COBRA indicator and how to use

Cobra

White lines = my entries – Red lines = my SL

Green lines = my TP – Yellow lines = only for technicals

To make this approach as simple and understandable as possible I will, as always, use a few words and a few simple rules to follow with some practical examples.

TradingView link: https://it.tradingview.com/script/ukFXB2j5/

The indicator has a scale from 0 to 100 on the right-hand side. That serves as a minimum and maximum parameter.

Here you have a few options:

1. Script Purpose

This script implements two MESA indicators (MESA 1 and MESA 4) with customizable colors and SMA triggers. The MESA Stochastic indicators can help you identify price reversals or overbought/oversold zones.

2. Key Parameters

  • MESA 1:
    • Length: Length of the oscillator calculation (default 50).
    • Price: Source price (default hl2, which is the average of high and low).
  • MESA 4:
    • Length: Length of the oscillator calculation (default 9).
    • Price: Source price (default hl2).
  • Trigger:
    • Trigger Length: Length of the moving average used as a trigger (default 2).

3. Color Configuration

You can customize indicator colors in the Colors section:

  • Positive Color: Color for positive oscillations.
  • Negative Color: Color for negative oscillations.
  • Neutral Color: Color for neutral oscillations.

4. How to Interpret

  • MESA 1 and MESA 4:
    • Both oscillators are plotted on the chart. The color change signals a trend shift:
      • Green/Blue: Positive trend.
      • Red: Negative trend.
      • White: Neutral trend.
  • Trigger (SMA):
    • Yellow and blue lines represent the SMAs of the respective MESA indicators.
    • When the oscillator crosses the SMA:
      • Upward Cross: Buy signal.
      • Downward Cross: Sell signal.

5. Trading Strategy

  • Confirm the primary trend: Use higher timeframes (e.g., H4 or D1). The best is on Daily.
  • Entry signals:
    • Follow the crossovers between the MESA and Trigger to identify potential entry points.
  • Add confirmations:
    • Combine this with your main strategy (e.g., EMA crossovers or support/resistance levels).

Examples

Here he could have been bought.

Here on $USDJPY perfect time for a short

10 Comments

  1. Hello, I still don’t have the cobra indicator working in tradingview and I already put my X and tradingview username in my profile. How and when will it be operational? If it is already operational, sorry for the inconvenience but I don’t know how to find it, thanks.

  4. Hi Cobra! Happy New Year!!

    Thanks for the indicator – just checking it out now. I’ve changed the colour of Trigger 4, since it coincided with a colore 0 of the MESA 4 oscilator. Makes it a bit more visual clear for me.

    Quick question: on what instruments does the indicator best work? Or does it work on all?

    Thx again!

  5. You’ve got the vertical red time/cycle lines on your charts. Is that something we can install/use ourself and how to get it?
    I also change the color like Stefaan, makes it a bit more clear to me also.
    Thnkx in advance!

    1. Hi Michiel, the cyclic lines are manual, the automatic ones work little. These are calculations that I do based on my studies and they change based on various factors over time. Thanks to you!

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