This script uses Parabolic SAR with the 200 EMA to determine long and short trends. Only long signals are given when the price is above the 200MA and shorts when it is below. Signals are further filtered using ADX to reduce noise.
Suitable for trading bots where open positions in the same type are set to be ignored.
Alerts are built in.
Added optional alerts for exits
Adjusted filtering on entries
Switching snapshot image to classic candles
Added the option to plot the 21 EMA
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@Mallikcrypto, Hello! Yes, 21 ema is included just so that the trend can easily be plotted. As for your other comment, ADX is esssentially another moving average indicator that has a threshold to indicate the strength of a trend. That threshold is used here to validate PSAR.
This look quite promising Colin. When used with the QQE script, I notice that the QQE seems to trigger more trades than the script above. To use these two scripts in combination, I guess you disregard these in favour of the QQE entries? Will be forward testing on the major currencies for a month. Thanks for sharing mate