Trading is Injurious to Health
Trading is not injurious to health. With proper Risk management, we can make a profit. So risk management is important. In this article, I am explaining a trading strategy that combines two technical indicators. A combination of technical indicators and little price action knowledge gives you an edge in trading.
We’ll be combining the Elliott Wave Oscillator with the Calman Trend Levels Indicator to identify high-probability reversal trades. This strategy is tested on the 5-minute chart of the SPX Index and provides clear buy and sell conditions with a risk-to-reward ratio of 1:1 or 1:1.5.
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Indicators Setup
To set up this strategy on TradingView, follow these steps:
- Add the Elliott Wave Oscillator
- Open TradingView and search for Elliott Wave Oscillator in the indicator search box.
- Select the Elliott Wave Oscillator and add it to your chart.
2. Add the Calman Trend Levels Indicator
- Search for Calman Trend Levels in the indicator search box.
- Select the Calman Trend Levels by Big Beluga and add it to your chart.
- Adjust the settings by hiding some options for a cleaner view.
Once both indicators are applied, your trading setup is ready!
Buy Entry Conditions
- The Elliott Wave Oscillator shows green bars, indicating bullish momentum.
- The market forms a bullish candle (confirmation).
- The MA line of the Calman Trend Levels indicator shows a buy signal
- If all conditions are met, place a Buy Order.
Stop Loss & Target
- Stop Loss: Below the current market low.
- Target: 1:1 or 1:1.5 risk-to-reward ratio.
Sell Entry Conditions
- The Elliott Wave Oscillator shows red bars, indicating bearish momentum.
- The market forms a bearish candle (confirmation).
- The MA line of Calman Trend Levels is green (indicating a reversal setup).
- If all conditions are met, place a Sell Order.
Stop Loss & Target
- Stop Loss: Above the current market high.
- Target: 1:1 or 1:1.5 risk-to-reward ratio.
❌ Losing Trade:
Not all trades win — one trade hit stop loss before reversing.
Losses happen, but the strategy remains profitable over time.
Key Points to Remember
- This strategy works best in a 5-minute timeframe.
- It is based on reversal trades, so entries happen against the short-term trend.
- Not every trade will be a winner — some losses are part of the game.
- Always follow risk management rules and avoid overtrading.
