Attach the Grey Trading Omega (2 bar lag) Script to the TradingView chart and switch to the Daily (D1) timeframe. Attach the Grey Trading Alpha (No lag) Script to the same TradingView chart.
The Grey Trading Omega Script is based on the Grey Trading Alpha Script
Buy Signal - It changes green when there has been two closed bars of Green on the Grey Trading Alpha script and on the third bar a new high has been made above the previous candle high and the current candle is green on the Grey Trading Alpha Script. Once these requirements are met the Grey Trading Omega Script turns Green.
Sell Signal - It changes red when there has been two closed bars of Red on the Grey Trading Alpha script and on the third bar a new low has been made below the previous candle low and the current candle is red on the Grey Trading Alpha Script. Once these requirements are met the Grey Trading Omega Script turns Red.
The Grey Trading Alpha Script is based on the 9 State Derivative model developed by Grey Trading. The Alpha indicator has been customised to use Heikin Ashi points for the open and close as opposed to traditional open and close values and we believe this led to the improvement in the 9 State Derivative Model and enabled us to make a leading indicator.
When to look for new Buys - When you are currently in a sell signal on the Grey Trading Omega indicator (Red Bar) you need to wait for atleast two complete green bars to form on the Grey Trading Alpha indicator. Once two bars have closed off on the D1 timeframe then you need to place your stop loss at the candle high of the previous day. If the high is hit during the third Green bar the Grey Trading Omega Indicator will issue a buy signal as the high has been hit which is its trading rules. You will need to place your new buy order as pending buy stop in MT4 and this should be done at the same price level as what you set the stop loss on your current sell positions.
If the high never is made you need to wait to the end of the day and delete the pending buy order and change the sell stop loss to a new price level if the bar closed out green and no higher high was made.
If the candle on Grey Trading Alpha indicator turns red you won't need to place a new buy order and you can move your stop loss as you won't want that triggering at the high.
When to look for new Sells - When you are currently in a buy signal on the Grey Trading Omega indicator (Green Bar) you need to wait for atleast two complete red bars to form on the Grey Trading Alpha indicator. Once two bars have closed off on the D1 timeframe then you need to place your stop loss at the candle low of the previous day. If the low is hit during the third Red bar the Grey Trading Omega Indicator will issue a sell signal as the low has been hit which is its trading rules. You will need to place your new sell order as pending sell stop in MT4 and this should be done at the same price level as what you set the stop loss on your current buy positions.
If the high never is made you need to wait to the end of the day and delete the pending buy order and change the sell stop loss to a new price level if the bar closed out green and no higher high was made.
If the candle on Grey Trading Alpha indicator turns red you won't need to place a new buy order and you can move your stop loss as you won't want that triggering at the high.
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