TradingView
mgibson91
Apr 19, 2018 11:51 PM

MG - Moving Average Offset Alert 

EOS / DollarBitfinex

Description

The purpose of this indicator is to allow the user to get alerted when price gets within a certain threshold of an interesting moving average (which has a customizable length, type and source).

It can be used for a timely notification that the price is in an important area or used for alerts to trigger trades slightly above the moving average to provide a higher probability of getting an entry at a key level

Basic Example:
- A bullish impulse wave occurs
- You plan to join in the next wave as it bounces of the 50 SMA
- You would ideally like to do other things with your life than watch the screen all day but you would like some time beforehand to perfect your trade setup
- You therefore, could set an alert to let you know when price has dropped within 2% of the 50 SMA which would provide ample notice for a comfortable trade.

More interesting example - (Using autoview):
- A bullish impulse wave occurs late in the evening
- You would like to join in for the second wave but you are human and have to sleep
- You could identify sensible profit and stop loss targets beforehand
- You could then, in preparation:
- Set an alert at profit level to close any long positions
- Set an alert at stop level to close any long positions
- NOTE: If the alert is never reached, that is not a problem. You are simply closing a position (not applying the opposition action i.e. short)
- Once your targets are set up, you could add whatever offset you desire (if any), to your custom moving average and set a buy alert on that moving average.
- If the price bounces off the moving average, you have the whole trade set up and automatically put in to action whilst you're asleep!
Comments
ckempton2013
how to use this on my profile? Apologies i am new the trading view
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