The S3 Scalping System for Sierra Charts is designed to identify scalping entries and exits with the goal of reaching a daily profit level. It can be used during trending and ranging conditions, as its goal is to identify short term changes in momentum and quickly enter and exit when a target is reached. It is not meant to be traded all day long, but to capture moves during the first few hours of the trading day when volume is high.
The S3 Chart Trading System is entirely rule based and it comes in two versions: Manual and Auto Trade. The Manual Version includes the Basic Chartbooks. It is strictly for manual trading, and it shows potential entries, based a Basic set of rules. The user can make the decision to enter, using some additional Enhanced rules, provided below, that he will need to follow.
The Auto Trade Version adds to the Basic Chartbooks a Spreadsheet System for Trading Study that has been coded to implement the Basic rules, as well as the Enhanced Rules, and to enter the trade for you as soon as the signal appears, or just signal when you could enter a trade manually.
With the optional S3 Spreadsheet System for Trading, the S3 Scalping System becomes a completely automated trading solution. It fully implements the S3 trading strategy, including the Basic and Enhanced rules. Daily profit and loss targets can be set on a chart by chart basis, as trading conditions change throughout the day, and one can decide to adjust or exit a trade at any time.
The user has complete control, including which charts/symbols to trade, order quantities, adjustments to the rules, targets, stops, and daily limits.