Sniper Entry Pro V3.1

Introduction

Sniper Entry Pro is a comprehensive price action (PA) tool designed to integrate structure and trend analysis with displacement and Fibonacci levels, providing a detailed market perspective. It identifies an Entry Zone based on predetermined conditions, marking Entry Levels, Stop Loss, and Take Profit points on your chart.

With adjustable filters to align with your trading strategy's confluence needs, Sniper Entry Pro can enhance accuracy, albeit potentially reducing trading opportunities. It's optimized for all assets and timeframes, performing exceptionally well on higher timeframes. Use it in confluence with trend analysis and key levels to boost your trading confidence, and get notified of potential entries with TV’s built-in alert.

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Indicator Settings

Below we'll walk through the indicator settings, which we'll split into two sections. First, we'll cover the Entry Zone settings to help you identify potential trade opportunities. Then, we'll go over the Take Profit, Stop Loss, and Breakeven fields, to manage those trades effectively.

We have intentionally left out the Label Colors setting as we feel you can make an educated guess as to what they are and do.

Entry Zones and Filters:

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Signal Type: Allows you to select the type of signal you wish to view. 'Both' would display both Long and Short signals.

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• All Trades: When checked, this will display all trades, regardless of other filter settings. This setting is Disabled by default.

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• Show Entry Zone: Toggles the visibility of the entry zones on the chart. You're also free to customize the color of the trend line and each of the bullish and bearish zones.

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• Labels: When this is checked, labels for the entry zones are displayed on the chart, providing quick and easy identification. Unfortunately, the price values cannot be copy/pasted.

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• Displacement Filter: When enabled, this filter will screen out signals based on Sniper Entry Pro's displacement criteria, which could be related to the distance from certain moving averages or other specified conditions.

Follow the link below for more information on Displacement:

pageDisplacement

There are no displacement candles on this chart, indicating a direct and uninterrupted price movement (continuation)

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• Structure Filter: This would filter signals based on the market structure, but it appears to be an inactive feature in the provided image.

Follow the link below to find out more about Market Structure Shifts:

pageMarket Structure Shifts

Price needed to close above the line to establish MSS on a higher timeframe

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• Trend Filter: If checked, this will filter the signals based on the current trend. It works in conjunction with the 'Trend Strength' setting below it.

Trend Strength

A numerical input that likely defines the minimum strength or confirmation required for a trend before allowing a signal to be considered valid.

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• Show Filtered Zones Only: This will ensure that only the entry zones that pass the active filters (like the Displacement and Trend filters) are displayed.

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• Show Multiple Zones: If checked, the indicator will display multiple entry zones, if available, after the filters have been applied.

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• Show Untapped Zones Only: When enabled, this will display only those entry zones that have not yet been 'tapped' or reached by the price action or a previous trade.

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• Show Prev TP/SL: Toggle whether you want to view previous Take Profit (TP) and Stop Loss (SL) signals. This is primarily used for backtesting and can be disabled when forward testing to help declutter your chart.

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• Show Live TP/SL: When checked, this displays the live or current take profit and stop loss levels (similar to unchecking the Labels box for 'Show Entry Zone' above). You can adjust the size of the text for the labels to your preference.

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Live Label Offset: Adjusts the distance that the live TP/SL labels are offset from their default positions on the chart.

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Entry Label Size: Adjusts the size of the labels for the entry zones, with an additional offset parameter that could adjust their position.

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TP/SL Label Size: Similar to the Entry Label Size, this adjusts the size of the labels for the take profit and stop loss indications on the chart, with an offset feature as well.

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Take Profit / Stop Loss / Breakeven Levels:

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Take Profit

• Type: You can choose between Swing, ATR, or Extended Fib-based Take Profit levels. If you're not familiar with ATR or Extended Fibonacci levels, we recommend sticking with 'Swing' until you're more familiar with the others.

• Factor: This field only applies to the ATR-based Take Profit type and a factor of 1.5 means the Take Profit level is set at 1.5 times the determined unit of the ATR level.

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Stop Loss

• Type: Just like with the Take Profit settings, you have the option to choose either Swing or ATR-based calculations to determine how far the Stop Loss level should be set from your Entry point.

• Factor: This field only applies to the ATR-based Stop Loss type and a factor of 2 means the Take Profit level is set at 2 times the determined unit of the ATR level.

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Breakeven

• Close at Breakeven: When checked, this option enables the strategy to exit a position at breakeven. This means that if a trade goes into profit by a certain amount, the Stop Loss can be moved to the entry price to prevent any loss on the trade ("risk-free").

• Stop Loss to Breakeven: This dropdown lets you select when the Stop Loss should move to breakeven (e.g. if set to TP 1 the Stop Loss level will be moved to the Entry level after TP1 has been hit).

• Stop Level: Here, you can decide where you would like the Stop Loss to move to after a Take Profit level has been hit (e.g. if you have the SL to BE set to TP2 and 'Stop Level' set to TP1, it will move the SL to TP1 after TP2 has been hit).

The Stop Loss level has been moved to BE after TP1

The Stop Loss will only move to BE after TP2 has been hit

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By adjusting any number of the settings above, you can tailor Sniper Entry Pro to your risk management preferences and trading style, whether you're looking for a tight risk control mechanism or aiming for larger wins by letting trades run. It's important for you to understand how each setting affects their potential trade outcomes and to set these in accordance with your overall trading plan.

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Setting Limit Orders / Market Orders

The choice between setting limit orders on a higher timeframe and market ordering on a lower timeframe depends on your trading strategy and risk tolerance. Limit orders allow for precise entry points but may not get filled, while market orders ensure entry but at the possible cost of slippage.

Take Profit Recommendations

For Take Profit (TP) levels using Sniper Entry Pro, we typically recommend the following:

• Higher Timeframes: Use swing points. Allocate profits at 40%, 40%, and 20% for the three TP levels, the last portion being for runners.

• Lower Timeframes: Use the -0.27, -0.618, and -1 Fibonacci levels for TPs, allocating the same percentage for each level.

Remember, these are guidelines and your trading style and risk tolerance should dictate the final strategy.