PROTECTED SOURCE SCRIPT
Ripster Trend Labels
Ripster Trend Labels: This script provides labels indicating the trend and chop conditions in the market. It helps traders identify potential trading opportunities based on short-term trends. Its support my EMA Cloud System by providing labels on when Clouds turn bullish or bearish and also uses my concepts of Chop vs Trend based on premarket levels.
What Does Script Do-> It Identifies Bullish & Bearish Trend and if Market is in Chop Range or Trending
How Does it Identify Trend & Chop->
Description: The script calculates the 10-minute 12 and 50 Exponential Moving Averages (EMA) to determine the short-term trend direction. It's based on the Ripster 10-minute trading system, and it's recommended to use it in conjunction with the 5-12 and 34-50 Ripster Cloud scripts for more effective analysis.
For Sake of simplicity only using 12 & 50 EMA to create the labels, this should be used with the Clouds itself for better analysis.
This Script also calculates when Price is moving over premarket pivot or moving under premarket pivots. These Pivots are High or Lows in premarket in this version. The move over Pivot Signals the Trend , if Stock or ETF remains in those pivots, it is considered as Chop.
For now I am only using Premarket Data and my principles of Chop Vs Trend based on that to identify this direction. In future versions, I might implement Daily levels or Yesterday High Lows, to add more pivots for more accurately identifying chop ranges or if we are in Trend.
Table Display: The script displays the trend and chop labels in a table format on the chart, making it easier for traders to interpret the information.
How to Trade and Analyze Using Ripster Clouds Labels:
I recommend using my Ripster Clouds Indicator with these labels for best use
-> When All 3 Columns Price Action, Ripster 34/50 Clouds & Ripster 5/12 are bullish means trend is strong and its High Probability Long.
-> When All 3 Columns Price Action, Ripster 34/50 Clouds & Ripster 5/12 are bearish means trend is strong bearish and High Probability Long
-> If price action label says Chop its most likely sideways action even though other two columns are saying Bearish or Bullish. We can still trade because combination of other two is still strong Trend Signal, but its better to risk less when labels are showing Chop
By using this script, traders can make more informed decisions about entering and exiting trades based on the current market conditions identified by the trend and chop labels.
What Does Script Do-> It Identifies Bullish & Bearish Trend and if Market is in Chop Range or Trending
How Does it Identify Trend & Chop->
Description: The script calculates the 10-minute 12 and 50 Exponential Moving Averages (EMA) to determine the short-term trend direction. It's based on the Ripster 10-minute trading system, and it's recommended to use it in conjunction with the 5-12 and 34-50 Ripster Cloud scripts for more effective analysis.
For Sake of simplicity only using 12 & 50 EMA to create the labels, this should be used with the Clouds itself for better analysis.
This Script also calculates when Price is moving over premarket pivot or moving under premarket pivots. These Pivots are High or Lows in premarket in this version. The move over Pivot Signals the Trend , if Stock or ETF remains in those pivots, it is considered as Chop.
For now I am only using Premarket Data and my principles of Chop Vs Trend based on that to identify this direction. In future versions, I might implement Daily levels or Yesterday High Lows, to add more pivots for more accurately identifying chop ranges or if we are in Trend.
Table Display: The script displays the trend and chop labels in a table format on the chart, making it easier for traders to interpret the information.
How to Trade and Analyze Using Ripster Clouds Labels:
I recommend using my Ripster Clouds Indicator with these labels for best use
For High Probability Bullish Trend Trades
-> When All 3 Columns Price Action, Ripster 34/50 Clouds & Ripster 5/12 are bullish means trend is strong and its High Probability Long.
For High Probability Bearish Trend Trades
-> When All 3 Columns Price Action, Ripster 34/50 Clouds & Ripster 5/12 are bearish means trend is strong bearish and High Probability Long
Identifying Chop
-> If price action label says Chop its most likely sideways action even though other two columns are saying Bearish or Bullish. We can still trade because combination of other two is still strong Trend Signal, but its better to risk less when labels are showing Chop
By using this script, traders can make more informed decisions about entering and exiting trades based on the current market conditions identified by the trend and chop labels.
Script protégé
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