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SP Shetty's Scalping indicator
SP Shetty's Scalping Indicator is a robust trend-continuation and pullback strategy built specifically for lower-timeframe momentum trading (optimized for XAUUSD 5-minute charts). It combines a dual Exponential Moving Average (5 EMA and 34 EMA) setup with a strict consecutive-close exhaustion filter to capture high-probability entries while filtering out market noise.
Key Features
Dynamic EMA Trend Structure: Utilizes a fast 5 EMA (blue) and slow 34 EMA (orange) baseline to track immediate momentum shifts.
Exhaustion & Pullback Filter (min_closes): Requires price to sustain a minimum number of consecutive closes beyond the 34 EMA before qualifying a pullback setup, ensuring the market has genuinely stretched before reversing.
Smart Invalidation Logic: Automatically tracks setup extremes and invalidates pending signals if price breaks the setup candle's high/low boundary prematurely—protecting against failed breakouts.
Clear Signal Markers: Prints explicit green BUY and red SELL arrows on the chart upon successful structural confirmation and cross triggers.
Suggested Settings
Timeframe: 5-Minute (5m) to 15-Minute (15m)
Asset Class: Forex / Gold (XAUUSD)
Fast EMA Length: 5
Slow EMA Length: 34
Lookback Period: 10
Min Closes Beyond 34 EMA: 5
Key Features
Dynamic EMA Trend Structure: Utilizes a fast 5 EMA (blue) and slow 34 EMA (orange) baseline to track immediate momentum shifts.
Exhaustion & Pullback Filter (min_closes): Requires price to sustain a minimum number of consecutive closes beyond the 34 EMA before qualifying a pullback setup, ensuring the market has genuinely stretched before reversing.
Smart Invalidation Logic: Automatically tracks setup extremes and invalidates pending signals if price breaks the setup candle's high/low boundary prematurely—protecting against failed breakouts.
Clear Signal Markers: Prints explicit green BUY and red SELL arrows on the chart upon successful structural confirmation and cross triggers.
Suggested Settings
Timeframe: 5-Minute (5m) to 15-Minute (15m)
Asset Class: Forex / Gold (XAUUSD)
Fast EMA Length: 5
Slow EMA Length: 34
Lookback Period: 10
Min Closes Beyond 34 EMA: 5
Nota Keluaran
ersion Update:Updated to Pine Script v6.
Cleaned up the chart layout by hiding the underlying 5 EMA and 34 EMA lines (display=display.none) while keeping all signal calculations fully active in the background.
Nota Keluaran
Added dynamic alertcondition and alert functions for both BUY and SELL signals.Triggers notifications automatically when a buy or sell signal fires on the chart, allowing you to easily set up custom mobile or desktop alerts via TradingView's alert menu
SP Shetty
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
SP Shetty
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.