This Advanced BUY/SELL Indicator script is designed for swing trading on 4-hour and daily candles but can also yield strong results on lower timeframes like 5-minute, 15-minute, and 1-hour charts after minor adjustments.
Key Features
- Combines RSI, Stoch RSI, and other proprietary indicators.
- Generates BUY, SELL, STRONG BUY, and STRONG SELL labels upon loading.
- Customizable alerts for specific signals (e.g., STRONG BUY/SELL only).
- Filters labels based on RSI/Stoch RSI values, K/R crossovers, or other conditions.
How It Works
- BUY Signal: Indicates an oversold asset—wait for reversal confirmation using Fibonacci retracement or Elliott Wave Theory.
- SELL Signal: Flags overbought conditions—exit positions or apply technical tools for optimal timing.
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Setup Guide
1. TradingView Account
A free or paid TradingView subscription is required. If you don’t have an account, sign up here.
2. Adding the Indicator
- Open your TradingView chart.
- Navigate to Indicators & Strategies > Invite-only scripts (search for
cryptosignalscanner). - Select CryptoSignalScanner – Advanced BUY/SELL Indicator.
Note: A valid Crypto Signal Scanner subscription is needed.
Customization
Indicator Settings
Accessible via the gear icon next to the indicator. Default values are optimized, but adjust for:
- RSI/Stoch RSI thresholds.
- Label visibility (e.g., hide weak signals).
- Alert triggers (e.g., STRONG BUY/SELL only).
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FAQs
Q1: Can this indicator be used for scalping?
A: While optimized for swing trading, it performs well on 5M–1H timeframes with adjusted parameters.
Q2: How accurate are the STRONG BUY/SELL signals?
A: Strong signals have higher reliability but always confirm with volume trends or support/resistance levels.
Q3: Is a paid subscription mandatory?
A: The indicator requires a Crypto Signal Scanner subscription, but TradingView offers free chart access.
Best Practices
- Combine signals with candlestick patterns and trend lines.
- Backtest strategies before live trading.
- Avoid overloading charts with redundant indicators.
For deeper analysis, explore our blog on Elliott Wave integration.