This indicator is ideal for traders pursuing a GRID TRADING strategy. While it is true that the trading process is typically automated, the first and most important step is to find a sideways, consolidating, ranging or slowly upward trending market. There are GRID TRADING tutorials I've published (linked below) that go into this fascinating (and profitable) trading style.
If info on chart above is not readable, adjust the chart or view screenshot below.
This indicator will assist in scouting out market opportunities where a grid might be set-up. It provides lines for both long and short term price action, plus uniquely incorporates trend tendencies in both the lines -PLUS- as "Trend Dots" at the bottom of chart.
Remember, you are looking to start your grid at (or above) support during an upwardly trending price area (Green Trend).
Next you must decide the range depth of your grid (I suggest 4% to 8% as measured on the chart). This is why the indicator has "Auto-Fibonacci Lines" added, they help in projecting how high or deep your range might go.
And finally, "box out" a projected grid range that has logical support, resistance and fib parameters.
TIPS FOR HOW TO USE THIS INDICATOR
TO HELP FIND OPTIMAL GRID TRADING OPPORTUNITIES
- Use this indicator in combination with other indicators to fully maximize your results.
- First zoom out and determine the overall structure and phase the market is in (long term).
- Remember, GRIDS perform best in sideways or slow upward ranging trends. Look for this.
THERE ARE NUMEROUS WAYS TO USE THIS INDICATOR
BELOW IS ONE WAY, TO GET YOU STARTED:
- 1. Watch for a major support point.
- 2. Followed by a higher minor support point.
- 3. Start grid during GREEN trend indication (as seen on indicator trend dots or trend support line)
- • If using Heikin Ashi candles (recommended) start grid on a GREEN candle
- 4. Map out your grid range of 4% to 8% using lines and/or Auto-Fibonacci lines on chart.
This is not a "SIGNAL" type indicator, it is a valuable tool (or aid) designed to assist you in conjunction with other indicators and market knowledge. Some grid traders use ONLY this one indicator, but you should evaluate the others I've created which may help you refine your grid start parameters and opportunities. You should also join our Crypto Grid Masters Community (Discord) - lots of help and ideas there!
Check my SCRIPTS PAGE for other grid indicators.
You may automate your Grid Strategy using the Grid Bot here:
THIS IS A PAID INDICATOR
(currently at 50% off annual subscription)
PURCHASE or SUBSCRIBE HERE:
AFTER YOU'VE PURCHASED - ping me here at Tradingview with receipt number (@DanHollings) or my Discord
Indicator will be added in the "Invite-Only" section of your indicators as quickly as I can get to it.
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As always, I appreciate your support. Please share with others.
Master Crypto Grid Trader
Host of the "High Leverage Lounge"
Please Explore My Other Indicators, Scripts, Grids and Educational Ideas.
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FOR MORE HELP...
PLEASE REVIEW MY GRID TRADING TUTORIALS: