Versatile Scalper

The Versatile Scalper tool is a comprehensive intraday trading suite that integrates linear regression, momentum oscillators, market structure, and trend following into a single overlay to streamline technical analysis.

Usage

The Versatile Scalper can be used to identify trend direction and momentum shifts across various timeframes. Traders can look for confluence between the integrated modules to identify potential entries.

• Linear Regression & Signal Line: The white Linear Regression line fits a curve to recent price action to filter out noise. The signal line changes color based on momentum; a green signal line suggests rising momentum, while a red line suggests falling momentum.
• RSI Candle Coloring: Candles are dynamically colored based on the RSI's position relative to its SMA. Lime green candles indicate bullish momentum (RSI > SMA), while red candles indicate bearish momentum (RSI < SMA).
• Session VWAP: This module tracks the session-anchored Volume Weighted Average Price. Trading above the VWAP typically indicates a bullish intraday bias, while trading below it indicates a bearish bias. Optional standard deviation bands can be enabled to identify extreme extension zones.
• Supertrend Signals: Visual triangles mark potential trend flips. A green triangle below a candle indicates a bullish flip, while a red triangle above indicates a bearish flip.
• Market Structure Labels: The script automatically detects and labels Higher Highs (HH), Higher Lows (HL), Lower Highs (LH), and Lower Lows (LL) using pivot detection to help identify the prevailing market structure.
• MA Ribbon: Users can enable up to four customizable moving averages (SMA, EMA, RMA, WMA, or VWMA) to create a custom ribbon for additional trend confirmation.

Details

The indicator consolidates several popular technical analysis methods into one script to reduce chart clutter. It utilizes a Linear Regression curve for trend smoothing and a standard RSI calculation for momentum-based bar coloring. The Supertrend component includes a built-in "cooldown" mechanism, which prevents the same signal from firing repeatedly within a specific number of candles, reducing false signals during choppy price action. The Market Structure component uses a "ZigZag" style pivot detection method to label structural points.

Settings

Linear Regression

• Show Linear Regression: Toggles the visibility of the white LinReg line.
• Show Signal Line: Toggles the visibility of the momentum-based signal line.
• Signal Smoothing: Adjusts the period for the signal line calculation.
• Simple MA (Signal Line): Choose between SMA or EMA for the signal line.
• Linear Regression Length: Sets the lookback period for the regression curve.

RSI Candle Color

• RSI Length: Sets the period for the Relative Strength Index.
• RSI SMA Length: Sets the period for the smoothing average applied to the RSI.

VWAP Levels

• Show Session VWAP: Toggles the main VWAP line.
• Show Std Dev Bands: Enables or disables volatility-based bands around the VWAP.
• Band Multipliers: Adjusts the width of the standard deviation bands.

Supertrend

• Show Supertrend: Toggles the signal triangles on the chart.
• ATR Length / Multiplier: Configures the underlying ATR calculation for trend detection.
• Signal Cooldown: Specifies the minimum number of candles required between identical signals.

HHLL

• Show HH/HL/LH/LL: Toggles market structure labels.
• ZigZag Period: Adjusts the sensitivity of the pivot detection.

MA Ribbon

• MA #1-4: Individual toggles and dropdowns to select the type, source, length, and color for each ribbon component.

FAQ

How do I use this for scalping?

You can look for "confluence" where the candle color, LinReg signal, and VWAP position all align in the same direction.

Can I turn off specific features?

Yes, every component in the Versatile Scalper is individually toggleable within the settings menu to keep your chart clean.

How do I access Versatile Scalper?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.