OPEN-SOURCE SCRIPT
Long / Short Trade Readiness Dashboard
This script is a **broader trade-readiness dashboard**. It decides whether market conditions generally support a long trade, a short trade, or waiting.
It scores six conditions:
* Price above or below VWAP
* Direction of the 20 EMA
* EMA alignment: **20/50/200**
* Volume above its 20-bar average
* Recent price structure: higher highs/higher lows or lower lows/lower highs
* Price not more than 1.5% from VWAP
The score totals 100 points. A trade bias appears when one side scores at least **75** and exceeds the opposite score:
* **LONG:** bullish conditions dominate
* **SHORT:** bearish conditions dominate
* **WAIT:** neither side qualifies
Unlike the previous **Entry Quality / Trend Exhaustion** dashboard, this one mainly identifies the **overall trend direction and trade permission**. It does not closely evaluate whether the specific entry is late, overextended by ATR, experiencing volume climax, or approaching trend exhaustion.
So the intended workflow is:
**This dashboard:** “Should I be looking long or short?”
**Previous dashboard:** “Is this particular entry still good, or am I entering too late?”
It scores six conditions:
* Price above or below VWAP
* Direction of the 20 EMA
* EMA alignment: **20/50/200**
* Volume above its 20-bar average
* Recent price structure: higher highs/higher lows or lower lows/lower highs
* Price not more than 1.5% from VWAP
The score totals 100 points. A trade bias appears when one side scores at least **75** and exceeds the opposite score:
* **LONG:** bullish conditions dominate
* **SHORT:** bearish conditions dominate
* **WAIT:** neither side qualifies
Unlike the previous **Entry Quality / Trend Exhaustion** dashboard, this one mainly identifies the **overall trend direction and trade permission**. It does not closely evaluate whether the specific entry is late, overextended by ATR, experiencing volume climax, or approaching trend exhaustion.
So the intended workflow is:
**This dashboard:** “Should I be looking long or short?”
**Previous dashboard:** “Is this particular entry still good, or am I entering too late?”
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.