Market Accurate
Learn a trading strategy using various indicators on Trading View to identify potential trade opportunities. By combining multiple indicators, traders can make more accurate trades. Dots, RSI Plus Backlight Overbought Oversold, and BJ Key Levels are indicators recommended in the video. Understanding supply and demand zones and divergences can further enhance trading accuracy. It is important to do forward testing on a paper account before risking real money.
Making the Most of trading indicators on TradingView
Introduction
As a trader, it is important to identify potential trade opportunities in order to maximize profits. TradingView offers several indicators that can be used in combination to achieve this purpose.
The DOTS Indicator
One of the most important indicators on TradingView is the DOTS indicator. This indicator helps to catch trend reversals based on RSI overbought and oversold levels. However, it is important to note that signals from this indicator alone should not be used to enter trades.
Fine-Tuning the DOTS Indicator
To make the DOTS indicator more effective, traders can adjust the settings to suit their preferences. For instance, changing the fast period from 11 to 15, the met period from 12 to 20, the slow period from 22 to 25, and the oversold first level from 20 to 30 can help to optimize the indicator.
Using RSI Plus Backlight Overbought Oversold
Traders can use the RSI Plus Backlight Overbought Oversold indicator in conjunction with the DOTS to increase the accuracy of their trades. The RSI Plus Backlight Overbought Oversold is a more visually appealing RSI that can be fine-tuned to suit preferences.
Basic Fundamentals of Supply and Demand Zones
Traders can also use indicators to identify supply and demand zones. Supply zones occur where there is a large sell pressure, and the opposite is true for demand zones. As a retail trader, understanding supply and demand zones can help to identify potential levels of support and resistance.
Using BJ Key Levels Indicator
The BJ Key Levels indicator is another useful tool for traders. This indicator helps to identify key levels of support and resistance, which is useful when entering or exiting trades. Traders can fine-tune this indicator by adjusting parameters such as look left and right, the number of pivots, and ATR length.
Why Forward Testing is Important
Although TradingView offers a range of indicators that can help traders identify potential trade opportunities, it is important to undertake forward testing on a paper account. This helps to identify any flaws in the strategy before putting real money at risk.
Conclusion
In conclusion, traders can use a combination of indicators on TradingView, including the DOTS, RSI Plus Backlight Overbought Oversold, BJ Key Levels, and supply and demand zones, to identify potential trade opportunities. However, it is important to undertake forward testing before using real money.
