🚀 Add SP2L Poursamadi Indicator to TradingView - [TradingFinder]

The video presents the Spike Two-Leg Pullback (SP2L) Poursamadi Indicator available on TradingView, developed by the TradingFinder group. It is designed to help traders, especially scalpers and price action traders, identify profitable short-term trading opportunities using a robust spike and pullback strategy.

Main Financial Strategy:

• Spike Two-Leg Pullback Trading Strategy:
  • Based on identifying a specific pattern of three consecutive candles moving in the same direction, with the middle candle representing a strong market imbalance (spike candle).
  • The strategy looks for a significant price gap between the first and third candles, indicating strong buying or selling pressure.
  • Entry points are triggered when subsequent candles break above or below the spike candle level.
  • Stop-Loss is set at the start of the spike leg or swing, and Take-Profit is set at a 1:1 risk-reward ratio by default.
  • The indicator can identify multiple entry points, including a secondary entry if price reaches a 50% retracement level, potentially improving the risk-reward ratio.

Key Features and Methodology:

• Automatic Identification and Display:
  • The indicator automatically detects spike candles and two-leg pullbacks.
  • It plots entry points, Stop-Loss, and Take-Profit levels directly on the chart.
  • Calculates Stop-Loss and Take-Profit levels based on the entry and spike leg.
• Entry Rules:
  • Entry is on the candle after the spike if it breaks above/below the spike candle.
  • If the entry level moves due to subsequent higher highs/lows, the entry is adjusted accordingly.
  • Secondary entries can be taken at the 50% retracement level for higher risk-reward.
• Stop-Loss and Take-Profit Settings:
  • Stop-Loss is set behind the swing or spike leg.
  • Take-Profit is initially set at a 1:1 risk-reward ratio but adjustable.

Customizable Settings:

• Spike Detection:
  • Minimum number of consecutive candles for a spike (default 3).
  • Spike filter based on trend strength to filter out weak momentum spikes.
• Gap Filter:
  • Option to enable/disable gap filtering.
  • Can select types of gaps to consider: significant, structural, major.
• Doji Candle Handling:
  • Option to include or exclude Doji candles within spikes.
  • Settings to specify the maximum body-to-candle ratio for classifying Doji.
  • Percentage limits for allowable Doji candles in spike and trend calculations.
  • Enhanced trend detection using Doji candles for refined filtering.
• Risk Management:
  • Enable/disable Stop-Loss threshold feature.
  • Set risk-to-reward ratio (default 1:1), with automatic adjustments.
  • Option to include or exclude Stop-Loss threshold in risk-reward calculations.
• Display Options:
  • Two modes: detailed setup mode (risk-reward focused) or clear buy/sell signals.
  • Option to display only the last tradable position.
  • Enable/disable alert notifications for trade signals.
  • Show or hide input parameters in the status line.

Market Analysis and Business Trends:

• The indicator is optimized for fast-paced scalping and short-term trading, helping traders capitalize on quick market imbalances.
• It emphasizes price action and momentum-based trading by focusing on spike candles and pullbacks.
• Provides a systematic approach to risk management with automatic Stop-Loss and Take-Profit calculations.
• Allows customization to suit various trading styles and risk tolerances.

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Presenters / Sources:

• TradingFinder group (developer and provider of the SP2L Poursamadi Indicator)