This is a completely free script I published which adds buy and sell signals to your chart based on RWI (Random Walk Index) as well as Supertrend to enter into positions. The positions are then filtered by an EMA and other things to perfect entries in trendy conditions. This indicator was designed to work best with a 5m or 1m $NQ chart
Use with caution.
Add the indicator here: Super RWI
The SuperRWI indicator is a custom trading strategy designed to help traders identify potential buy and sell signals in trending markets. This indicator combines the strengths of multiple technical analysis tools, enhancing the effectiveness of the overall strategy.
Key features:
- A Single Supertrend Indicators – The indicator includes a single Supertrend indicators with customizable parameters. These trend-following indicators calculate upper and lower trendlines based on the ATR and price. Buy signals are generated when the price crosses above both trendlines, and sell signals are generated when the price crosses below both trendlines. (This indicator once used two supertrends but that has since been removed and didnt add additional value)
- ADX Filter – The Average Directional Index (ADX) is used to filter out weak trends and only generate buy/sell signals when the market exhibits a strong trend. The ADX measures the strength of the trend, and a customizable threshold level ensures that trades are only entered during strong trends.
- ATR-based Exits and Entries – The indicator uses the Average True Range (ATR) to set profit target and stop-loss levels. ATR is a measure of market volatility, and these levels help traders determine when to exit a trade to secure profit or minimize loss.
- Performance Statistics Table – A table is displayed on the chart, recording and showing the total number of winning trades, losing trades, percentage of profitable trades, average profit, and average loss. This information helps traders evaluate the performance of the strategy over time.
- Random Walk Filter – A key method of identifying the strength of a trend using a calculated approach.
The SuperRWI indicator is a powerful trend-following strategy that can assist traders in making more informed decisions in the financial markets. By combining multiple technical analysis tools and providing performance statistics, this indicator helps traders improve their trading strategy and evaluate its success.
