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3 Must-haves for Top TradersStats published by exchanges clearly show that 80% of traders lose money. So the inquiry is not “how to get into the top 20%?” Who wants to settle for mere profitability? The inquiry becomes “how do I get into the upper 3% of traders?” - The “fly around in private jets” and “build whole schools in Africa” traders? The answer is simple. Stop being human. It’s our human emotions that trip us up every time. We close winning trades too early (take the money and run) and hang onto losing trades too long (pray for a miracle). Top traders (the ones with private jets) have one thing in common. They all know how to code. And they automate their trading to take the human element out of it. So here’s your quick list of must-haves skills and tools to invest in. Your best investments to get you into the upper 3%. The journey from staring at your computer doing live Technical Analysis to sitting on the beach while your bot trades for you. Get Tradingview Premium. If you’re serious about making money, you need the ability to back-test. The deep-backtester that comes with a premium level account is going to give you the accurate results you need. Trading code that hasn’t been properly back-tested and optimized is a game of russian roulette. The money you make from trading well tested strategies will pay for this investment ten-fold. Which brings me to my third and final point, optimization. Master Pine Script. Shout-out here to Matt Slabosz who developed Pine Script Mastery - an excellent overview course for beginners. Matt is not only a solid trader and exceptional coder, his true brilliance is being able to explain complex coding concepts in simple terms. Given that the last time I’d coded was punching fortran cards in University, taking his course was a pleasant surprise in how easy and addictive learning to code Pine Script can be. Optimize your strategy. There are solid strategies published on tradingview that look unprofitable at first glance. That’s simply a matter of knowing the correct settings for the derivative and market conditions you’re trading. So you have two choices. Sit at your computer all night and run scenarios on the deep back-tester, or Buy an optimization tool that will run scenarios while you sleep. Being way past the age where I’m willing to give up my sleep, the answer, for me, is a no-brainer. TradingTools.software is my top pick for optimizing your TradingView strategy. It allows you to pinpoint the weak areas of your strategy down to the window of where the biggest losses are occuring. This information is pure gold to creating strategies to filter against market conditions where your automated strategy would otherwise fail. Learning the skills and buying the tools you need is critical to mastering any profession. Trading is no different.
INDEX:BTCUSDEducation
by TeresaDee
7
Week in Review: Chipper CodersFirst Off If you enjoy these weekly publications and would like to keep up-to-date with the latest and greatest scripts, share this article and follow me on TradingView. *sigh* The TradingView community has been, unfortunately for me, very busy this week publishing useful indicators. Due to this, it wouldn’t be right to just glaze over everyone, so this week will be a little extended, taking a slightly deeper look at some of the work published and by who it’s published. I’ll still focus in on the coder that has, in my opinion, done the highest quality work. That aside, there’s no order. Water, Water, All Around... Someone (or some people) that’s no stranger to TradingView is BacktestRookies , who’s articles on their website have helped many budding Pine scripters. This week they published an indicator called “Volume Profile:Intra-bar Volume”. Through a function to loop, it looks at the close of lower timeframes and stores the volume as buying volume if the lower timeframe candle closed up, or selling volume if it closed down. This is as close as we can get to identifying volume flow imbalances without order flow data, but it’s not quite there (through no fault of its own). One issue I noticed was that during the current chart’s period the volume bars will stop updating volume and will only render it properly when current chart’s period finishes. This makes it difficult to use it within a trading system (as far as I can see) Sticking with volume, mjslabosz has created “Volume+ (RVOL/Alerts)”, which is a relative volume indicator. Relatively simple, but highly applicable in volume studies. mjslabosz has also allowed the user to select what criteria needs to be met for the volume bars to be highlighted. No doubt this will be a useful addition to many people’s ideas. Spiralman666’s “ETH HawkEye Aggregated Volume Indicator” takes NeoButane’s “Aggregated ETH Exchange Volume” and combines it with LazyBear’s “HawkEye Volume Clone Indicator”. This will give you an in-depth yet holistic overview of Ethereum’s volume. The concept can be extrapolated to other assets for volume analysis strategies. … And Not A Drop To Drink One issue I have with many reversal identification scripts is that they identify the conditions for a reversal as an instance as opposed to a zone or area. LonesomeTheBlues “Divergences for many indicators V2.0” attempts to rectify this by plotting reversal conditions as a line from one point to another, thereby giving you a zone/area from within which to take reversal trades should other conditions be met. The user has the option to choose from a range of indicators with which to identify reversals. Lines In The Sky Another familiar face to TradingView, and someone who constantly brings something new to the community, is alexgrover . This week he published a “Light LSMA” script. Rather than try and rehash the brilliant explanation he gave on it’s construction, I encourage you to visit his profile and view the trove of high-quality work he’s provided. Peter_O’s “EMA NoHesi - cutting noise in EMA and any other data signals” (rolls of the tongue, eh?) is a function to remove noise from indicators that use lines, like MA’s, RSI, MACD etc. The function will guide the line in the same direction unless there is a significant change is the price. The script could be improved to automatically calculate the hesitation value based off what asset you’re trading, but that doesn’t take much away from it. The “Multi Timeframe Rolling BitMEX Liquidation Levels” by cubantobacco allows users to gain insight into where a lot of liquidation may lie for BitMEX and where price may have to go to keep cascading in that direction. Combining this with some kind of sentiment index for Bitcoin can give great insight into what levels will cause huge reactions. In general the TradingView community can’t seem to get enough of tools for trading on BitMEX, so I’m sure this will see use. Last of the lines, shtcoinr’s “The Center”, which was inspired by half a sentence from Adam H. Grimes, takes the high and low of the higher timeframe, divides it by half and then plots the halfway line. The result is a line that hints at the prevailing trend, can act as a momentum indication (by measuring the distance of the line from the price) and acts as a line of support and resistance. Busy Bees Two people were very active in producing high-quality work this week. The first I’ll mention is RafaelZioni (who’s been included in the previous two articles). He’s published five scripts this week, with one of them being a simple “5 min volume scalper” with alertconditions() that buy and sell based off volume activity. Another script with alertconditions() for buying and selling is his “Keltner Channel signals”, which is just an alteration of puppytherapys “Keltner Channel - APEX”. It also includes support and resistance levels. “linear regression new” and “BollingerRS” apply the same concept, with “linear regression new” being an attempt to render a linear regression channel (something that TradingView should really provide for us, along with the volume profile formula). Last but not least is RafaelZioni’s “Linear regression slope as SAR”, which is a creative alteration to the standard PSAR. The other busy bee this week was xkavalis , who published three interesting scripts. The first was “Dynamic Price Channels”, which divides the price action into equal channels. When I first seen it I thought that maybe it could be a component for a volume profile overlay (combined with some other features). The “Manual Backtest Lines” can be used within another indicator for replaying price action and results. (He’s actually looking for a fix for a couple of issues, so if you think you can help him out, shoot him a message). “ATR SL Visualization (on chart)” plots appropriate stoplosses and take-profits for each bar (should you enter a trade on that bar) automatically and is, yet again, another script that would be a useful component within a strategy. Expect More of the Same The user I’ll be focusing on this week is dasanc , someone who’s been focused on in the past. It’s difficult not to shine the spotlight on him when he’s pumping out truly empowering ideas. Last week dasanc published “Decent Martingale Strategy ”, which was inspired from a script with a similar name by RicardoSantos . Although it’s not ready for use in trading, it gives good insight into how to code strategies (although until TradingView’s backtester is suped up a little, backtesting doesn’t really mean anything in most cases, so don’t get too excited at those results) The “Signal to Noise Ratio [SNR}” by dasanc gives traders confidence that the signal being fired isn’t just a stray note in a noisy market, but a meaningful one. Keeping with Ehlers, dasanc has also published the “MESA Adaptive Moving Average”, which, rather than being a copy of the indicator, is, as dasanc puts it, a translation. His iteration seems to signal a period earlier than other versions without introducing any lag, due to how it’s calculated. Following from the “Interquartile IFM” and the “Cosine IFM”, we now have the last of Ehlers IFM bunch, the “Robust Cycle Measurement”. This is similar to it’s cousins in that it outputs an adaptive period, but the output of this script is usually higher than it’s two cousins. I’ll definitely be including it in some of my future creations. Last but certainly not least is dasanc’s “Multi-Instantaneous Frequency Measurement”, which is a script combining all three of the IFM’s that have been published, as well as the Hilbert Transform. Quick Mention I would just like to give nilux a shout-out for turning more than a handful of studies into their strategy counterparts. A lot of people seem to have trouble wielding the power of strategies and I’m sure many would learn something from studying his. Also, look at this almost-2000 line script that shtcoinr called “... longer than the bible”: Want to learn? If you'd like the opportunity to learn Pine but you have difficulty finding resources to guide you, take a look at this rudimentary list: docs.google.com The list will be updated in the future as more people share the resources that have helped, or continue to help, them. Follow me on Twitter to keep up-to-date with the growing list of resources. Suggestions or Questions? Don't even kinda hesitate to forward them to me. My (metaphorical) door is always open. Profile’s of Mentioned Dasanc: www.tradingview.com RafaelZioni: www.tradingview.com xkavalis: www.tradingview.com nilux: www.tradingview.com Spriralman666: www.tradingview.com shtcoinr: www.tradingview.com BacktestRookies: www.tradingview.com alexgrover: www.tradingview.com Peter_O: www.tradingview.com TheViciousVB: www.tradingview.com cubantobacco: www.tradingview.com LonesomeTheBlue: www.tradingview.com mjslabosz: www.tradingview.com
