Elliot rules: To solve the struggles of traders conquering this ventures capital arena. I present my new Elliot targets script. Anyone learning the Elliot wave is very difficult and difficult to understand. I would like to take a few parts of the Elliot wave theory that is how to calculate the retracement area and price levels according to the Fibonacci ratio of the Elliot wave. A Then combine the basic indicators Bollinger Band, MACD-H and RSI to predict the future of the market. And try to automate the above.
The idea in the Elliot targets scenario is to combine: + Oscillators indicator (Rsi - Relative Strength Index) + Center Oscillators indicator (MACD - Moving Average convergence Divergence) + Volatility indicator (BB - Bollinger Band).
There are some option in the script, let see: - Bollinger Band: calculates trend with signal combination from Bollinger Band indicator. - RSI: calculates trend with signal combination from RSI. - MACD: Main indicator of Elliot targets script, with option Histogram highest or lowest in a week, a month, quarter, year depending on timeframe H1, H4 or Daily... I will show with pictures following photo. - Label: Option to display the price notice board: 1 - Main bulletins board (default: off): showing all prices at Fibonacci levels (38.2, 50, 61.8, 161.8, 200, 261.8). 2 - Separate bulletin board for 2 trends (up - down): current price at Fibonacci levels (38.2, 50, 61.8, 161.8, 200, 261.8). ------------------ GBPUSD Signal by Keltner * Take advantage of the 59% success rate of order 1 to enter position 2 with a higher Risk / reward ratio, - Command 1: risk / reward 1/1. 59% success percentage. - Order 2: risk / reward: 1 / 1.5 If you use Fibonacci retracement, it is 0.6 or 60%. Percent success 51.5%. - Number of consecutive wins in the past: 9. - Number of consecutive losses in the past: 6. So to avoid psychological influence, choose risk = 1% x6 = 6% for 1 trading signal. Currently, the Bot assumes 2% (orders 1: 1%, orders 2: 1%) ------- Max risk: 2%. 1. Trend identification:
Keltner: Price through Upper1 / Lower 1 gives 1 point. ...... Uptrend: If price crosses above the close on Upper 1. ...... Downtrend: If the price goes down once, closes below the 1st line.