-> JR's Heat Bands
-> My twist to the strategy
-> Customisable Settings
-> Customisable Overbought and Oversold Zones
-> Customisable Heat Band Zones (Lower Band, Upper Band, Outer Reach, No Zones)
-> Super Rare Condition Mode
-> Optional Dashboard
-> Built in win/loss system <- Triggered by hovering over the dashboard
-> Optional Onboard Strategy Display
How do I use it?
1. Add this indicator to your favourites list or search it up through the TradingView script search engine
2. Click the settings icon on the indicator's name to change settings
Price Input: Calculates the RSI's values based off the candle data chosen.
Index Length: The length decides how fast or slow the will reach the chosen key levels, the higher the slower, the lower the faster!
Overbought Zone: This is a key level that needs to hit before ticking off one of the sell conditions.
Oversold Zone: This is a key level that needs to hit before ticking off one of the buy conditions.
Zone Select: This is a condition based off the bands and each one selects an area either within the band, outside the band or you can delete this condition.
Super Rare Condition: This is a confirmation based indicator to help with the and it occurs less than .
What is the strategy?
1. Make sure you are trading the following time period: UK Open - New York Closing
2. Make sure you acknowledge all the high news event via tradays app or forex's website on the market research tab. [Filter results: High only]
3. Look at pairs that aren't within the high news ~ example EUR Dont trade pairs beginning or ending with EUR.
4. Wait for a signal to print or have on your chart and set an alert for the levels you've chosen.
5. Enter and have a 5-10 Pip stop loss and aim for 5 Pips.
6. Only risk around 0.5% - 2% of your account and no more.
7. Don't enter if there is another dip into the same level within the same day or don't re-enter!
8. Try and limit yourself to maximum 4 trades a day
9. No revenge trading!
Good luck traders and enjoy the indicator if you do decide to use this!