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 explain it in detail in this post.
Configure the indicator settings to your liking. You can choose between 3 oscillators for the wave. The "Intraday resolution" setting is what will determine the high and low price level for a breakout.
The idea is to wait for price consolidation and a breakout to the top or the bottom will determine the direction of the trade.
Choose the timeframe for the pivot calculation, and the "consolidation band width" to increase or reduce the required price consolidation.
On specific markets such as Forex or Stocks, we observe a huge volatility through a certain period of the day. We can take advantage of this information by waiting for a breakout using a range created just before the "rush hours".
Create a daily data session, that will be used to calculate the range for the breakout. You can use the volume condition to avoid fakeouts. I recommend to limit trades to 1 per day and to exit trades at the end of the day to avoid gaps.
Stay safe. Configure your stop loss in TradingView! The integrated Stop Loss system will trigger an alert to exit the trade. You can secure your profits with the trailing system!
Secure your gains. The integrated Take Profit system will trigger an alert to exit the trade. Use the Trailing Take Profit feature to make even more profits!
DCA stands for Dollar Cost Average. The idea is to open additional orders from the base order so as to improve risk management.
The indicator uses TradingView's Strategy Tester to show results based on past trades. Use a realistic order size and commission to get realistic results.
1. Write your alert messages in the indicator settings.
2. Click "Add Alert", select the indicator and "alert() function calls only" and you're done!
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 firstname.lastname@example.org within 14-days and you will be fully refunded.
Email me at email@example.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.