5m Exit Alerts

These can help a lot with Daytrading if you don't have a price target in mind when there's no clear resistance / support nearby, and you don't trust the market enough to hold it as a swing trade.

Keep in mind that its main purpose is to give you a "warning" that it might be good to look at your screen, instead of guaranteeing you "now is the best time to exit". You won't reach high winning stats by blindly following this alert.

"A Exit LONG":

(I'm using letters instead of numbers for all Exit alerts to make sure I don't accidentally confuse Enter and Exit alerts).

There are 4 conditions that might trigger it. The reasons show up in the exit alert message (unfortunately only as a number, since alert messages can't have "dynamic text" in TradingView), and can also be displayed as symbols in the chart (see image above - make sure to enable "Show Signals" in the indicator settings first though).

Here are the conditions sorted from best to worst:

1. Technical reversal: Bearish Hammer candle with Volume > 2 * avg volume (of last 30 candles), when 5m candle closed. Reversal very likely. This is usually the best time to take your gains for the rest of the day.
   
2. EMA 3/8 cross: standard 5m EMA 3/8 cross, indicating a trend reversal, or at least a pullback. Can also be helpful to detect double tops / double bottoms.
   
3. Trailing Stop Loss: Crossed below 30m EMA 8, 5m candle closed. This is a "fallback" alert in case EMA 3 was already below EMA 8 before you set up the alert. It's not unlikely that the stock might go further down to VWAP, so depending on the chart and market this might be a good opportunity to save the gains you have left.
   
4. "Final" Stop Loss: Crossed below VWAP. Usually not a good sign. If you entered around VWAP your losses shouldn't be big yet, but if you plan on holding the stock the Daily chart and market outlook should better be quite convincing, and you wouldn't have needed to use this alert in the first place.
   

Keep in mind these work of course best if you picked a "good" stock: clear movement, tidy price action, high volume. Otherwise alerts are more likely to be triggered redundantly.

Always consider how the market and stock looks like, then decide whether to exit or not! Usually it makes sense to wait a bit to see f. e. whether the stock bounces off the 30m EMA 8, and it's just a pullback.

"B Enter SHORT":

Similar, but for shorts...

"C 1m Scalp LONG" + "D 1m Scalp SHORT":

Simple Scalping alert for EMA 3/8 cross on a 1m chart - but without needing to use a 1m chart to set it up!

Unfortunately it's not as accurate as manually setting this alert up on a 1m chart. It might be an advantage though that it sometimes is triggered 1-2 min later, since this means there are less redundant triggerings.

It can be useful esp. on high momentum trades, but I honestly haven't used it in a looong while.

"X Candle Close":

same as in 5m Entry indicator: triggered when 5m candle is confirmed

"Z Trend Change: UP" + "Z Trend Change: DOWN":

This one is meant to be used only on SPY: It alerts you when SPY is changing its trending direction, which might mean entering or closing existing trades.

I have therefore set it up to never end (by setting it to "Once Per Bar Close" in the alert settings).

It's based on DMI positive or negative being > 25. I had it based on VWAP at the beginning, but there were days where it was triggered every 5 minutes...

More infos: https://www.reddit.com/r/RealDayTrading/comments/1fcux2c/from_38_to_81_after_18_months_34_alerts/