This study is usefull for who follows the rules of "Laura's RoadMap" trading strategy. If someone doesn't know what I'm talking about, google it because I cannot post link here.
It could be used for scaliping too.
Basically, the rules are: - Open only in direction of Multitimeframe SMA200 - EMA high/low channel shall be above(buy) or below (Sell) SMA200 - RSI2/RSI9 shall be above(buy) or below (sell) 50 - Look at ADR, last day high/low, daily open for possible supports/resistance.
Next improvement (only to whom is interested to this script and follows me): ADR, last day high/low, daily open to be added to this study. Next improvement (only to whom is interested to this script and follows me): Alerts to be added.
Please use comment section for any feedback.
********************************** IMPORTANT******************************************************************** I have developed an expert advisor for metatrader4 (MT4) with good results in 2019-April 2020 *********************************************************************************************************************
This study is free to use but code is private. If you like or have question please use comment section. Check also my other scripts at tradingview.com/u/03.freeman/ Thanks for your feedbaks.
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Added:
1- ADR info label 2- ADR high-low lines 3- Previous day high-low lines 4- Daily open line
NOTE: display needs improvements, but actually it displays well on 1 min to 30 min timeframes.