BITFINEX:BTCUSDEducation
by chrysopoetics
8
Mission Statement for the "- in Review" seriesI'm not sure of the exact figures, but I think TradingView has about 7M+ users. That's 7M+ people working towards the same end. 7M+ people with insights and ideas. 7M+ people with access to an in-house programming language tailored for trading and technical analysis. Yet despite this there's only a small, mumbling community for discussing Pine, trading and how to bring them together. A few people have endeavored to change this and I'd like to play my part. So I'm going to begin publishing a series of articles through TradingView that will try to bring light to the secretly-active Pine community. The three titles I suggest will be: (1) "Week in Review", (2) "Coder in Review" and (3) "Script in Review". One of the reasons I want to do this is because I think it's incredibly difficult for new users to get recognition for their brilliant work due to the current TradingView search system being an echo-chamber. Those with the most followers get the most views and the most likes and then more followers and more views and... LazyBear, a cherished asset of the TradingView community, is all some people will know and search for. This can be disastrous for building a lasting community around Pine and for developing your own concepts around trading. So I want to give more exposure to those who publish now so that we can all have the opportunity to be involved in conceptual progress. Hopefully in due time TradingView will revamp their search engine. Most popular scripts of the week/month/year would be a start, but I'm sure more could be done. The articles written will never be defamatory or provocative. I don't want to rouse spirits, but focus minds. In that same vein, I will never shill someone's profile or scripts. All choices will be mine alone (unless I can poll effectively and transparently) and, as such, will have my biases (unless others join me in this effort) Week in Review Every Tuesday I'll pore through the scripts that have been published in the last week and select one for review, once it meets the minimum criteria. The criteria for being considered is: (A) for the script to be open-source and (B) not to be a direct copypasta-job from another coder. There's nothing wrong with using something not made by you to help you create something better though, but there has to be obvious improvements made from the original. The script reviewed is meant to be my pick-of-the-bunch, but that is by no means an ultimate opinion. Some qualities that I'll most likely be looking for are: (A) creativity and innovation; just do as Ezra Pound did and "Make it new!", (B) usefulness: it can either be useful in it's own right, or it can be useful when used as a component within another script; both will be considered, neither will be favored and (C) a decent description of what it's supposed to do or how it's supposed to be used. Clean charts are a plus too: you only need the indicator you're publishing on the chart most of the time. Aside from the script, there will be a brief mention of the programmer and their body of work. Coder in Review This is where I'll look over the portfolio of a user on TradingView and comment on their body of work, some of their best (my favorite) scripts and how they've helped the community to grow as a whole. The criteria for being considered are: (A) must have an account for over six months and (B) must have published at least ten scripts. These won't be published regularly (at least not at the start), so I'll just push them out when I get the itch. From referencing so much of RicardoSantos' work in my initial builds, I felt indebted enough that I wanted to write him an essay explaining my thanks. I've since had that feeling for a lot of programmers. Some qualities I'll be looking for will be: (A) breadth of analysis and (B) efficient code. Script in Review Some weeks we're going to have a handful of top-notch scripts, most which we don't want discluded from the narrative. So in order to accommodate for them there'll also be a "Script in Review" thread of articles. This will also give me the opportunity to discuss scripts that were published a long time ago. Criteria to be included will be the same as the "Week in Review" selection. Like the "Coder in Review", these won't be regularly publications for the time being, but may become so in the future. Disclaimer I'm going to talk about scripts and programmers that I like, but that is by no means an endorsement. If someone I talk about sells products or services, I do not want you to make a decision to engage with their products or services based on my opinions. I'm not selling anything or trying to get you to buy something. I just want to open up the discussion about Pine and bring together a community of like-minded people. Want to learn? If you'd like the opportunity to learn Pine but you have difficulty finding resources to guide you, take a look at this rudimentary list: docs.google.com The list will be updated in the future as more people share the resources that have helped, or continue to help, them. Follow me on Twitter to keep up-to-date with the growing list of resources. Suggestions or Questions? Don't even kinda hesitate to forward them to me. My (metaphorical) door is always open.
FOREXCOM:EU50Education
by chrysopoetics
2