This is a strategy file for Chart Logic that will send you an alert when you have reached the scaling distance on any positions. It does not automatically scale in, it just sends alerts.
When position trading you will be trading with a small amount of risk and without a stop loss. If the trade goes against you then rather than closing the trade for a loss, you scale in by adding another trade with small risk to the position. Typically we're trading a strategy like this with an EA like CoralMAX or MultiMAX that automatically scales in, but also, we tend to wait until we get an entry signal beyond the scaling distance. Sometimes, however, price moves too quickly for a signal to form and it misses the opportunity. For times like this, it would be nice to know when price crosses this distance so we can review the chart and decide whether to take the entry manually, while price is still beyond the distance. That's what this strategy file does; it sends you an alert when you get past the scaling distance.
The distance is configured in the "Options" section. The alerts have been given a 300 second (5 minute) timeout so you don't get peppered with alerts when price is past the distance. Adjust to your preferences, of course.
(Indicator? Well, I mean for the "indicator" hashtag to be contrasted with the "ea" hashtag, so you'll easily know if this is a strategy file that's meant for trading versus not trading. This is a strategy file that is not trading, even though it's not displaying anything, so I'm calling it an indicator.)