SYSTEM MANUAL

Index

 

 

What is the Havana Oreen Price Action Indicator?

Havana Oreen is a paid price action indicator available for usage on TradingView Platform. The indicator operates smoothly on both free and paid TradingView accounts.

The Indicator generates “Buy” (Long) and “Sell” signals along with execution levels, 3 target lines and 1 stop loss line.

Like all price action dependent indicators, the indicator is also a lagging indicator. However with 11 core functions analyzing live price action, the indicator ensures high accuracy while generating a signal.

The indicator works on all charts available on the TradingView platform, be it Stocks ,Futures , Commodities , Forex Pairs and even Crypto.

 

Time frame to be used for individual symbols

Index and Stocks – 5 Minutes Timeframe

Commodities and Forex – 15 Minutes Timeframe

Crypto Currencies – 30 Minutes Timeframe

1. Introduction

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2. Package Inclusions

What all is included in the Havana Oreen Package ?

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  • Automated Price Action Indicator

  • Live Stock Screener

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3. Add the Indicators to your Charts on TradingView

The Indicators Work both in free and paid Tradingview Accounts. Just follow the following 3 steps to add the Indicators to your charts

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STEP 1

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STEP 2

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STEP 3

 
 

4. Design

  • A – Trade Signal ( Buy / Sell )

  • I – Trade Execution Line. Will be green for a signal and maroon for a Signal

    • Trade gets executed only when a 5 min candle’s body closes above or below the execution line.

 

  • B – Target 1 Level

  • C -Target 2 Level

  • D – Target 3 Level

  • E – Stop Loss Level

  • F – Information Panel – displays results of different studies running in the indicator along with a cumulative trend score.

  • G – Volume Breakout Bullish Candle (Blue )

  • H – Volume Breakout Bearish Candle (Maroon)

  • J - Book Profit Levels

    • LBP - Long Book Profit Level

    • SBP - Short Book Profit Level

  • H - Trend Bar

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5. Information Panel

 

 TS - Trend Score , range will vary between -0.4 to 4.4 . With a higher Trend Score one can expect bullishness and with a lower trend score a bearish trend will be in action. To initiate a trade 2 levels have to observed

  • Buy Signal - Trend Score has to be greater than or equal to 2.2

  • Sell Signal - Trend Score has to be lesser than or equal to 1.8

For Long Trades a trend score of 4 signifies overbought levels.

For Short Trades a trend score of 0.5 and below signifies oversold levels.

A change in trend score while being in a trade can also aid in early exits from risky setups.

BWL – Gives extreme overbought and oversold levels and should only be used for exit planning. Range will be shown between 0 - 100

  • Over Bought - 90 and above

  • Over Sold - 10 and below

The score should be used as a caution that the current trend might be overstretched and a reversal might be in store - a user can either book out or start trailing stop losses as per his risk appetite .

 VIX - Shows the current value of India VIX

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6. Setup Confluence Points

For a user to take a trade, following rules have to be followed to execute a trade

 

Buy / Long Trade

  • A Recent Buy Signal from the indicator.

  • Trend Score is greater than or equal to 2.2

  • A 5 minute candle’s body is above the Green Execution Line

 
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Sell  / Short Trade

  • A Recent Sell Signal from the indicator.

  • Trend Score is less than or equal to 1.85

  • A 5 minute candle’s body is below the Maroon Execution Line

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7. Stock Screener

User gets access to a live stock screener which makes use of the primary indicator and applies the same to a list of 24 stocks and populates a color coded table.

  • TS - Trend Score  – Shows the Trend Score of individual scripts - 2.2 and higher is good for long trades and 1.8 or less than that is good for short trades.

  • RSI - Above 55 Bullish , Below 45 Bearish. 45-55 - No Trade Zone would be marked in grey.

  • ADX - Concentrate on the stocks which have a blue colored label and avoid the lesser trending stocks.

  • Signal - Primary Indicator Signal for the Individual Script - Buy / Sell

​A user can change the list of stocks that the indicator is tracking by clicking the settings button and then from Inputs column click on the edit button. Please make sure to click on save as default after making the edits.

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8. Trend Bar

The Trend Bar acts as a ready reference to the current trend going on with the selected instrument. Please refer to the legend mentioned on the right for understanding which color denotes bullishness , bearishness and signs of trend reversal.

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9. Reversal Triggers

The system has been updated to plot real time bullish/bearish reversals irrespective of the ongoing signal. In case of a potential trend reversal in a trade the system is going to plot green/red dots to warn the user.

Actionable point after seeing a reversal dot - in the exhibit - There is a long setup in Bajajfinance. After hitting T3 the system plotted a red dot around 6360 price level. If someone is still in the long trade for T4/T5 , this trigger has to used as a warning symbol that the trend is about to reverse. Trade management wise it would be best advised to either bookout in full or to trail stop loss to cost. 

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10. BLR & BPOC

BLR

The system has been updated to plot a trend level (plotted in terms of price) which will be helpful in scalping the Index.

In the exhibit -

Short Setup

The indicator on a 5 min chart is suggesting a short trade setup in Banknifty

A shorter timeframe than the 5 min chart as per the comfort level of the user has to be selected with either Line Chart/ Heikinashi Candles enabled ( to reduce noise)

Actionable point - Short trade can be executed when the line/HK candle closes below the BLR and RSI is below 45. Targets can be plotted by using fibo retracements and stop loss at all time has to be kept / trailed at the BLR .

​BLR Line can also be used to execute new short trades on successful price rejections as well. Eg - The rejection just after SBP trigger on the 3 min chart. While doing so we are in line with the original sell signal and objective is to sell the rise ( confirmed by the rejection from the BLR line ) .


Long Setup

The indicator on a 5 min chart is suggesting a long trade setup in Banknifty

Actionable point - Long trade can be executed when the line/HK candle closes above the BLR line and RSI is above 55. Targets can be plotted by using fibo retracements and stop loss at all time has to be kept / trailed at the BLR line.

The BLR line can also be used to execute new long trades on price support at the BLR line as well. Eg - The demand at 1:00 P.M. on the 3 min chart. While doing so we are in line with the original buy signal and objective is to buy the dip ( confirmed by the support price took from the BLR line) .

Things to remember

  • All scalping trades have to be inline with the original trade trigger as per the larger time frame. For example if there is a short trade as per the 5 min chart then on the shorter time frame opportunities to short the scrip should be looked at and any contra signals have to be ignored .

  • Scalping requires high speed execution and involves more risk than a normal trade. Those with slower terminals , execution speed should completely avoid scalping.

BPOC  Point of Control

The system has been updated to plot a BPOC or Point of Control Line each day on the chart of the instrument you are looking at. Price is expected to be bullish if BPOC is breached on the upside or if Price Opens above the level and bearish if price breaches it on the downside or if Price open below the BPOC level.

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11. Automated System Alerts

The System has been designed to Send Buy/Sell and reversal alerts on tradingview. The alerts will pop up on Tradinview window or on the mobile app as chosen by the user.

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