This strategy is one of the famous writer and teacher Alexander Elder. It uses three different timeframes to decide wether to enter a trade or not. I decided to automate the strategy, allowing us to backtest and create alerts in TradingView.
The goal of the indicator is to quickly see all three timeframes information in a single chart, the intraday chart.
The Market Tide is the first condition for a trade. It is made of a MACD histogram on the weekly chart. The condition for long or short is shown on the chart by the upper line color, respectively green when the histogram is rising and red when it is falling.
The Market Tide can be configured in the indicator arguments. You can change the MACD parameters and timeframe.
The Market Wave is the second condition for a trade. The idea is to look at waves going against the tide. It is made of an oscillator on the daily chart. The condition for long or short is shown on the chart by the bottom line color, respectively green when the oscillator is oversold and red when it is overbought.
The Market Wave can be configured in the indicator arguments. You choose between 3 oscillators and configure its length and timeframe. The oscillators available are: Elder Force Index, Stochastic and William % Range.
When both the Tide and Wave are long or short, the last condition is to have a breakout. For this we look at the previous day high or low, and once this line is broken, we enter a trade. The trade is then handled by a trailing stop loss and take profit system explained below.
The intraday breakouts can be configured in the indicator arguments. You can change the timeframe to get the more breakouts.
The Stop Loss is integrated in the indicator. Once reached it will produce an exit alert. You can add trailing to your stop loss and configure it for both long and short trades.
The Take Profit is also integrated in the indicator. Once reached it will produce an exit alert. You can add trailing to your take profit and configure it for both long and short trades.
The Trailing Take Profit allows to increase your gains in the case where the target is reached but the price is still moving fast in the right direction.
The Backtest version uses TradingView's Strategy Tester to show results based on past trades.
The Alert Setup version allows to create alerts to save time while trading, or to automate the strategy using a bot.
Link to Alert Setup Study Script
Link to Backtest Strategy Script
Private Discord Server: https://discord.gg/AwZVFDh
1. Purchase the indicators or 7-Day Trial
2. Create your account here and I will grant your account access within 24 hours!
Once I grant you access, you will receive a notification.
Then, to access the Cyatophilum indicators, simply click on 'Indicators' at the top of a live chart,
Finally, click on “Invite-Only Scripts”. There you will see the Cyatophilum indicators.
Click on an indicator to activate it. Start trading!
When I create an alert, how do I choose between "Once per bar" and "Once per bar close" ?
A "Once per bar" alert will trigger on the first tick of the bar which alert condition is true. A "Once ber bar close" alert will only trigger at bar close if the alert condition is still true at bar close.
Use "Once per bar" for manual trading. The alert will trigger sooner but is not as strong as if we waited bar close. Profits and risks are increased.
Use "Once per bar close" for automated trading. Unlike "Once per bar", a "Once per bar close" alert of the same type (buy or sell) cannot trigger more than once in a row. Thus it is suited for a trading bot which send buy and sell orders to a broker. Also those alerts correspond to the backtest results given buy the backtest version given with each indicator.
Should I expect repainting issues with any of the Cyatophilum Indicators ?
I code my indicators in such a way that each candle is calculated from previous candles data only. I do not use the security function which I know is currently bugged and causes repainting issues. Alerts are hosted on TradingView servers.
Can I use the Cyatophilum Indicators on other markets than cryptocurrency ?
Yes, all of my indicators work on most of TradingView's markets. You can trade Forex, Indexes, stocks, futures and CFD. Do not hesitate to join me on my Discord Server and I will help you configure the indicators for your favorite asset.
If you are not satisfied the Cyatophilum Indicators , email me at contact@blockchainfiesta.com within 14-days and you will be fully refunded.
Email me at contact@blockchainfiesta.com any time to cancel your subscription.
All investing involves risk, do not invest more than you are willing to lose. Past results may not be indicative of future results. By purchasing this indicator, you are not garanteed to make profit.