This indicator detects Crossovers based on the current trend. It checks wether the current close price is above or below the 200 and therefore decides whether we are in an up- or down trend.
UP-TREND: If the is below 0 and crosses up the signal line, then this is a BUY signal!
DOWN-TREND: If the is above 0 and crosses down the signal line, then this is a SELL signal!
How to trade this:
First rule: Be consistent!
Second rule: You will have lost trades and losing streaks - deal with it!
- First set the SL slightly below the last significant low (eventually add/subtract the ATR value to/from it)
- Then adjust the TP and ALWAYS use a RR ratio of 1.5.
- NEVER get out of the trade earlier
- Take every possible trade!
Important: Money management is key... so be consistent!
Have fun! :)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.