Pivot Scalper 3 and Helpers Overview
Pivot Scalper 3
Pivot Scalper 3 is an indicator that creates signals from price hesitation and changes in price direction and gives you several options to filter these signals so higher probability trading opportunities stand out.
The Helpers read Pivot Scalper 3 signals and enter trades for you at the speed of the computer and set up targets and stop losses eliminating the need for lighting reactions and error prone tasks around creating stop and target orders.
The difference between Helper Basic and Helper Journeyman is the complexity of managing a trade once entered and the ability to use the Strategy Analyzer. Basic uses one target and a stop loss. Journeyman can have two targets (each with its own position size) a trailing stop when the first target is hit and the option to use the next Floor Trader Number as the second target. Helper Journeyman can also be used with the Strategy Analyzer to backtest and optimize Pivot Scalper 3 settings.
There are 3 kinds of signals:
Dots – Continuation dojis. These are bars that almost reversed direction, but didn’t and continued in the same direction as the bar that preceded it.
Triangles – Reversal dojis. These are bars that reversed and close in the direction opposite of the bar that preceded it.
Arrows – Wave dojis. These are consecutive Reversal dojis where you have valley pivots moving up or peak pivots moving down.
Pivot Scalper 3 gives you four ways to filter the signals
- Signal Type: take one, two or all three types of signals
- Advance Pivot / Floor Trader Number: Only present signal that occur when the price bar intersects a Floor Trader Number
- CCI: signals will only present if they are above or below a certain value of the CCI indicator with a period that you specify
- Smooth: signals will only present if the Smooth indicator is going higher above 20 or going lower below 80 for the EMA and Stochastics periods you specify
Any of the filters can also be disabled either by select the false option or entering 0 for one of its parameters.
Click the circled arrow in the bottom right to move onto the next Lesson.