™TradeChartist Intensity is a visual indicator that comes with Intensity color candles and Auto-fibs feature that helps any trader with Entry/Exit and levels confirmation based on where the price is, in relation to the Orange Price Equilibrium line and the 5 zones of Bull/Bear limits that fade into the top or bottom outer space.
™TradeChartist Intensity itself doesn't plot BUY or SELL signals, but when used with ™TradeChartist Rubicon gives a better picture for trade confirmations. It can also be used as a standalone indicator and works equally effective with other traditional and non-traditional indicators.
The indicator comes with simple settings with useful features outlined below.
Intensity Color Candles
Intensity Color Candles when activated from settings paints the candles/bars with colors specific to the Bull/Bear limits or the outer space and is easy to identify the signal strength over time.
Uptrend - The bars/candles move away from the Orange Price Equilibrium line towards the upper Bull limits with bar color fading slowly leading to outer space where the bar color turns neon green.
Downtrend - The bars/candles move away from the Orange Price Equilibrium line towards the lower Bear limits with bar color fading slowly leading to outer space where the bar color turns neon red.
When the price candle wick or body touches the Orange Price Equilibrium line, distinct torchlight circle appears to signal the trader of a potential change in price direction which can be used as a signal confirmation in conjunction with another indicator before taking a trade position.
Show Auto Fib Levels
Auto Fib Levels plot automatic Fib levels based on significant Highs and Lows based on Intensity strategy which mostly are reference prices of recent highest high above Orange Equilibrium price line and recent lowest low below the Orange Equilibrium price line.
15m XBT chart with 'Show Auto Fib Levels' checked and 'Show Fibs from current High/Low' unchecked under indicator settings
These Auto Fib Levels change when the price movement/trend changes direction and will be based on trending price direction.
Show Fibs from current High/Low
When this option is chosen from indicator settings, the auto fib levels are drawn from the highest high of the trending price direction to lowest low of last trend for uptrend or vice-versa for downtrend.
15m XBT chart as above with 'Show Fibs from current High/Low' unchecked under indicator settings
Show Profit Candles
Activating this option from indicator settings will automatically plot $ labels above candle highs that hit important resistance levels during uptrend and candle lows that hit important support levels during downtrend. This will help traders take out profits during trades based on their personal profit goals and realistic trade targets based on momentum/RSI/volatility etc.
Example chart of XAUUSD 1hr Gold chart showing both Long and Short trade Profit candles
Give a thumbs up or leave a comment if you like the script.
Notes de version
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Updated - Logic to calculate levels quicker Added - Option to hide/unhide Intensity Bands Added - Highs/Lows plot for updated Auto-Fibs calculation
Notes de version
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Code Updated. Removed AutoFibs as it is computation heavy and creates Memory usage limit error.
U would have spent lots of time in coding this amazing mean reversion script. Most of your scripts are unique and the way you thought to design it and visually appealing is appreciable. I use this script along with Ichimoku and it gives me excellent results.
TradeChartist
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@tamilece07, Thank you for your kind words. Best wishes.
I enjoy using the Intensity script to quickly spot Overbought/Oversold zones that I am able to quickly scalp and realize 10-20 pips on currency.
This script works magic on USDJPY, I also have used it to trade Futures contracts; the circled zones are very great entries. I also like to use a
laguerre RSI to go with my charts, I look for laguerre to be around 0-20 for Long entries, and 80-100 for Shorts. When used in conjunction with Intensity
we are able to spot the zones where price may be working sideways; which we may not want to be scalping in this given range. It is good to be able to
discern from range/trend with a quick glance.
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Overall this is my favorite script by @TradeChartist. 10/10
TradeChartist
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@SlopaeTopae, Thanks for sharing your strategy with such a detailed feedback. Thanks for your support. Much appreciated. All the best.
Green_Mile
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Making money by looking at the colors of candles has never been easier. It's also nice to show automatic fibonacci levels. Thank you.
Green_Mile
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Like all your work, this work is also successful. a very efficient indicator. thanks.
He took time to teach me a few things about trading personally and everything he taught me makes 100% sense. Im starting to feel more confident with trading now.
This script is a great help whether you are going long or short. You can check the history of its success yourself.
Thanks help bruh!
tanyiru
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Trading strategy:
Indicators used: Spotter (RSI), Intensity
Example of how I use intensity:
On the 4hour chart, if momentum is shifting because the spotter (RSI) is changing colour from blue to orange and it is coming into contact with the intensity line, i will be expecting a breakdown. Because i am expecting a breakdown, I will line the 4 hour chart with a smaller time frame such as the 1 hour chart. Once the RSI on the 1 hour time frame breaks below 40 and the chart shows a break below the intensity line, go for a short. This is the same for a long.