SignalPro - Scalping

Conditions

SignalPro - Scalping is good at quick in and out intraday trades at lower timeframes. Especially in ranging and choppy markets.

Favorable conditions:

1. Market Condition: Ranging market without a clear direction.

2. Timeframe: 3min to 15min

3. Assets: High intraday volatility without a clear direction is particularly beneficial for cryptos, which can be traded 24 hours a day.

Input Settings Explained

Long/Short

Default: Will give both long and short signals

Long Only: Will give only long signals

Short Only: Will give only short signals

Entry Mode

Normal: Algo will continue to enter trades as long as the entry criteria are met.

Safety: Algo will wait for confirmation before entering a trade.

A feature of the scalping version is multiple entries for the same trade setup, as lower timeframes often have several candles meeting entry criteria. To manage the maximum number of entries per trade, modify the pyramiding setting in properties.

Stop Loss Mode

Soft: Stop loss will only be triggered if the candle closes outside the stop loss level.

Hard: Stop loss will be triggered as soon as the price hits the stop loss level.

Percentage: Algo will ignore all stop loss levels and will only get stopped out once it exceeds a fixed percentage.

Take Profit Mode

Fixed: Each entry will have fixed TP1, TP2, and SL levels.

Dynamic: Each entry will have only the SL level and will exit the position as soon as a potential reversal occurs.

Hybrid: Each entry will have only a fixed TP1 and a SL level, while it will still exit the position when a potential reversal occurs.

Take Profit Percentage

When Take Profit Mode isn't fixed, set an additional TP level with a fixed percentage.

For example, with a 5% setting in Dynamic or Hybrid mode, the entire position exits when it reaches 5% profit or when dynamic take profit occurs first.

Stop Loss Percentage

When Stop Loss Mode is percentage, set the fixed percentage for the SL level.

Sensitivity

The algo's sensitivity affects signal generation. Smaller values create more signals, while higher values require bigger price movements, filtering out noise.

Tolerance

Tolerance follows similar logic to sensitivity, but more tolerance generates more signals. It can also act as a filter.

Trend Index

Filter out signals in trending markets using two calculation methods. Smaller values create stricter filters.

This algo is better suited for ranging markets, so it filters out signals in trending markets. Different timeframes apply, e.g., a 4-hour timeframe means the algo checks the 4-hour market condition for ranging trends.

Trend Index 1/Trend Index 2

Both settings adjust the trend index based on the selected calculation method. Smaller values create stricter filters and fewer signals. A value of 100 means no filter, generating signals without considering market conditions.

Backtest Period Start/End

If the start is 2023-01-01 08:00 it means no trades will happen before that. Same with the end, if both are enabled, you can set a backtest period.

Last X Days

When enabled, set a fixed number of days for the backtest period, e.g., 30 days means using the last 30 days of data.

Show Table

Choose to display a table in the bottom right showing average entry, SL, and TP1/TP2. The average entry text turns green for a long trade and red for a short trade.

Show Backtest

Opt to display a floating table with backtest results on the chart. Enable this when using the TradingView app, as the strategy tester isn't available in the app.