UT Sniper Pro

The UT Sniper Pro indicator provides a high-precision reversal trading system that combines the UT Bot algorithm with price structure analysis and volatility filters to identify high-probability entry points. It aims to filter market noise and provide objective trade setups for both scalping and swing trading strategies.

Usage

The Usage section describes how the script can be used to identify market reversals and manage risk. The tool generates signals based on the confluence of trend momentum, price structure, and volatility conditions.

Reversal Signals

• Long Entry (BUY): Triggered when a bullish price divergence forms within the lower Bollinger Band zone and the UT Bot confirms an upward trend shift.
• Short Entry (SELL): Triggered when a bearish price divergence forms within the upper Bollinger Band zone and the UT Bot confirms a downward trend shift.

Entry Conditions and Filters

The script employs several layers of confirmation to ensure signal quality:

• Bollinger Band Zones: Signals are only valid if they occur in the extreme upper or lower portions of the Bollinger Bands, ensuring the trade happens at potential exhaustion points.
• Anti-FOMO Filter: Prevents entering a trade when the market has already moved significantly in one direction (e.g., multiple consecutive candles of the same color), forcing the user to wait for a pullback.
• ATR Spike Filter: Automatically rejects trades during periods of extreme volatility or "stop-hunts" by comparing the current ATR to a historical average.

Risk Management

Upon a valid signal, the script automatically plots four key levels on the chart:

1. Entry (Blue): The execution price at the candle close.
2. Stop Loss (Red): Calculated dynamically based on the ATR multiplier.
3. Take Profit 1 (Dashed Green): A conservative target based on a ratio of the risk.
4. Take Profit 2 (Solid Green): A secondary target for larger trend movements.

Details

The UT Sniper Pro is constructed using a multi-component logic system:

• UT Bot Algorithm: Uses a modified trailing stop mechanism (ATR-based) to define the underlying trend direction.
• Pivot-Based Divergence: The script tracks Pivot Highs and Pivot Lows to find price divergences, which often precede trend reversals.
• MACD Confirmation: An optional layer that checks for MACD Histogram momentum alignment before triggering a trade.
• Execution Logic: The script tracks the state of an open trade, monitoring for TP1, TP2, or SL hits, and provides a live dashboard for performance evaluation.

Settings

UT Bot

• Key Value (Sensitivity): Adjusts how sensitive the trailing stop is to price movements. Higher values result in fewer, more significant trend changes.
• ATR Period: Sets the lookback period for the ATR calculation used in the UT Bot.
• Signals from Heikin Ashi: When enabled, uses Heikin Ashi price data to smooth trend detection.

Candle & Divergence

• Min/Max Candle Body (ATR Mult): Filters out "Doji" candles or excessively large candles at the point of entry.
• Pivot Period: Defines the number of bars required to confirm a pivot point.
• Divergence Max Lookback: The maximum number of bars to look back for a prior pivot to establish a divergence.
• Enable MACD Hist Divergence: Toggles the requirement for MACD momentum confirmation.

Filters

• Bollinger Band Period/StdDev: Sets the parameters for the volatility bands used to define overbought/oversold zones.
• Enable Anti-FOMO Filter: Limits entries if there are too many consecutive same-colored candles.
• Enable ATR Spike Filter: Blocks trades if the current volatility is significantly higher than the recent average.
• Max/Min BB %: Defines the specific upper and lower zones within the Bollinger Bands where signals are permitted.

SL/TP

• SL (ATR Mult): Determines the distance of the Stop Loss from the entry price.
• TP1/TP2 (Ratio to SL): Sets the Take Profit targets as a multiple of the initial risk.

FAQ

How do I use the Anti-FOMO filter?

The Anti-FOMO filter is designed to prevent "chasing" a move. If the "Max Consecutive Same-Color Candles" is set to 2, the script will not trigger a Long if the previous two candles were already green, suggesting a pullback is likely needed before a safe entry.

What timeframes are best for UT Sniper Pro?

While the script can be used on any timeframe, it is optimized for lower timeframes like M3, M5, and M15 for scalping, or H1 and H4 for swing trading.

How do I access UT Sniper Pro?

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