OPEN-SOURCE SCRIPT
SLW By MT
Overview
This indicator is a high-probability signal generator built on three core pillars of price action: Fixed horizontal price zones (7 Static Lines), Macro trend direction via Higher Timeframe (HTF) analysis, and Micro-structure indecision through the Doji candlestick pattern. By waiting for all three conditions to align, this tool dramatically reduces false signals and helps you trade with the institutional "confluence."
1. The 7 Static Levels (The Framework)
The indicator plots seven predefined static horizontal lines across your chart. These levels act as the ultimate support/resistance grid. Price action interacting with these lines is given top priority, as they represent major historical inflection points where reversals or violent breakouts are statistically likely.
2. Higher Timeframe Trend (The Filter)
To ensure you are never fighting the macro trend, the indicator evaluates the market direction on a user-selected higher timeframe (e.g., 4H or Daily). It acts as a guardian filter: it will only allow Buy signals if the HTF structure is bullish and Sell signals if the HTF structure is bearish, keeping you aligned with the dominant money flow.
3. The Doji Candle (The Trigger)
The final entry catalyst is the Doji candlestick—a pattern signifying extreme indecision and exhaustion of the current move. The indicator scans for Dojis that form strictly in the immediate proximity of the 7 static levels. This signals that the market is pausing exactly at a key area, setting the stage for a potential reversal.
Trading Logic (Entry Signals)
· 📈 LONG (BUY) Signal: Price is trading near a Static SUPPORT line + HTF Trend is BULLISH + A Doji forms at that level.
· 📉 SHORT (SELL) Signal: Price is trading near a Static RESISTANCE line + HTF Trend is BEARISH + A Doji forms at that level.
Customizable Inputs
· Levels: Manually configure the 7 price levels to match your specific asset (Forex, Crypto, Stocks, or Indices).
· Trend Settings: Select your preferred Higher Timeframe (e.g., 15m, 1H, 4H, Daily) and the smoothing method for trend detection.
· Doji Sensitivity: Adjust the body-to-range ratio to define how "strict" the Doji detection should be.
Best Practices
This indicator performs optimally on lower-to-mid timeframes (5-minute to 1-hour) while utilizing a 4-Hour or Daily HTF filter. Always look for price rejection (long wicks) alongside the Doji to confirm the signal before entering a trade. No indicator is infallible—please use proper risk management and stop-losses.
This indicator is a high-probability signal generator built on three core pillars of price action: Fixed horizontal price zones (7 Static Lines), Macro trend direction via Higher Timeframe (HTF) analysis, and Micro-structure indecision through the Doji candlestick pattern. By waiting for all three conditions to align, this tool dramatically reduces false signals and helps you trade with the institutional "confluence."
1. The 7 Static Levels (The Framework)
The indicator plots seven predefined static horizontal lines across your chart. These levels act as the ultimate support/resistance grid. Price action interacting with these lines is given top priority, as they represent major historical inflection points where reversals or violent breakouts are statistically likely.
2. Higher Timeframe Trend (The Filter)
To ensure you are never fighting the macro trend, the indicator evaluates the market direction on a user-selected higher timeframe (e.g., 4H or Daily). It acts as a guardian filter: it will only allow Buy signals if the HTF structure is bullish and Sell signals if the HTF structure is bearish, keeping you aligned with the dominant money flow.
3. The Doji Candle (The Trigger)
The final entry catalyst is the Doji candlestick—a pattern signifying extreme indecision and exhaustion of the current move. The indicator scans for Dojis that form strictly in the immediate proximity of the 7 static levels. This signals that the market is pausing exactly at a key area, setting the stage for a potential reversal.
Trading Logic (Entry Signals)
· 📈 LONG (BUY) Signal: Price is trading near a Static SUPPORT line + HTF Trend is BULLISH + A Doji forms at that level.
· 📉 SHORT (SELL) Signal: Price is trading near a Static RESISTANCE line + HTF Trend is BEARISH + A Doji forms at that level.
Customizable Inputs
· Levels: Manually configure the 7 price levels to match your specific asset (Forex, Crypto, Stocks, or Indices).
· Trend Settings: Select your preferred Higher Timeframe (e.g., 15m, 1H, 4H, Daily) and the smoothing method for trend detection.
· Doji Sensitivity: Adjust the body-to-range ratio to define how "strict" the Doji detection should be.
Best Practices
This indicator performs optimally on lower-to-mid timeframes (5-minute to 1-hour) while utilizing a 4-Hour or Daily HTF filter. Always look for price rejection (long wicks) alongside the Doji to confirm the signal before entering a trade. No indicator is infallible—please use proper risk management and stop-losses.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.