled back to the 50 EMA
Here are the filters I employed in the script to help you trade this
- Zero Line Filter: Only signal longs under the zero line and shorts over the zero line will fire off a signal
- Money Flow Indicator Filter: Only signal longs when money flow is green and only shorts when money flow is red
- 200 MA filter: Only longs when price is closing above the 200 EMA and only shorts when price is closing below the 200 EMA
When you get an alert, simply check to see that price has pulled back to the 50 EMA before entering. Place long and short orders when the indicator signals and you confirm price has pulled back to the 50 ema before entering the long or short. Set your Stop Loss above or below the pervious pullback and set a reward ratio of your choice. Good luck!
Release Notes
added arrows and updated code for easier entriesRelease Notes
Updated and simplified alert messaging optionsOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.