My Trading Journey
Learn how to set up the Stochastic Heat Map Indicator and the Pivot Point Super Trend Indicator to receive accurate buy and sell signals. Combine both indicators with the Volume SR Indicator to identify key levels of support and resistance. Backtest your trading strategies using Trader Edge to improve your trading plan. Disclaimer: This is not financial advice and is for informational purposes only.
The Most Accurate Buy Sell Signal Indicator in TradingView: Introduction
Are you tired of losing money in the stock market? Do you wish there was a tool that could accurately predict the market movements? In this video, we will be discussing the most accurate buy sell signal indicator in TradingView that you may not have known about. By the end of this article, you will know exactly how to use this powerful tool and never lose in the stock market again.
Setting Up The Stochastic Heat Map Indicator
Before we dive into the phenomenal trading strategy, we need to set up the stochastic heat map indicator. Start by searching for the indicator under the TradingView search function. Then, make a few adjustments in the settings to ensure the most accurate signals possible. These adjustments include changing the moving average type from EMA to WMA, increment from 10 to 8, smooth fast length from 2 to 7, and smooth slow length from 21 to 26. Finally, change the plot number from 28 to 25.
After these settings adjustments, move on to adjusting the style of the indicator. This involves changing two plots, the K line and D line colors, to easier-to-read colors like yellow. Increasing the thickness of the K line a bit to make it more visible. This finalizes the set-up of the stochastic heat map. The next step is to discuss the details of the indicator’s purpose.
Understanding The Stochastic Heat Map Indicator
The stochastic heat map is a tool used to plot stochastic oscillators onto a heat map. This helps identify overbought and oversold areas. The green lines indicate overbought regions while the red lines indicate oversold. To get the most out of this indicator, make sure to set a few rules.
Combine Buy and Sell Signals with Overbought and Oversold Market Conditions
While the K line crossing above the D line indicates a buy signal, and crossing below indicates a sell signal, taking every single cross can lead to false entries and losses. One effective strategy is to combine buy and sell signals with overbought and oversold market conditions. For example, you would only be interested in sell signals in the overbought area and buy signals in the oversold area.
Adding the Pivot Point Super Trend Indicator to The Chart
Next, let’s add the pivot point super trend indicator to the chart. This indicator is based on market pivot points and already has over 16,000 likes. Start by changing the Pivot Point period from two to three and lower the ATR factor to 2.8. Change the ATR period from 10 to 8. The Pivot Point super trend indicator can give highly accurate buy and sell signals, as seen in an upward movement example on the BTC/USD chart.
Using the Volume SR Indicator to Exit Trades
When it comes to trading profitably, it is essential to have a reliable method for determining when to exit your trade. This is where the Volume SR indicator comes into play. First, make a few changes in the settings for the Volume SR indicator, starting with changing the volume off threshold. This indicator is critical for identifying key levels of support and resistance.
Conclusion
By following these simple rules, you will be aligning yourself with overall market conditions and eliminating false signals. It’s always best to test the indicator and strategy against the instruments that you like to trade. Finally, be sure to use the Volume SR indicator when deciding to exit trades.
