Scalp01

Overview:

The Scalp01 indicator automatically tracks swing highs and lows, visualizes wave structure, and provides flexible retracement and reversal signal tools. It is designed for trend following,  scalping, swing trading, and market structure analysis on any timeframe.

Parameters and Usage:

Show previous wave retracement line

Toggle the display of the retracement line for the previous wave segment.

Previous wave retracement ratio (0.5=50%, 0.618=Golden Ratio)

Set the retracement ratio for the previous wave, e.g., 0.5 for 50% or 0.618 for the golden ratio.

Show current wave retracement line

Toggle the display of the retracement line for the current wave segment.

Current wave retracement ratio (0.5=50%, 0.618=Golden Ratio)

Set the retracement ratio for the current wave, e.g., 0.5 for 50% or 0.618 for the golden ratio.

Show high/low connection lines

Toggle the display of lines connecting all confirmed swing highs and lows.

Show wave (pivot) lines

Toggle the display of main wave lines connecting major pivots.

Show Key Reversal signals

Toggle the display and alerts for Key Reversal signals, which highlight potential reversal points.

Small Wave MA

The lookback period for minor swing detection in Key Reversal logic.

Signal valid session

The time session during which Key Reversal signals are valid.

Enable time filter for signals

Enable or disable filtering of Key Reversal signals by session.

How to Use:

Use the indicator to quickly identify market structure, trend direction, and key retracement levels.

Adjust retracement ratios to match your trading strategy (e.g., use 0.618 for Fibonacci-based setups).

Toggle visual elements to reduce chart clutter or focus on specific analysis aspects.

Combine Key Reversal signals with other tools for confirmation.

This indicator is highly flexible and can be adapted to various trading styles. For best results, experiment with the parameters and integrate the tool into your overall trading system.