Besttradingindicator — Indicators and Strategies

BEST Ultimate Engulfing Screener Hello traders Continuing deeper and stronger with the screeners serie. I keep getting requests private messages and requests saying that screeners aren't possible with TradingView. My answer is always... "Reallyyy ??" (I never find a better answer than that...) I'll publish a few screeners just for everyone to understand what can be done with Pinescript. We don't have to wait for TradingView to allow screener based on custom indicator - we can build our own ^^ I - What is an engulfing pattern Let's start with a screener to check for a very famous candlestick pattern called engulfing Engulfing candles tend to signal a reversal of the current trend in the market. This specific pattern involves two candles with the latter candle ‘engulfing’ the entire body of the candle before it. The engulfing candle can be bullish or bearish depending on where it forms in relation to the existing trend Source and more info here These engulfing candles indicate a strong shift in direction, and when combined with observation of the price-trending direction that precedes it, this shift creates the opportunity for a trading strategy. II - How did I set the screener I added an optional filter being Price vs SMA. The idea is to select only the engulfing whenever the price also breaks an SMA - this usually translates a stronger move - but could sometimes give the signal too late (#meh #trading #ain't #easy) The visual signals are as follow: - square: whenever the engine detects an engulfing and an SMA breakout - triangle: the engine only detects an engulfing - dash: none of the above Then the colors are: - orange when bullish - yellow when bearish - aqua/dash when none of the above Cool Hacks "But sir... what can we do with only 5 instruments for a screener?" I agree not much but... even if I allow only 5 instruments per indicator - nothing prevents you from adding multiple times the same indicator and changing the selected instruments for each. I also show why the SPX500 gave a yellow triangle (bearish engulfing) and how to match it with the screener. => imgur.com Wishing you all the BEST trading Dave

Customizable MACD (how to detect a strong convergence)Helloooo traders I wondered once if a MACD was based on an EMA/EMA/SMA or SMA/SMA/EMA (or WHATEVA/WHATEVA/WHATEVA). Seems they're so many alternatives out there. I decided to empower my audience more by choosing the type of moving averages you want for your MACD. More options doesn't always mean better performance - but who knows - some might find a config that they like with it for their favorite asset/timeframe. I added also a multi-timeframe component because I'm a nice guy ^^ Convergence is my BEST friend An oscillator (like MACD) is to measure how strong a momentum is - generally, traders use those indicators to confirm a trend. So understand that a MACD (or any other indicator not based on convergence ) won't likely be sufficient for doing great on the market. Combined with your favorite indicator, however, you may get great results. My indicators fav cocktail is mixing : 1) an oscillator (momentum confirmation) 2) a trendline/key level break (momentum confirmation) 3) adding-up on a different trading method but still converging with the first entry. The reason I'm deep with convergence detection is because I'm obsessed with removing those fakeout signals. You know which ones I'm talking about :) Those trades when the market goes sideways but our capital goes South (pun 100% intended) - 2 days later, the price hasn't changed much but some lost some capital due to fees, being overexposed, buying the top/selling the bottom of a range they didn't identify. It's publicly known that ranges are the worst traders' enemy. It's boring, not fun, and .... end up moving in the direction we expected when we go to sleep or outside. NO ONE/BROKER/EX-GF is tracking your computer - I checked also for mine as it happened for me way too often in the past. I surely preferred blaming a few external unknown conditions than improving my TA back in the days #bad #dave But my backtest sir... Our backtests show what they're being told to show . A backtest without a stop-loss/hard exit logic will show incredible results. Then trying that backtest with live trading is like in the Matrix movie - discovering the real world is tough and we must choose between the blue pill (learning how to evaluate properly risk/opportunity caught) and the red pill (increasing the position sizing, not setting a stop loss, holding the positions hoping for the best) Last few words Convergences aren't invented because it's cool to mix indicators with others. (it is actually and even fun) They're created to remove most of the fakeouts . For those that can't be removed - a strong risk management would cut most of the remaining potential big losses. No system works 100% of the time - so a convergence system needs a back-up plan in case the converged signal is wrong (could be stop-loss, hard exit, reducing position sizing, ...) Wishing you the BEST and happy beginning of your week Daveatt

Any MA bands (TMA bands V2)Hi everyone Website will be opening very shortly :) Sorting out the last details and we're so excited to finally roll-out our different Algorithm Builders for you guys Forewords This present script is an evolution of the TMA bands . I would never have expected that script to become so popular to be honest This is not only a study or idea but a really proven method and I'm glad that many of you are using it already. But please, whenever you see a new script out there, even if it looks cool and promising, please test it on a demo account for a week or on a LIVE account but with tiny amounts every time. Many times, what you see on the chart is not what will happen in reality. I know that most of you will agree and I know exactly why we see this behavior... I'll give more details in a later post I have plenty of methods like that one and I'll detail them on my website (and a bit on TradingView) starting next month TMA bands on steroids Someone asked me privately to make a generic version of the TMA bands and make it compatible with other standards Moving Average types. That's it for the specifications really as I didn't do much than re-using some piece of my own code Suggested (but not mandatory) methodology 1) The Take Profit 1 is the middle line, Take Profit 2 is the opposite band. 2) Once the TP1 is hit, set your Stop Loss to breakeven 3) Once the TP2 is hit, if you still want to stay in the trade, set your Stop Loss to the TP1 It will be a powerful tool in your arsenal for some scalp/intraday trades Wishing you all of you a great and profitable day PS It's strictly forbidden to republish this script without my explicit approval. All my posts are copyrighted from now on Obviously you can use but not republish and get the credit or even worse... some money from your own clients Dave ____________________________________________________________ Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :) (tips are accepted too) - If you want to suggest some indicators that I can develop and share with the community, please use my personal TRELLO board - I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies Jump on a 1 to 1 coaching with me - You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python Disclaimer: Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you. Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur. Trading also involves risks of gambling addiction. Please notice I do not provide financial advice - my indicators, strategies, educational ideas are intended to provide only some source code for anyone interested in improving their trading The proprietary indicators and strategies developed by Best Trading Indicator, the object of intellectual property rights are and remain the exclusive property of Best Trading Indicator, at the exclusion of images and videos and texts free of rights or provided by the Company or external legal or physical person. No assignment of intellectual property rights is carried out through these Terms and Conditions. Any total or partial reproduction, modification or use of these properties for any reason whatsoever is strictly prohibited without the express written authorization of the Company.