Sniper Entry/Exit with SL&TP

The Sniper Entry/Exit with SL&TP indicator is a comprehensive trend-following tool designed to provide clear entry signals, multi-level take-profit targets, and risk management parameters directly on the chart. It combines momentum oscillators, trend-following averages, and volatility measures to filter signals and display a detailed market sentiment dashboard.

Usage

The indicator generates "BUY" and "SELL" labels based on the crossover of the 9-period and 21-period Exponential Moving Averages (EMA). Once a signal is triggered, the script automatically calculates a Stop Loss (SL) based on the Average True Range (ATR) and projects five progressive Take Profit (TP) levels.

Users can utilize the top-right dashboard to gauge real-time market conditions across multiple metrics. A "Bull Score" and "Bear Score" provide a percentage-based look at current strength, while specific indicators like RSI, MACD, and VWAP position are listed to confirm the validity of a trend.

Details

The script employs a multi-factor scoring system (7 points total) to determine market bias:

• Price vs. VWAP: Checks if the price is above or below the Volume Weighted Average Price.
• RSI Filter: Evaluates if the 14-period RSI is above or below the 50 level.
• MACD Trend: Compares the MACD line to the Signal line.
• EMA Alignment: Confirms if the 9 EMA is above or below the 21 EMA.
• Trend Strength (ADX): Uses the Average Directional Index to ensure the trend has sufficient strength (ADX > 25).
• Volume: Compares current volume to a 20-period moving average.
• Multi-timeframe RSI: Incorporates a 5-minute RSI check for broader context.

The "Retest" logic highlights bars in orange when price returns to the EMA 9/21 ribbon area without breaking the trend, suggesting potential re-entry points.

Settings

Visuals & UI

• Dashboard Font Size: Adjusts the text size of the information table (tiny to huge).
• Trade Label Size: Sets the size of the entry and target labels.
• EMA Ribbon Opacity: Controls the transparency of the shaded area between the 9 and 21 EMAs.
• Label Right Offset (Bars): Determines how far to the right of the current bar the TP/SL labels are displayed.

Risk Management

• SL ATR Multiplier: Sets the distance for the Stop Loss and subsequent Take Profit levels based on the current ATR value. Higher values allow for wider stops and targets.

FAQ

How do I interpret the Bull and Bear scores?

The scores represent the percentage of technical conditions currently met for either a bullish or bearish outlook. A score difference of 40% or more results in a "STRONG" bias label.

What do the orange bars represent?

Orange bars indicate a "Retest" scenario where the price has pulled back into the EMA ribbon area after a signal, which may indicate a continuation opportunity if the primary trend holds.

How can I access Sniper Entry/Exit with SL&TP?

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