Elaris Smart Scalping Indicator

The Elaris Smart Scalping Indicator tool provides a multi-confluence framework for identifying high-probability scalping opportunities using trend, momentum, and volatility filters. By combining Exponential Moving Averages (EMA), RSI, MACD, and volume analysis, it generates non-repainting signals designed for short-term trading across liquid markets like Forex, Crypto, and Indices.

Usage

The Usage section describes how the script can be used to identify entry and exit points based on a scoring system. Traders can utilize the buy and sell labels which appear only after a candle has closed to ensure the signal is confirmed.

• Signal Identification: Look for "BUY" or "SELL" labels on the chart. These signals are triggered when the internal scoring system (0-100) exceeds the user-defined "Minimum Signal Score."
• Trend Confirmation: The indicator uses dual EMAs to establish trend direction. Users can adjust the "Trend Strictness" to filter out minor pullbacks or capture aggressive moves.
• Risk Management: Upon a valid signal, the indicator plots visual guide levels for Entry, Stop Loss (SL), and two Take Profit targets (TP1, TP2). These levels are calculated using the Average True Range (ATR) to adapt to current market volatility.
• Dashboard Monitoring: The on-screen dashboard provides a real-time summary of the trend state, Higher Timeframe (HTF) bias, current RSI values, and ATR percentage, allowing for quick assessments without manual calculation.

Details

The script operates on a weighted confluence model where different technical conditions contribute to a total score. This ensures that signals are not based on a single indicator but on the alignment of multiple market factors.

1. Trend Engine: Utilizes a Fast and Slow EMA. The strictness setting determines if the price simply needs to be above/below an EMA (Aggressive) or if the EMAs themselves must be sloping in the direction of the trade (Strict).
2. Momentum Engine: Integrates RSI and MACD. RSI must cross specific bullish/bearish thresholds, and the MACD histogram must align with the trade direction.
3. Volatility and Volume Filters: The ATR filter ensures there is enough price movement to reach targets, while the volume filter requires current volume to exceed its moving average by a specific multiplier.
4. HTF Confirmation: Users can pull trend data from a higher timeframe (e.g., checking the 15m trend while trading on the 1m chart) to ensure they are trading with the primary market direction.

Settings

01. Trend Engine

• Fast EMA: Sets the period for the short-term trend EMA.
• Slow EMA: Sets the period for the long-term trend EMA.
• Trend Strictness: Choose between Aggressive, Balanced, or Strict logic for trend validation.

02. Higher Timeframe Confirmation

• Use HTF Confirmation: Enables or disables the higher timeframe trend filter.
• HTF Timeframe: The timeframe used for the secondary trend check.
• HTF EMA Length: The period of the EMA calculated on the higher timeframe.

03. Momentum Engine

• RSI Length: The lookback period for the Relative Strength Index.
• Bullish/Bearish RSI Level: The specific levels the RSI must cross to contribute to a long or short score.
• MACD Fast/Slow/Signal: Standard parameters for the MACD calculation.

04. Quality Filters

• Use Volume Filter: Toggles the requirement for high relative volume.
• Volume Strength Multiplier: The factor by which current volume must exceed its average.
• Use ATR Volatility Filter: Toggles the requirement for minimum price volatility.
• Minimum ATR %: The minimum percentage of volatility required for a signal to be valid.
• Use Session Filter: Limits signal generation to a specific time range.

05. TP / SL Visual Guide

• Show TP / SL Levels: Toggles the visibility of the entry and exit lines.
• Stop Loss ATR Multiplier: Determines how far the SL is placed based on volatility.
• TP1/TP2 Risk Reward: Sets the target levels based on a multiple of the risk.

06. Signals & Dashboard

• Minimum Signal Score: The threshold (0-100) required to trigger a label.
• Show Dashboard: Toggles the visibility of the real-time data table.
• Dashboard Position: Adjusts where the table appears on the chart.

FAQ

How do I interpret the signal score? The signal score represents the level of confluence. A score of 100 means all conditions (Trend, RSI, MACD, Volume, ATR, and HTF) are perfectly aligned. You can lower the "Minimum Signal Score" setting to receive more frequent signals or increase it for more conservative entries.

Why did a signal label disappear during a candle? The indicator is designed to be non-repainting, meaning signals only lock in once a candle closes. If conditions are met mid-candle but fail before the close, the signal will not trigger to prevent "fakeouts."

How can I access the Elaris Smart Scalping Indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.