The Pro-Setups script provides us a high-probability profitable setup, plus the knowledge of the underlying trend, which we further combine with price action to trade. It is based on the use of multiple Exponential Moving Averages (EMAs). The script also draws Ascending Triangle Patterns and double Weekly Inside Bars on the charts automatically. In addition, it can display certain important candlesticks patterns on the chart and an Info Panel which tells you what is happening on the current candle.

The objectives of this script are:

  • To know the underlying trend in the market, in order to trade in the right direction.

  • To know when NOT to trade.

  • To have a setup which when combined with price action can offer a highly favorable Risk: Reward ratio.

Subscribers are joined to a Telegram channel and given access to a Dashboard which sends the Watchlist of all stocks forming the setups traded through this script (see sample).

Who can use this script?

The script can be used by all types of traders & investors, except intraday traders. For instance:

  • Traders can check if they are not buying or shorting a breakout on an already extended setup. An extended setup often results in fake breakouts or have high stop loss ranges.

  • Swing traders who like to buy or short on pullbacks and exit shortly.

  • Long-term investors or trend-followers who like to add on to their holdings on pullbacks. Those who missed buying earlier at the start of a trend can use this script to buy on pullbacks.

The following screenshots tell you the different elements which are shown on a chart with this script

How it Works?

The indicator plots the following on a chart:

  • Two trend bars on top. The first bar represents trend on a higher timeframe, while the second bar represents trend on the current timeframe. For example, if you have opened a daily timeframe chart - the first bar will depict trend on the weekly timeframe, while the second bar will depict trend on the daily timeframe.

  • Blue and Red clouds, based on multiple moving averages.

  • Dots at the bottom of the chart to identify high-probability profitable entry zones.

  • Chart patterns such as Ascending Triangle Patterns and double Weekly Inside Bars.

  • Candlesticks patterns to further give power to your trading.

  • An Info Panel which notes certain important data points of the current candle (like higher & current timeframe trend, ATR, key moving averages, etc).

Subscribers to the script get a detailed Manual on how to use it. They also get a Watchlist of stocks forming the setups through a Telegram channel and a Dashboard (see sample). 

Why the need for this Indicator?

You must have heard many quotes on trend following such as “The trend is your friend until it ends”, or “Don’t fight the trend”. The first thing that this indicator does is to identify & objectify the trend in the form of colored bars on top of the chart. A trader can very clearly see if he is going in the direction of the trend or fighting with it. Next, even if a trader is going in the direction of the trend, he should ideally not be entering a trade when the stock is already in extended zones. The dots at the bottom of the chart helps in identifying the points of high-probability profitable zones. These are the zones, where you will have minimum stop loss if you go wrong. Subscribers are informed of stocks showing blue dots through a Telegram channel.

The indicator also draws certain charts and candlesticks patterns that are useful for traders. Lastly, the Info Panel compiles the information for a trader to check if he is not violating his own rules while following the script.

SEBI Registered Research Analyst

Registration Number: INH100007073

  • Black Twitter Icon
  • Black LinkedIn Icon