Works on any timeframe but was built originally for scalping. Uses 50EMA and 200EMA to define the trend and touch backs on to the 50 EMA for entry.
200 EMA - White Line 50 EMA - Yellow Line ATR: Length 14 Smoothing RMA
1. Wait for 50ema to crossover 200 ema – Then wait for candle to touch 50 ema after the cross. 2. Entry: Green candle that closes above 50 ema without getting more than 3 candles closing below(BUY) or above (SELL) 50ema. 3. Stop loss: 2x ATR value below entry candle. 4. Take profit: 1.5x the risk.
Settings allow for # of Entries allowed per trend as well as EMA periods.
Opposite for Sell Entries (Stop Loss: 2x ATR value above entry candle)
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The updated version allows for users to set EMA lengths, SL level, and Adjustable R.
We have set the default settings to 20, 50 as they give a good balance of long term and shorter term moves. R is set at 1.