Signals

This page outlines all the available signals generated by the RenkoGurus-PowerMeter indicator, including long/short entries, exits, and filter states. These can be used to guide discretionary trading or trigger automated strategies.

✅ Entry Signals

🔹 Long Entry Signal

  • Trigger:

    • Strong positive direction (+DI > -DI)

    • Rising strength (sig > sig[1])

    • Trend strength exceeds the "Ceiling" threshold

  • Alert Condition:

    • goLong

  • Visual Marker:

    • Green circle below the bar

🔸 Short Entry Signal

  • Trigger:

    • Strong negative direction (-DI > +DI)

    • Rising strength (sig > sig[1])

    • Trend strength exceeds the "Ceiling" threshold

  • Alert Condition:

    • goShort

  • Visual Marker:

    • Red circle above the bar

❌ Exit Signals

🔻 Exit Long

  • Trigger:

    • Bearish candle pattern (e.g., lower close after higher open)

    • Trend weakens below base range

  • Alert Condition:

    • longExit

  • Visual Marker:

    • Red triangle above the bar (display optional)

🔺 Exit Short

  • Trigger:

    • Bullish candle pattern (e.g., higher close after lower open)

    • Trend weakens below base range

  • Alert Condition:

    • shortExit

  • Visual Marker:

    • Green triangle below the bar (display optional)

🎯 Profit Taker Exits

Profit Taker Long Exit

  • Trigger:

    • X bars after long entry (default: 1 bar)

    • Or Exit Long condition

  • Alert Condition:

    • longProfitTakerExit

  • Visual Marker:

    • Red triangle at top (optional)

Profit Taker Short Exit

  • Trigger:

    • X bars after short entry (default: 1 bar)

    • Or Exit Short condition

  • Alert Condition:

    • shortProfitTakerExit

  • Visual Marker:

    • Green triangle at bottom (optional)

📈 Rank Filter State

Rank Plot (Area Plot)

  • Green Fill: Uptrend filter confirmation

  • Red/Dark Fill: Downtrend filter confirmation

  • Used For:

    • Visual confirmation of trend consistency

    • Optional filter for automated entry validation

📌 Notes

  • Use the signal alerts (goLong, goShort, longExit, etc.) to automate trade execution.

  • Combine with SmartMoney zones, Premium/Discount levels, or other indicators for confirmation.

  • Filter band color is useful to avoid signals in ranging or choppy markets.

Would you like an additional section that describes how to trade using this indicator in conjunction with Premium and Discount Zones?

PreviousRenkoGurus-PowerMeterNextSettings

Last updated