Here with presenting the new Indicator which is primarily built based on the the concept Contraction & Explosion.
Idea behind this Indicator: I am sure every trader would have heard about consolidation and Expansion. When we we look deep inside the consolidation zone it leaves a mark on the direction most of the time and just explode breaking the consolidation zone. What if the explosion is to trap the retailers like me!!. That's why I call this as Benefit of doubt. If the direction of is right I just sail with the trade right inside the consolidation zone. If I am on the wrong side ! No worries My Money management rules and Protection Legs kicks in and saves my capital.
This Indicator Analyses the Volume, and Chart Patterns inside the Zones and if the price breaks the patterns, initiate the trades. You can trade with Dhan HQ or Algoji.
What this indicator is providing: Based on the chart patterns and using the inputs provided for RISK and Money Management options, Indicator continuously scans for trading opportunities and provides alerts for possible trades. I have tried to capture some analytical inputs for one to think and take control over the Reward, Risk and Money management parameters to tweak the indicator accordingly.
Note: Indicated PNL is calculated on the Futures Chart with 2 Lots taken per trade.
If you are a Options Traders: 1. Auto Strike is inbuilt and can be traded only if you are trading via AlgoJi.
You will constantly be informed about trade summary, PNL and SL updates as per your preferred choice.
Enjoy! DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for our documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. I am not responsible for any losses you may incur. Please invest wisely.
Happy to receive suggestions and feedback in order to improve the performance of the indicator better.
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V2.0 : Major Update
1. Integrated with NextLevel Bot Alerts - Next Level Bot Alerts are compatible to trade using FINVASIA & FYERS. 2. Tooltips for the indicator settings have been added for reference.
Happy Trading.
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V3: Minor Updates
1. Integrated Dhan Direct Trading (Testing) 2. Minor Algorithm Changes.
Happy Trading.
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V3.1: Minor Updates
1. BUGS FIX : Blank alerts used to trigger during Pre Trading Session
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V4.0 : Bugs Fixed with Minor Improvements.
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Simplified String Codes to optimize the performance of indicator.
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Minor Updates on Alert Format and Order preference.