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L3 Bullish Grab Signal [blackcat]

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Overview:
The L3 Bullish Grab Signal indicator is designed to identify bullish trends and potential buying opportunities in the market. It uses a combination of moving averages and custom calculations to generate signals. The indicator is set to not overlay on the price chart, meaning it will have its own panel below the main chart, and it updates based on the specified timeframe.


Example:
L3 Bullish Grab Signal [blackcat] in TradingView - Pine Script Indicators_topic=4588


Inputs:
  • shortEmaPeriod: Default value is 13, used for the shorter-term EMA.
  • longEmaPeriod: Default value is 34, used for the longer-term EMA.
  • signalEmaPeriod: Default value is 5, used to smooth the difference between the short and long EMAs.
  • lookbackPeriod: Default value is 60, used to look back over a certain number of bars for specific calculations.


Plotting:
  • Oscillator Value: Plots the raw oscillator value in white.
  • Positive Oscillator Value: Plots only the positive part of the oscillator value in white.
  • Strong Bullish Signal Stick: Plots a red candlestick when a strong bullish signal is confirmed, using the highest positive oscillator value over the lookback period.
  • Bullish Signal Stick: Plots a white candlestick for a bullish signal that isn't necessarily strong.
  • Weak Bullish Signal Stick: Plots a green candlestick for a weak bullish signal.
  • Positive Trend: Plots yellow candlesticks when the oscillator value is positive.
  • Negative Trend: Plots fuchsia candlesticks when the oscillator value is negative.
  • Numbers on Candles: Represents the breakout strength as a percentage change in price.


Trading Strategy:
  • Buy: When a strong bullish signal is confirmed (red candle), especially if the price has increased by more than 7% from the previous bar.
  • Monitor: Watch for bullish signals (white candles) and weak bullish signals (green candles) for potential entries with lower confidence.
  • Avoid: During negative trends (fuchsia candles), as the market is in a downtrend.


Availability:


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#1 - January 18, 2025, 01:35:21 AM
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