TRENDSTAR INDICATOR (Best on 5Min chart)Hi Everyone!
I have created a new TradingView indicator for DAY TRADERS!
The most important indication of trend in day trading is price action, all other indicators are lagging indicators! (BHAAV BHAGWAN CHE)
However, price action and candlestick patterns can become misleading if seen on a blank chart.
A day trader needs to identify levels where price action actually matters!
INTRODUCING TRENDSTAR INDICATOR -
A powerful tool for day traders to enhance their trading strategies and make more informed decisions at the right time during the day:
- Works on Index and Large Caps. (only NSE)
- Auto plots key levels daily at open.
- Refined Buy/Sell signals.
- The ZONE is used to identify trend and plots dynamic S/R area.
(When the zone is blue - trend is bullish and bearish when its orange)
ZONE can also act as a S/R area and can be used for short term (1-2 days) trades.
- Works best in 5M time frame for that spot on DAY TRADE everyone is looking for BUT you have to be patient for the levels to be breached.
- 1M/3M scalping works as well.
- Can set alerts for breach of any of the levels.
UNDERSTANDING THE LEVELS:
Blue dotted line - Pivot for the day
Green line - S/R level on the higher side (breakout can trigger fresh buys)
Red line - S/R level on the lower side (breakdown can trigger fresh shorts)
Purple line - the joker level of the day (on certain days it acts as an iron clad S/R level)
Black dotted lines - Extreme S/R zones for the day.
I am currently sharing this indicator on invite-only basis.
DM me on twitter @techtrademusic for access.
Best wishes,
FIVSTA.
