ChatGPT Algo PRO ( Bitcoin )
Description: This trading strategy combines the SSL Channel, a 100-period Exponential Moving Average (EMA), Average True Range (ATR) for setting Stop Loss (SL) and Take Profit (TP) levels, and the Heatmap Volume Indicator as a filter for trade signals.
The strategy consists of the following components:
SSL Channel: The SSL Channel is a trend-following indicator that helps to identify the direction of the market trend. It consists of two lines, SSL Up and SSL Down, which are calculated based on price movements.
100 EMA: The 100-period Exponential Moving Average is a widely-used indicator to determine the long-term trend of an asset. However, we will not do what 99% of traders do - buy when price is above the EMA and sell when price is below the moving average. We will do exactly the opposite. Not a lot of traders know that EMA often act as a magnet for market price. That's what we will capitalise on.
ATR-based SL and TP: The Average True Range (ATR) is an indicator that measures the volatility of an asset. This strategy uses ATR to dynamically set the Stop Loss (SL) and Take Profit (TP) levels. SL is set at a distance of 2 ATR values, while TP is set at 4 ATR values.
Heatmap Volume Filter: The Heatmap Volume Indicator is used as a filter to validate buy and sell signals. Trades are considered valid only if the volume bar is medium or high.
Trade Entry Conditions:
Buy: A long trade is entered when the following conditions are met:
SSL Up crosses above SSL Down (bullish cross).
The price is below the q00 EMA.
The volume bar is medium or high, based on the Heatmap Volume Indicator.
Sell: A short trade is entered when the following conditions are met:
SSL Up crosses below SSL Down (bearish cross).
The price is above the 100 EMA.
The volume bar is medium or high, based on the Heatmap Volume Indicator.
The strategy is designed for traders who want to capture medium to long-term trends with the added benefit of a volume filter to confirm the strength of the trade signals.
The strategy consists of the following components:
SSL Channel: The SSL Channel is a trend-following indicator that helps to identify the direction of the market trend. It consists of two lines, SSL Up and SSL Down, which are calculated based on price movements.
100 EMA: The 100-period Exponential Moving Average is a widely-used indicator to determine the long-term trend of an asset. However, we will not do what 99% of traders do - buy when price is above the EMA and sell when price is below the moving average. We will do exactly the opposite. Not a lot of traders know that EMA often act as a magnet for market price. That's what we will capitalise on.
ATR-based SL and TP: The Average True Range (ATR) is an indicator that measures the volatility of an asset. This strategy uses ATR to dynamically set the Stop Loss (SL) and Take Profit (TP) levels. SL is set at a distance of 2 ATR values, while TP is set at 4 ATR values.
Heatmap Volume Filter: The Heatmap Volume Indicator is used as a filter to validate buy and sell signals. Trades are considered valid only if the volume bar is medium or high.
Trade Entry Conditions:
Buy: A long trade is entered when the following conditions are met:
SSL Up crosses above SSL Down (bullish cross).
The price is below the q00 EMA.
The volume bar is medium or high, based on the Heatmap Volume Indicator.
Sell: A short trade is entered when the following conditions are met:
SSL Up crosses below SSL Down (bearish cross).
The price is above the 100 EMA.
The volume bar is medium or high, based on the Heatmap Volume Indicator.
The strategy is designed for traders who want to capture medium to long-term trends with the added benefit of a volume filter to confirm the strength of the trade signals.