This is a premium indicator that is intended for automated trading (eg. Autoview) on the 4 hour time scale. This script uses normalised Bollinger Band and RSI values to find greatly oversold/overbought territory. When a entry or exit has been identified, further conditions are checked to attempt to prevent entry into traps based on volume and price history. There are three alerts set up that can be used to either trigger an automated entry/exit of a trade or be used as a simple signal to manually make the trade if you don't have time to look at charts throughout the day.
Available Settings
RSI Length
RSI Oversold/Overbought thresholds
BB Length
BB Multiplication
Future developments
I am constantly tinkering with the indicator to make it better and even more reliable. Here are some features in the works:
A strategy version will be created for use in back-testing
Even more customisation regarding modifying BB% upper and lower thresholds
More conditions will be checked to improve the dip detector to maximise profits on the uptrend when OS conditions are more infrequent
Availability
Please PM me for a 24H free trial full access to the indicator to analyse its setting and visually backtest it against your desired markets. Afterwards this indicator is available for a flat fee of 0.10 ETH for lifetime access, all future updates and full support from me at any time to help fine tune it.
Release Notes
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Version 2.1
New Features
New reversal detector signal & alert : A new signal illustrated on the chart as a cross/yellow band indicates area where a reversal to the downside might break out using a formula based on multiple rsi/volume conditions. This could be used as a safety sell alert with autoview or just as a standalone signal of when to possibly get out of a trade.
Improvements
Colour indicators are clearer for user experience: [Up Arrow White = Buy] [Down Arrow Red = Sell] [Flag Orange = Possible Dip Entry] [Cross Yellow = Possible Reversal Downwards]
Release Notes
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Update 2.2
New Features:
Remove Repeat Signals Checkbox: This option which is set to false by default can be toggled in the indicate settings. For those that only want a signal to trigger once rather than continue triggering every bar that the conditions are met, now you can! This is useful if you're not interested in selling partial amounts or buying partial amounts and prefer to buy once and sell the full quantity upon conditions being met. A personal thank you to sepher0 for the great idea, I hope it improves your experience.
Release Notes
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Version 2.3
New Features
Downtrend Detection - Following the feature included in my wave trend indicator, I have now added a in-built downtrend detection that is modifiable in the parameter settings. It is a simple but effective EMA based detection using a short and long signal lines to determine the long term trend of a market. I can say with confidence that this helps when the BTC/ETH market shifts into a bearish move and alt coins suffer, instead this allows the trend to be identified and to holt entries from taking place. Changing the parameters will adjust how sensitive/quickly it can react to the change.
Minor: Settings adjustments (names & default values) for better clarity
Release Notes
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Feature Update
RSI Timeframe Signal Restriction: This logic that I programmed for my margin trading script has been ported over! It is fundamentally an RSI based trigger that you can set a custom time-frame for, it will restrict your signals based on OS/OB conditions too, eg. you wont create longs if the ticker is very overbought on the 1D time frame - extremely useful for optimising trades even further
BB Multiplier: Now edit this in decimal increments - it's the small things!
MACD has been added to the indicator to allow even more flexibility within this indicator often making very high quality trades when dialed in correctly. As with all settings the MACD parameters are fully customisable so you are not limited by a set strategy.
Interesting in using this indicator?
Check out tradespot.community where you will find access details, other tools and a whole community of traders.
@Amufani, Hi amufani, ofcourse you can! I have granted you access till Sunday evening - please contact me beforehand if you would like to continue past that point - Enjoy!
Optimal23
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Bump - saw on discord ;) would be awesome to test it. Greets mate